Asia Pacific Flywheel Energy Storage Market Forecast 2020-2028
The Asia Pacific flywheel energy storage market is expected to record a CAGR of 7.51% in terms of revenue over the forecast period of 2020-2028. Further, the market is evaluated to reach a CAGR of 8.21% in terms of volume during this period. In this region, technological innovation, and R&D to develop the existing energy storage systems are the major factors driving the market growth. Additionally, growing industrialization is expected to raise the demand for flywheels in mining and industrial applications.
The flywheel energy storage market of Asia Pacific is further surveyed by segmenting the region into countries such as Japan, Indonesia, South Korea, Vietnam, India, Australia & New Zealand, Thailand, China, and the rest of Asia Pacific. Indonesia targets to achieve 23% of the power generation from renewable energy by 2023, leading to large investments in the renewable sector from other countries, which, in turn, will drive the market growth. In Thailand, renewable energy supplied about 15% of the total energy consumption in 2018. The government, as well as private companies, are lending full support to realize Thailand’s plan to be a global production base for energy storage technology. In countries like Vietnam, owing to growing industries, the demand for power consumption is increasing rapidly. The renewable energy sector is unexplored at present, hence the country is planning to increase the share of renewables from less than 1% in 2017 to 10% in 2030, which will boost the market growth. Australia is going through energy transformation, and with battery prices falling by 80% since 2010, the country is on the edge of an energy storage boom.
Active Power, Piller Group GmbH, ABB Ltd., Amber Kinetics, Inc. Temporal Power, etc. are some of the well-known companies operating in the market.
Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter's Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook