Flow Battery Market | Opportunity and Challenge

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.

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Opportunity: Growing penetration in residential applications

As private customers are looking to mitigate energy costs, residential storage solutions are being introduced. More residential and commercial properties are incorporating energy storage in their building plans. Also, growing energy cost are driving consumers to invest in technologies that are cheaper and efficient; thus, energy storage technology is being widely adopted in the residential sector. Much of the energy storage technologies deployed to date in residential apartments or buildings is limited to short-duration power application.

Flow batteries, particularly, enable homes and small businesses to store maximum energy and reduce energy costs, as well as avoid blackouts. Inherent features such as high life cycle count, modularity, nonflammable, and flexible capacity make flow battery highly suitable for residential and commercial applications. Redflow and VSUN Energy are among the flow battery manufacturers engaged in developing flow battery for residential applications. In September 2017, VSUN Energy launched flow battery for residential applications.

Challenge: High competition from conventional battery technologies

Flow batteries face fierce competition from widely adopted conventional batteries such as lithium-ion battery, lead-acid battery, and sodium-based batteries.

“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.

Study Coverage

This research report categorizes the flow battery market on the basis of offering, type, technology, application, industry, and region. This report describes the drivers, restraints, opportunities, and challenges for the growth of the flow battery market. The value chain analysis and competitive landscape for the market leaders has been included in the report.

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