According to the new market research report "Flow Battery Market by Type (Redox, and Hybrid), Material (Vanadium, Zinc–Bromine), Storage (Compact and Large scale), Application (Utilities, Commercial & Industrial, Military, EV Charging Station), and Geography - Global Forecast to 2023 ", the flow battery market is expected to grow from USD 230 million in 2018 and reach a value of USD 946 million by 2023, at a CAGR of 32.7% during the forecast period
Driver: Reduced manufacturing cost and time to market
A wide range of 3D printing technologies are being used to develop prototypes for use across industries¡ªfor instance, filament-based fused deposition modeling (FDM) that creates plastic prototypes; laser-curing processes that make parts from photopolymer resins; and powder bed fusion machines that produce fully dense metal and plastic components. Among these technologies, selective laser sintering (SLS) and direct metal laser sintering (DMLS) can cut costs through accelerated production; reduced tooling costs and work in process; less waste; and parts that remain strong despite being lightweight. Several companies are consuming SLS-printed end-use parts. For instance, Lockheed Martin (US) uses over a dozen 3D-printed waveguide support brackets in its Juno spacecraft that is currently in orbit around Jupiter. Also, Raytheon (US) uses 3D printing for its rocket engines, fins, and control system components as well, which are used for guided missiles. Similarly, Activated Research Company (US), to develop a radical new design for its Polyarc gas chromatography catalytic microreactor, has used DMLS technology for 3D printing. This has helped the company bring its product to market in just about 15 months. Boeing (US), in 2016, built the largest 3D-printed fixture that was used in the construction of its globally renowned 777 airplane. This helped Boeing cut down manufacturing costs by weeks rather than just a few days. SLS printing allows for the accurate production of robust end-use parts. Objects printed using durable white nylon, for example, can be produced with high details with +/−0.005¡å accuracy in all directions. Hence, the use of SLS technology is helping companies¡ªfrom automotive to aerospace¡ªaround the globe bring down their manufacturing costs and decrease time to market.
“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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