According to the research report titled ‘Global Flywheel Energy Storage Systems Market Size study, by Type (High-Speed Motor Generator, Active Magnetic Bearings, Control System), by Application (Transportation, UPS, Wind Turbines, Automobiles, Others) and Regional Forecasts 2020-2027’ available with Market Study Report, global flywheel energy storage systems market accounted for USD 312 million in the year 2019 and is projected to register a robust CAGR of 7.5% during 2020-2027.
 

Industry experts claim that increasing adoption of the system for efficient energy storage, rising preference over other storage devices, and emergence of innovative electrical energy storage technologies are bolstering the growth of global flywheel energy storage systems market size.
 

For the record, flywheel energy storage systems are utilized for accelerating and decelerating flywheels for power generation and retention. The systems operate by increasing the speed of a rotor in order to retain energy of the system in the form of rotational energy.
 

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Beneficial features such as grid balancing and renewable integration, growing efforts towards reducing overall carbon footprint, and escalating electricity demand are positively swaying the global flywheel energy storage systems market dynamics.
 

Widespread applications of these systems in green vehicles coupled with surging sales volume of hybrid & electric vehicles, predominantly in Norway are further fueling the industry expansion. Citing an instance, a survey by the International Energy Agency recorded global sale of around 1 million electric cars in the year 2017, among which more than half was reflected by China.
 

On the contrary, high storage costs associated with flywheel systems is expected to hinder worldwide flywheel energy storage systems industry expansion throughout the analysis timeframe.
 

Based on type, the overall industry is bifurcated into control systems, active magnetic bearings, and high-speed motor generators. The application spectrum of the market comprises automobiles, wind turbines, UPS, transportation, and others.
 

From a regional point of view, North America accounts for a substantial amount of the global flywheel energy storage systems market share and is expected to expand considerably through 2027. Rising government investments along with favorable initiatives towards impelling the adoption of energy management systems are fostering the growth of the regional market.
 

Alternatively, Asia-Pacific flywheel energy storage systems market is estimated to record the highest CAGR during 2020-2027, owing to rising investments towards overhaul of grid infrastructure and rapid industrialization.
 

Leading players that outline the global flywheel energy storage systems industry trends are OXTO Energy, Energiestro, Stornetic GmbH, Vycon Inc., PowerTHRU Inc., Piller Group GmbH, Calnetix Technologies LLC, Beacon Power LLC, Amber Kinetics Inc., and Active Power Inc. among others.