ID: MRFR/E&P/5157-HCR | February 2021 | Region: Global | 111 pages
Flow Battery Market is expected to grow at 30.68% CAGR during the forecast period.
Increased investment in renewable energy from government and non-government organizations support the market. Additionally, governments across the globe are formulating policies to encourage the use of renewable sources of energy, due to their storage benefits and energy security. Therefore, the flow battery global market is expected to grow during the forecast period owing to the rising demand in energy utilities, industries, and commercial segments.
The key players of the global flow battery market are ESS Inc. (US), Gildemeister energy solutions (Austria), Redflow Limited. (Australia), Primus Power (US), redT energy plc. (UK), Sumitomo Electric Industries, Ltd. (Japan), ViZn Energy Systems. (US), EnSync Energy Systems (US), Schmid (Germany), and Elestor (Europe).
North America held the largest market share of the global flow battery market in 2017.Economic conditions in the US and business feasibility attributed to the growth of the market. Asia-Pacific is projected to dominate the market during the forecast period, primarily because of the rising demand for renewable sources of energy. Government policies and investments also add to the growth factor. The asia-pacific market will grow at the highest rate during the forecast period due to the high investments in infrastructural projects and commercial applications.
Global flow battery market has been segmented on the basis of product type, material type, storage type, application, and region. Based on product type, the market has been classified into redox and hybrid. Redox segment is leading the market and has the largest market share, mainly due to the higher flexibility and reliability in energy storage in power stations and grid operations. On the basis of material type, it has been segmented as vanadium and zinc-bromine. Based on storage type, the segments are compact and large scale. Various applications such as industrial, commercial utilities are adopting large-scale storage devices due to its efficiency in operations, across the world. The flow battery global market has been segmented on the basis of application into industrial & commercial segments, defense, utilities and others. The commercial segment of the market is expected to have the highest growth rate during the forecast period.
A flow battery is a type of rechargeable battery with two chemical components submerged in liquid and most commonly separated by an ion-selective membrane. During charging or discharging the membrane allows selected ions to pass and complete the chemical reaction. The chemical components of flow batteries are easy to replace, making these batteries preferable to lead-acid, lithium-ion, or solid-state batteries. Flow batteries are reliable and are used for efficient energy storage. Presently, due to technological developments, there is a tremendous move towards renewable energy and its storage devices. Such trends are expected to drive the flow battery market during the forecast period. There will be substantial growth because of economic development and the number of infrastructure projects, which increase the demand for storage devices.
Global flow battery market is projected to witness very high growth during the forecast period due to the feature of flow batteries such as safety of storing the active materials separated from the reactive point source, fast response time, high electricity-to-electricity conversion capability, low-maintenance, tolerance to overcharge and over discharge.
|Market Size||2030: Significant Value|
|CAGR||30.68% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type , Material Type , Storage Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ESS Inc. (US), Gildemeister energy solutions (Austria), Redflow Limited. (Australia), Primus Power (US), redT energy plc. (UK), Sumitomo Electric Industries, Ltd. (Japan), ViZn Energy Systems. (US), EnSync Energy Systems (US), Schmid (Germany), and Elestor (Europe).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Large sale industrial application|
Frequently Asked Questions (FAQ) :
By 2023, the flow battery market can surge at 30.68% CAGR.
The flow battery market can generate substantial value by 2023.
ESS Inc. (US), Redflow Limited. (Australia), Gildemeister energy solutions (Austria), and Primus Power (US) are some reputed names in the flow battery market.
Large sale industrial application of flow battery can impel the market growth.
Redox and hybrid are types of flow batteries. Redox flow batteries to generate substantial income.
A redox flow battery is an electrochemical energy storage device that converts chemical energy into electrical energy through reversible oxidation and reduction of working fluids.