The flow battery market was valued at USD 187.7 Million in 2017 and is expected to reach of USD 946.3 million by 2023 at a CAGR of 32.7% during the forecast period. The base year used for this study is 2017 and the forecast period considered is between 2018 and 2023.
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“APAC expected to be the fastest-growing market for flow battery during the forecast period”
APAC is expected to be the fastest-growing market for flow battery between 2018 and 2023. In the recent years, many countries—such as China, Japan, India, and Australia—are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn, enhance electric stability. APAC has several operational flow battery installations with large power ratings. Australia has the most number of flow battery projects for utilities, residential, industrial, and commercial applications from various players across the world. Whereas, China holds the highest capacity of flow battery installed till date among other countries in the region. UniEnergy Technologies is working to deploy 10 flow batteries of 20 MW/80 MWh capacity for utilities application in China. Also, the growth in microgrid projects in India and Japan encourages manufacturers to cater to the needs of potential customers in the region. In India, smart grids and EV charging station industries are in developing phase and are creating significant opportunity for flow batteries.
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.
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