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 230.2 Million in 2018 and reach a value of USD 946.3 Million
by 2023, at a CAGR of 32.7% during the forecast period. The growth of
this market can be attributed to the increasing investment in renewable
energy.
In the recent past, developed and developing countries have
been revising their energy policies to embrace a considerable portion
of energy generation sourced from renewable energy resources that
includes wind and solar. Currently, renewable sources have become the
preferred choice for expanding, upgrading, and modernizing power
systems across the world. Energy storage technologies such as flow
batteries solve issues related to the mismatch between supply and
demand and intermittency problems associated with renewable energy
sources.
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The flow battery market based on type is expected to
be led by the “redox” segment during the forecast period. However, the
hybrid flow battery market is expected to witness significant growth
during the forecast period. Hybrid flow batteries have additional
advantages over standard flow battery designs. Zinc–bromine hybrid
battery offers the highest energy density among other flow batteries.
Also, due to the high cost and limited availability of vanadium
material, many manufacturers are adopting hybrid design for their flow
batteries. This is likely to contribute to a high CAGR of the hybrid
flow market in the near future
The “large scale” segment held the largest share of
the flow battery market based on offering in 2017 and is expected to
continue to hold the largest size by 2023. 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 market for quite
some years. Flow batteries had basic design when invented. The market
for large-scale flow batteries is expected to grow at the highest CAGR
during the forecast period.
In 2017, the utilities application accounted for the
largest share of the overall flow battery market. The market for
utilities is expected to grow at the highest rate between 2018 and 2023.
Among all applications, flow batteries are the most widely
commercialized for various applications the utilities sector. A flow
battery, with all its attractive features, has become the most preferred
energy storage technology for utility-based storage, as large-sale
utilities require technologies that can cost-effectively store renewable
energy for future grid-use at any location. Thus, flow battery
solutions are expected to further drive the flow battery market for the
utilities application at a significant CAGR during the forecast period.
The flow battery market in APAC is expected to grow
at the highest CAGR during the forecast period. In 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. In
countries such as India, China, and Japan, respective governments have
laid regulations and reforms as well as initiatives for modernizing the
power sector. These factors are propelling the growth of the flow
battery market in APAC.
The flow battery ecosystem comprises vendors such as
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) selling these products and solutions to end
users according to their unique requirements in the utilities,
industrial, commercial, military, and telecommunications verticals.
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