Global Market for Flow Batteries
Dublin, June 08, 2022 (GLOBE NEWSWIRE) -- The "Flow Batteries - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Flow Batteries Market to Reach $961.9 Million by 2026
The global market for Flow Batteries estimated at US$290.5 Million in the year 2020, is projected to reach a revised size of US$961.9 Million by 2026, growing at a CAGR of 22.7% over the analysis period.
The growing investments into renewable energy projects represents a key factor fueling growth in the market. With flow batteries becoming cheaper than other assorted storage alternatives, their deployment rate will increase further for catering to the newer solar panels and wind turbines for maintaining grid reliability.
The market is also witnessing growth led by the growing use of flow batteries in electric vehicle applications. The growing installations of telecommunications towers that have a flow battery as an alternative source of energy are also fueling market growth.
Vanadium, one of the segments analyzed in the report, is projected to grow at a 22.4% CAGR to reach US$819.7 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the ZINC-BROMINE segment is readjusted to a revised 24.1% CAGR for the next 7-year period.
This segment currently accounts for a 23.1% share of the global Flow Batteries market. Vanadium-based flow batteries segment is expected to grow significantly due to the distinct advantages offered by the battery, particularly for large stationary applications. Vanadium redox flow batteries are the frontrunners in energy storage and their demand is high in the markets for off-grid, utility, and mini-grids.
Zinc-bromine is expected to record strong growth as most manufacturers opt for zinc-bromine over vanadium owing to the latter`s high cost and limited availability. Additionally, zinc-bromine flow batteries have been used more in the past in applications like grid, residential, industrial, commercial, and microgrid.
The U.S. Market is Estimated at $63.4 Million in 2021, While China is Forecast to Reach $162.5 Million by 2026
The Flow Batteries market in the U.S. is estimated at US$63.4 Million in the year 2021. The country currently accounts for a 20.6% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$162.5 Million in the year 2026 trailing a CAGR of 27.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.6% and 21.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 21.4% CAGR while Rest of European market (as defined in the study) will reach US$213.8 Million by the end of the analysis period.
The Asia-Pacific region has numerous flow battery-based installations having larger power ratings. Australia operates the largest number of flow battery-based projects for its residential, utilities, commercial, and industrial applications, whereas, China has the largest capacity of flow batteries installations until date. The need to store renewable energy is a major driving factors for flow batteries market in the region.
By Application, Utilities Segment to Reach $383.7 Million by 2026
Due to their large and heavy features, flow batteries are considered to be suitable for utilities as well as commercial and industrial customers seeking long-term and long hours of energy storage.
The presence of vanadium electrolyte in most flow batteries is capable of ensuring reliable charging and discharging for several cycles without degradation. This is made possible due to vanadium`s electrochemical attributes that make it easy for removal of electrons from the element and subsequently placing them back.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
An Introduction to Flow Batteries
Types of Flow Batteries & Technologies
Advantages & Disadvantages of Flow Batteries
Applications of Flow Batteries
Global Market Prospects & Outlook
Developing Economies to Boost Future Growth
Recent Market Activity
Flow Batteries - Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 45 Featured)
Invinity Energy Systems
Largo Clean Energy
Lockheed Martin Corporation
nanoFlowcell Holdings Ltd
Sumitomo Electric Industries, Ltd
UniEnergy Technologies LLC (UET)
ViZn Energy Systems, Inc
3. MARKET TRENDS & DRIVERS
Growth of Intermittent Renewable Energy Sources and the Resulting Need for Energy Storage: A Key Opportunity for Flow Batteries
Targets for Electricity Production from Renewable Energy Sources in Select Countries
Investment Scenario on Renewable Energy Remains Impacted
Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on Renewable Energy & Energy Storage Technologies
Burgeoning Global Population Propels Demand for Electric Power
Growing Opportunities for Flow Batteries in Clean Energy Space
Flow Batteries: Potential to be a Game Changer for Electric Vehicles
With COVID-19 Pandemic Affecting EV Sales, Prospects Hit for Flow Batteries Market
Utilities: The Major End-Use Market for Flow Batteries
Need for Improved Energy Management amidst Increasing Demand for Electricity Benefits Market Expansion
Impact of COVID-19 Pandemic on the Power Sectors in China and the US
Grid Modernization Programs Emphasize Grid Connected Energy Storage
Smart Grids Elevate the Prospects for Flow Batteries
Complex Infrastructure and Scale of Modern Data Centers Necessitates Energy Storage: Potential for Flow Batteries
Rapid Growth in Telecom Tower Installations Fuels Need for Flow Batteries
Residential Applications to Witness Increased Penetration of Flow Batteries in the Long Run
Flow Batteries to Emerge as a Reliable Tool in Military Microgrids
Vanadium Emerges as a Preferred Electrolyte in Flow Batteries
Vanadium Flow Batteries Unveil Opportunities in Energy Storage
Vanadium Redox Flow Batteries: A High Growth Market
VRFBs Demonstrate Efficiency in Sustainable Energy Applications
Vanadium Redox Flow Batteries Face Stiff Challenge in Replacing Li-ion Batteries for Utility-Scale Storage
Bromine Flow Batteries: Opportunities in Store
Hybrid Flow Battery Market: An Overview
Zinc-Bromine (ZnBr) Chemistry: A Reliable Hybrid Flow Battery
Redox Flow Batteries: Significant Potential in Storage Battery Market
RFB Holds Immense Potential in Mitigating Supply & Demand Issues
Technological Innovations & Advancements Drive Flow Batteries Demand
New Solar Flow Battery with Increased Energy Conversion Efficiency
MIT Develops Chitin-Electrode Based Vanadium Flow Batteries
CIC EnergiGUNE Develops Novel Redox Organic Flow Battery
USC Research Team Develops AQDS-Iron Sulphate Based New Redox Flow Battery
Stanford Researchers Create New Type of Liquid Metal Based Flow Battery
IBM and ETH Develop Tiny Redox Flow Battery for Electronic Components
MIT Researchers Develop Sulfur Flow Battery for Cost-Efficient Long-Term Grid Storage
Harvard Researchers Demonstrate New Methuselah Quinone for Organic Flow Battery
Researchers Develop Aluminum-Air Flow Battery for EVs
Gelion's Flow Batteries Emerge as Alternatives to Li-Ion Batteries
ViZn Energy's Flow Batteries
Flow Batteries Vs Li-ion and PbA Batteries: A Review
Rentable Electrolytes Model Comes into Spotlight for Flow Batteries to Compete Against Lithium Ion Batteries
Challenges Confronting Flow Batteries Market
4. GLOBAL MARKET PERSPECTIVE
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