The global flow battery market size will grow at a whopping 30.68% CAGR between 2018- 2023, states the recent Market Research Future’s flow battery market forecast. A flow battery, simply put, is a form of a rechargeable battery or electrochemical cell. This is an electrical storage device that is connected between a conventional battery and a fuel cell. It offers two chemical components that are easily dissolved in liquids and contain two electrolyte solutions in two tanks that are connected with two independent loops.
Various factors are propelling the global flow battery market share. According to the recent MRFR report, such factors include the growing demand for energy storage applications, long life span, instant recharge capability, easy replaceability of electrolytes, high construction price of flow batteries, growth in telecommunication tower installations, growing demand from the utility sector, rising investments in Flow Battery, and inherent perks of a flow battery.
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On the contrary, the need for large tanks of electrolytes, low energy density, high initial investment, and the impact of the COVID-19 outbreak may limit the global flow battery market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global flow battery market based on application, storage type, material type, and product type.
By product type, the global flow battery market is segmented into hybrid and redox. Of these, the redox segment will lead the market over the forecast period for its flexibility and reliability in energy storage applications in power stations and grid operations.
By material type, the global flow battery market is segmented into zinc bromine and vanadium. Of these, zinc bromine will dominate the market over the forecast period.
By storage type, the global flow battery market is segmented into compact and large scale. Of these, the large scale segment will have a major share in the market over the forecast period.
By application, the global flow battery market is segmented into commercial, industrial, defense, utilities, and other segments. Of these, the commercial segment will have the lions share in the market over the forecast period.
By region, the global flow battery market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. Customers striving to reduce energy costs, the introduction of several residential storage solutions, increasing deployment of energy storage in residential and commercial properties in their building plans, and high investments in technology due to rising energy costs are adding to the global flow battery market growth in the region.
The global flow battery market in the APAC region is predicted to have healthy growth over the forecast period. Emerging countries China, Japan, and India modifying their energy policies constantly to ensure that a good amount of energy comes from renewable sources of energy like wind and solar, growing interest in renewable sources of energy in light of the deteriorating environmental health, growing investments in the development of flow battery, and financial backing from the government are adding to the global flow battery market growth in the region.
The global flow battery market in Europe is predicted to have sound growth over the forecast period, and in the MEA is predicted to have admirable growth over the forecast period.
Eminent players profiled in the global flow battery market report include Elestor (Europe), Schmid (Germany), EnSync Energy Systems (US), ViZn Energy Systems. (US), Sumitomo Electric Industries, Ltd (Japan), redT energy plc. (UK), Primus Power (US), Redflow Limited (Australia), Gildemeister Energy Solutions (Austria), and ESS Inc. (US).
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