The global zinc-bromine battery market was valued at ~US$ 5 Mn in 2018, and is anticipated to expand at a CAGR of ~18% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR). Increase in the demand for zinc-bromine batteries in power distribution applications is one of the major factors driving the zinc-bromine battery market. In terms of consumption, Asia Pacific accounted for a significant share of the global zinc-bromine battery market in 2018.
Rise in Demand for Zinc-Bromine Batteries in Utility Applications
Increase in the demand for batteries in applications such as energy management, back-up power, load leveling, frequency regulation, voltage support, and grid stabilization is expected to boost the zinc-bromine battery market. An electric grid system with a strong and resilient electricity delivery system helps improve the operating capabilities of a power grid. Growth in the renewable energy sector is also fuelling the demand for zinc-bromine batteries in power utility applications. According to the United Nation’s Sustainable Energy for All Initiative (SE4AI), an investment worth US$ 45 Mn has been made for providing universal access to modern electric power. Furthermore, the International Energy Agency (IEA) estimates that, developing countries would double their electrical power output in order to meet the rise in demand for energy from commercial and industrial sectors. Significant investments in rural electrification initiatives by various governments across the globe are likely to propel the demand for zinc-bromine batteries in the near future.
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Flow Batteries Efficient for Large-scale Power Supply to Cities and Utilities
In the zinc-bromine battery market, the utilities sector is projected for an increase in revenue during the forecast period. Since the utilities sector currently accounts for ~73% of the market share, the highest amongst all sectors, manufacturers are developing novel zinc-bromine batteries that support this infrastructure.
With the growing adoption of wind and solar energy, manufacturers in the zinc-bromine battery landscape are solving the issue of storage in renewable energy systems with the help of flow batteries. Manufacturers of vanadium and zinc-bromine infused flow batteries are capitalizing on the increasing demand for efficacious batteries that are capable of supplying electricity to thousands of homes, with the added flexibility of long hours of supply.
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Manufacturers in the zinc-bromine battery market are developing a new generation of flow batteries that harness solar and wind energy on a grand scale. These batteries serve as an effective alternative to lithium-ion batteries, as these batteries cannot provide backup power for cities and other large-scale industrial environments.
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Manufacturers Compete with Lithium-ion Batteries for Opportunities in Future Applications
Flow batteries have many advantages as compared to lithium-ion batteries. However, manufacturers in the zinc-bromine battery market need to compete with the market penetration and diversity in commercial applications of lithium-ion batteries. The zinc-bromine battery market is highly consolidated. This makes it challenging for emerging market players to gain successful penetration in the zinc-bromine battery market, even after introducing innovative offerings. As consumers are hesitant in trying out new offerings in zinc-bromine batteries, established and emerging market players also prefer to stick to safe shores and scale up on lithium-ion batteries, as lithium batteries are integrated in a wide range of commercial products. Manufacturers are trying to overcome this hurdle by introducing flow batteries with vanadium-based technology to gain more opportunities in future applications.