The growth of this market is mainly driven by inherent advantages of flow batteries, increasing investments in renewable energy, high demand for flow batteries in utilities, and increase in telecommunication tower installations.
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However, factors such as requirement of high initial investment for manufacturing of flow batteries, technical drawbacks and low charge and discharge rates, and lack of proper standards for development of flow battery systems are restraining the market growth.
"Redox flow battery to dominate the flow battery market in 2020
The market for the redox flow battery held the largest share in 2020 and is estimated to remain the same during the forecast period.The growth of the segment is attributed to the capabilities of these batteries that help to meet the need for power backup.
These batteries are economical and convenient sources to store electrical energy at a grid scale and various other applications.
Utilities application dominated the flow battery market in 2020.
The market for utilities application is dominant in 2020 and is estimated to continue its dominance over the forecast period.The adoption of flow batteries is increasing in utilities attributed to the growing need for electrification.
Besides, the growing use of renewable energy across grids has, in turn, increased the need for efficient, flexible, and long operating life energy storage solutions. A flow battery, with all its attractive features, has become the most preferred energy storage technology for utility-based storage as large-scale utilities require technologies that can cost-effectively store renewable energy for future grid use at any location.
Market in APAC to grow at highest CAGR during the forecast period
The growth of the region is attributed to the increasing demand for flow batteries in major countries such as Japan and Australia. Besides, the growing adoption of energy storage solutions in industrial, utilities, and other applications, rising demand for flow batteries from the grid and microgrid applications in India and China, and increasing number of operational projects with flow battery installations are expected to fuel the growth of the regional market during the forecast period.
Breakdown of the profiles of primary participants:
• By Company Type: Tier 1 - 52%, Tier 2 - 31%, and Tier 3 - 17%
• By Designation: C-level Executives - 47%, Directors - 31%, and others - 22%
• By Region: North America - 40%, Europe – 16%, APAC - 37%, and RoW - 7%
Major players profiled in this report are as follows: Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), ViZn Energy Systems (US), Primus Power (US), ESS, Inc. (US), Redflow Limited (Australia), and Invinity Energy Systems (UK), and others.
In this report, the flow battery market has been segmented based on type, material, ownership, storage, application, and region.The flow battery market based on type has been segmented into redox flow battery and hybrid flow battery.
Based on the material, the market has been segmented into vanadium, zinc-bromine, and others.Based on the ownership, the market has been segregated into customer-owned, third-party owned, utility owned.
Based on storage the market is segmented into compact and large-scale.Based on the application, the market has been segment into utilities, commercial & industrial, EV charging station, and other applications.
The study also forecasts the size of the market in four main regions—North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
The report would help market leaders/new entrants in this market in the following ways:
This report segments of the flow battery market comprehensively and provides the closest approximation of the overall market size and subsegments that include type, material, ownership, storage, application, and region.
The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the flow battery market.
This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
The competitive landscape section includes the competitor ecosystem, as well as growth strategies such as product launches, mergers & acquisitions, and expansions carried out by major market players.
Read the full report: https://www.reportlinker.com/p05297922/?utm_source=GNW
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