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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The utilities sector is among the early applications that use flow batteries. To date, most of the flow battery installations project across the world cater to the utilities application. Utility-scale systems require special functionalities and controls to ensure reliability, safety, and profitability. Energy storage provides efficient support during an emergency due to its ability to provide backup power and grid stabilization services. Energy storage through flow battery offers several benefits to the power grid as it provides high power capacity and storage as well as high cycle count necessary for utility-scale transmission and distribution. Recently, in May 2019, CellCube Energy Storage Systems Inc. (Canada) and Pangea Energy (UK) are working towards installing a vanadium redox-flow battery 50 MW/200 MWh energy storage system in Port Augusta, South Australia.
“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.
In recent years, though flow battery has emerged as a potential technology that provides various energy storage advantages, it also encompasses a few technical drawbacks that hamper its market growth. The 2 major drawbacks of flow battery are lower power density and complexity of the structure. Flow batteries are more complicated than standard batteries as these require pumps, sensors, flow and power management, and secondary containment vessels to function. These components and its functional design make the battery comparably larger and heavier, which, in turn, restricts its application to large-scale areas, e.g., the utilities sector.
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 some of the major companies operating in the flow battery market.
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