South Korea Flywheel Energy Storage System Market Size & Outlook
South Korea flywheel energy storage system market, 2018-2030 (US$K)
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South Korea flywheel energy storage system market highlights
- The South Korea flywheel energy storage system market generated a revenue of USD 1,466.7 thousand in 2023 and is expected to reach USD 2,680.5 thousand by 2030.
- The South Korea market is expected to grow at a CAGR of 9% from 2024 to 2030.
- In terms of segment, distributed energy generation was the largest revenue generating application in 2023.
- UPS is the most lucrative application segment registering the fastest growth during the forecast period.
Flywheel energy storage system market data book summary
| Market revenue in 2023 | USD 1,466.7 thousand |
| Market revenue in 2030 | USD 2,680.5 thousand |
| Growth rate | 9% (CAGR from 2023 to 2030) |
| Largest segment | Distributed energy generation |
| Fastest growing segment | UPS |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD thousand |
| Market segmentation | UPS, Distributed Energy Generation, Transport, Data Centers |
| Key market players worldwide | Longfor Group Holdings Ltd, Magic Software Enterprises Ltd, Phillips 66, TotalEnergies SE, Volcon Inc, Tianjin Port Development Holdings Ltd, Kinetic Development Group Ltd |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.3% of the global flywheel energy storage system market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan flywheel energy storage system market is projected to lead the regional market in terms of revenue in 2030.
- Japan is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,476.6 thousand by 2030.
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Flywheel Energy Storage System Market Scope
Flywheel Energy Storage System Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea flywheel energy storage system market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to flywheel energy storage system market will help companies and investors design strategic landscapes.
Distributed energy generation was the largest segment with a revenue share of 23.34% in 2023. Horizon Databook has segmented the South Korea flywheel energy storage system market based on ups, distributed energy generation, transport, data centers covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea is one of the developed countries in the Asia Pacific region with constantly growing electronics and automobile industries. The South Korean government has made considerable efforts in order to foster the renewable energy market by providing incentives to enhance deployment of renewable energy in the country.
Growing demand for energy storage systems in the automobile, data center and UPS applications have driven the flywheel energy storage systems market in this country. The country is focused on reducing the consumption of fossil fuel energy by promoting green energy resources in the coming years, thus providing the necessary momentum to the growth of the flywheel energy storage systems market in the country in the forecast period.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea flywheel energy storage system market , including forecasts for subscribers. This country databook contains high-level insights into South Korea flywheel energy storage system market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea flywheel energy storage system market size, by application, 2018-2030 (US$K)
South Korea Flywheel Energy Storage System Market Outlook Share, 2023 & 2030 (US$K)
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