17-Aug-2021 | Facts and Factors
According to a Facts and Factors market research report, the global flow battery market was USD 174.62 Million in 2020; further, this revenue is expected to reach around USD 423.26 Million by the end of 2026, increasing at a CAGR of around 15.9% from 2021 to 2026.
The demand for renewable energies continues to increase and the solutions which manage the rising flow of energy also increase. Vanadium as the principal element has a 20-year life cycle or a 20,000 cycle life cycle. There is no loss of ability, too. Thus, throughout the projected time, energy storage projects running flow batteries would enhance the market. Flow batteries have been gaining momentum in the recent past and have been acquired by practical enterprises, which are positioning and designing enormous systems for future years. Flow batteries are extendable as their capacity can be improved by using more electrolytes in the tanks, which are ideally suited for grid applications of utility size. Compared to traditional systems, flow batteries give a longer operating time with a longer life with minimal overall costs. Because flow batteries are cheaper than other storage options, the deployment pace for new wind turbines and solar plants will also rise to ensure reliable grid operation.
Top Market Players
The key players in the flow battery market are ViZn Energy Systems, Lockheed Martin Co., Sumitomo Electric Industries Ltd., UniEnergy Technologies, STEAG Solar Energy Solutions, Invinity Energy Systems, ESS Inc., NanoFlowcell, Primus Power, ELESTOR, Redflow Limited, JenaBatteries GmbH, VoltStorage GmbH, Volterion Dortmund, H2 Inc., KEMIWATT, Beijing Pu Neng Century Technology Co. Ltd., CellCube Energy Storage Systems Inc., Largo Clean Energy, and EnSync Energy Systems among others.
Utilities application to dominate the flow battery market in 2020
The procurement of flow batteries in utilities due to the increased demand for electricity is increasing. In addition to this, the growing usage of renewables across networks has increased the demand for energy storage solutions that are efficient, flexible, and long-term. The most favorite energy storage technology for utility storage has become a flowing battery with all its attractive and unique features, as large-scale utilities demand techniques that are able to store renewable energy efficiently for future grid use at any point, for applicable industries.
Hybrid flow battery to hold the largest share of flow battery market by 2026
The use of hybrid batteries increases significantly due to their advantages, such as high energy density, small dimensions, and low cost. The most famous kinds of hybrid flow batteries include zinc-bromine, zinc cerium, and plumic acid. In recent years in various countries, several research initiatives have been undertaken to study the possibilities of hybrid flow batteries and create more compact and cheaper solutions.
Asia-Pacific region dominates the global flow battery market
In Asia-Pacific, the flow batteries market is projected to prevail since there are numerous operational flow batteries with high power ratings in the area. Countries such as China, India, Japan, and Australia want to increase their large-scale battery-based energy storage capacities which might improve electric stability in turn. China possessed the greatest installed flow battery capacity compared with other Asia-Pacific countries by 2020. The usage of flow batteries is projected to rise considerably over the forecast period as demand for electric cars is rising in the Asia-Pacific region.
Browse the full report "Flow Battery Market By Type (Redox Flow Battery, Hybrid Flow Battery), By Material (All-Vanadium, All-Iron, Zinc–Bromine, Hydrogen–Bromine, Polysulfide Bromide, Organic, and Others), By Storage (Compact, Large scale), By Application (Utilities, Commercial & Industrial, Military, EV Charging Station, Off-Grid & Microgrid Power, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” at https://www.fnfresearch.com/flow-battery-market.
- Redox Flow Battery
- Hybrid Flow Battery
- Polysulfide Bromide
- Commercial & Industrial
- EV Charging Station
- Off-Grid & Micro grid Power
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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