Flow Battery Market Insights
The global flow battery market is expected to grow at a significant CAGR of more than 33% over the forecast period. Factors such as rising investment in energy storage coupled with increasing telecommunication tower installations are likely to stimulate the market growth over the forecast period.
Moreover, the superior properties offered by flow batteries such as durability, flexible layout, low maintenance cost, quick response, and resistance to overcharging among others are expected to augment the market growth over the coming years. The benefits associated with the product such as operating at much higher current and power densities as compared to solid-state rechargeable batteries is also anticipated to foster market growth.
However, factors such as low efficiency and complex nature as compared to nonreversible fuel cells are projected to affect the profitability of market over the coming years.
Flow Battery Market: Type Insights
On the basis of type, the industry is segmented into redox and hybrid batteries. The market for redox batteries is projected to occupy the highest share owing to rising application in commercial, industrial and utilities sector. Along with this, advantages such as greater flexibility to influence energy rating, convenient means to store electrical energy, and low cost are also likely to propel the market growth.
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Flow Battery Market: Material Insights
By material, the industry is segmented into vanadium and zinc–bromine among others. The vanadium segment is anticipated to register a significant growth rate over the forecast period on account of increasing application in various end use industries such as military, telecommunications, and EV charging station among others. Owing to their large capacity the product is also projected to be used increasingly in large power storage applications such as wind or solar power.
The market for zinc bromine batteries is also expected to register a healthy CAGR on account of features such as high energy density relative to lead–acid batteries and 100% depth of discharge capability.
Flow Battery Market: Storage Insights
On the basis of storage, the industry is segmented into compact and large scale flow batteries. The market for large scale flow batteries is anticipated to grow significantly over the forecast period owing to rising application in various end use industries. Advantages of the product such as its ability to produce and efficiently store energy are projected to augment the market growth.
Flow Battery Market: Application Insights
Flow Batteries finds its application in utilities, commercial & industrial, military, and EV charging station among others. The utilities segment is anticipated to dominate the market over the forecast period owing to rising global application of the product. Along with this, growing use of flow batteries in construction projects is also likely to favor the market.
Flow Battery Market
Flow Battery Market: Regional Insights
North America has occupied the largest share of this market for the past few years. This can be attributed to increasing number of battery installations in this region. Along with this, rising number of regulatory policies associated with energy storage is also likely to boost market growth. Asia Pacific is also likely to grow at a significant CAGR over the forecast period. The regional growth is projected to be influenced by its growing application in residential, commercial, and commercial applications.
Flow Battery Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Flow Battery Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase flow batteries over the coming years. Some leading consumers of this market are Duke Energy, National Grid, Enel, Dominion Resources, Bechtel Corp. and Kiewit.
Flow Battery Market Share & Competitor Analysis
The global market for this product is expected to be significantly large due to the presence of numerous manufacturers. The key players include ESS Inc. (The U.S.), GILDEMEISTER Energy Solutions (Austria), Primus Power (The U.S.), RedFlow (Australia), RedT Energy (UK), Schmid (Germany), Sumitomo Electric. (Japan), UniEnergy Technologies (The U.S.), ViZn Energy (The U.S.), and EnSync Energy Systems (The U.S.) among others.
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