The overall flow battery market is estimated to be
valued at USD 230.2 Million in 2018 and is expected to reach of USD
946.3 Million by 2023, at a CAGR of 32.7% between 2018 and 2023. The
growth of this market is being propelled by the increasing investment in
renewable energy, inherent advantages of flow battery, high demand from
utilities, and rising telecommunications tower installations.
• Download PDF Brochure:-
https://www.marketsandmarkets.com/pdfdownload.asp?id=82953888
https://www.marketsandmarkets.com/pdfdownload.asp?id=82953888
The report covers the flow battery market segmented
on the basis of type, material, storage, application, and region. The
redox segment is expected to hold the largest size of the flow battery
market based on type by 2023. The growth of this market is being
propelled by the high demand for redox flow battery from various
applications such as utilities, industrial, commercial, and military
across the world.
The “vanadium” segment held a larger share of the
overall flow battery market based on material. A vanadium-based flow
battery is the most mature technology and is widely adopted in flow
batteries. Currently, over 45 vanadium-based flow batteries have been
installed worldwide for microgrid, grid, commercial, EV charging
station, military, and telecommunications applications. Moreover,
comparatively a higher number of flow battery provider employ vanadium
material in their flow battery systems over other materials. However,
the market for the zinc–bromine material is expected to grow at a
significant CAGR during the forecast period. The major factors
encouraging the zinc–bromine flow battery market are its benefits over
vanadium material such as low cost and high availability.
The market for large scale flow battery likely to grow at a higher CAGR during the forecast period
Based on storage, the market for large-scale flow
batteries is expected to witness the highest growth rate during the
forecast period. Currently, a majority of verticals—such as utilities,
industrial, commercial, and military across the world use large-scale
flow battery to efficiently produce and store energy. Large-scale flow
battery has been in the market for quite some years. Also, at present,
large-scale flow batteries are commonly used in various projects and for
several applications worldwide.
North America expected to hold the largest size of the flow battery market during the forecast period
North America held the largest size of the flow
battery market in 2017, followed by APAC and Europe. The high number of
flow battery installations in the region, mainly in the US and Canada,
attributes to the dominating position of the region in the flow battery
market. In addition, favorable economic conditions in the US and the
increase in the importance of battery energy storage, as well as
supportive regulatory policies aiding energy storage in the US and other
countries in the region are encouraging many domestic and international
manufacturers to deploy flow battery for efficient energy supply. Flow
battery market in APAC is expected to grow at the highest rate during
the forecast period.
ESS Inc. (US), GILDEMEISTER energy solutions
(Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK),
SCHMID (Germany), Sumitomo Electric. (Japan), UniEnergy Technologies
(US), ViZn Energy (US), and EnSync Energy Systems (US) are the major
players operating in this market.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research
on 30,000 high growth niche opportunities/threats which will impact 70%
to 80% of worldwide companies’ revenues. Currently servicing 5000
customers worldwide including 80% of global Fortune 1000 companies as
clients. Almost 75,000 top officers across eight industries worldwide
approach MarketsandMarkets™ for their painpoints around revenues
decisions.
Our 850 fulltime analyst and SMEs at
MarketsandMarkets™ are tracking global high growth markets following the
"Growth Engagement Model – GEM". The GEM aims at proactive
collaboration with the clients to identify new opportunities, identify
most important customers, write "Attack, avoid and defend" strategies,
identify sources of incremental revenues for both the company and its
competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants
(Positioning top players across leaders, emerging companies, innovators,
strategic players) annually in high growth emerging segments.
MarketsandMarkets™ is determined to benefit more than 10,000 companies
this year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research
ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence
and market research platform, "RT" connects over 200,000 markets and
entire value chains for deeper understanding of the unmet insights along
with market sizing and forecasts of niche markets.
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment