Growing Demand for Renewable Energy Generation to Drive Demand from Flow Battery Market
The global Flow Battery Market size is expected to exhibit a strong 30.68% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global flow battery market is majorly driven by the growing demand for reliable energy storage mechanisms in various applications. The global flow battery market is profiled in detail in the MRFR report, which presents a detailed analysis of the major drivers and restraints affecting the market. The future impact of these drivers and restraints is also examined in detail in the report. The major players operating in the global flow battery market are also profiled in the report, in order to give readers a clear overview of the market’s competitive landscape. The impact of COVID-19 on the global flow battery market is also examined in detail in the report.
Flow batteries are a type of rechargeable battery. They comprise two chemical components submerged in liquid and separated by an ion membrane. During the charging and discharging processes, the ion membrane comes into play, i.e. it allows the movement of specific ions, thus allowing for the chemical reaction to be completed. One of the major drivers for the flow battery market is the high reliability of flow batteries, which allows them to be used in a wide range of applications. They also provide highly efficient energy storage, which makes them valuable in a number of applications. Another key benefit of flow batteries is that their components can be easily replaced, making them cheaper and easier to use and operate in the long run. These are the major drivers for the global flow battery market.
The growing demand for reliable, efficient energy storage mechanisms in renewable energy applications is likely to be a major driver for the global flow battery market over the forecast period. Renewable energy generation mechanisms are reliant on natural phenomena that aren’t available at the same intensity at all times. This necessitates the use of highly efficient and reliable energy storage mechanisms that can store the generated energy without loss of power. This has driven the demand for flow batteries in renewable energy applications. The growing support from governmental as well as nongovernmental bodies for renewable energy generation is likely to drive the demand from the global flow battery market over the forecast period. The growing demand for efficient energy storage mechanisms in industrial and commercial operations is also likely to be a major driver for the global flow battery market over the forecast period.
Competitive Leaderboard:
Leading players in the global flow battery market include Elestor, Schmid, EnSync Energy Systems, ViZn Energy Systems, Sumitomo Electric Industries Ltd., RedT Energy plc, Primus Power, Redflow Ltd., Gildemeister Energy Solutions, and ESS Inc.
Segmentation:
The global Flow Battery Market share is segmented on the basis of product type, material type, storage type, application, and region.
By product type, the global flow battery market is segmented into redox and hybrid flow batteries. The redox segment is the dominant segment in the global flow battery market and is likely to retain its dominance over the forecast period. The higher flexibility of redox flow batteries makes them applicable in a wider range of applications, leading to a growing demand for redox batteries. Redox batteries are also highly reliable, leading to growing demand for redox batteries over hybrid batteries.
By material type, the global flow battery market is segmented into vanadium and zinc-bromine.
By storage type, the global flow battery market is segmented into compact and large-scale. The large-scale segment is likely to exhibit the highest growth rate over the forecast period due to its growing demand from industrial and commercial establishments, which require higher energy volumes to satisfy their needs.
By application, the global flow battery market is segmented into industrial and commercial, defense, utilities, and others. The industrial and commercial segment is expected to exhibit the highest growth rate over the forecast period.
Regional Analysis:
North America held the largest share in the global flow battery market in 2017 and is likely to retain its dominance over the forecast period. Asia Pacific is also likely to emerge as a dominant regional segment of the global flow battery market over the forecast period.
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