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.
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 flow battery market based on type is led by the
redox segment in terms of size. Redox flow battery is the most widely
commercialized flow battery at present. It offers an economical and
convenient means to store electrical energy at grid scale and other
applications. Redox flow batteries also offer greater flexibility to
influence power rating and energy rating for a given application than
other electrochemical means for storing electrical energy. Technological
advancements and enhancements are expected to alter the designs and use
of redox flow battery in the near future.
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.
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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.
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