“Inherent advantages of flow battery propelling the growth of the flow battery market”
The flow battery market is expected to grow at a CAGR of 32.7% between 2017 and 2023 to reach USD 946.3 million by 2023, from USD 230.2.7 million in 2018. Flow battery has several technical advantages over many batteries such as lithium-ion, lead-acid, or solid state. Unlike conventional batteries that store energy in an electrode material, flow batteries store energy as electrolytes in external tanks. As electrolytes can be easily replaced, it is among the major advantages that drive the market for flow batteries. However, the technical drawbacks and high construction cost of flow batteries limit the growth of the flow battery market.
“The growth of flow battery market expected to be driven by the utilities application during the forecast period”
The utilities application is expected to hold a significant share of the flow battery market during the forecast period. With electric infrastructure and the growing need for higher energy capacity and production, modernization of grid system has become essential worldwide. Also, increasing penetration of renewable energy across the grid 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-sale utilities require technologies that can cost-effectively store renewable energy for future grid-use at any location. Among all the applications, flow batteries are the most widely commercialized for various applications the utilities sector.
“The flow battery market in APAC expected to grow at the highest CAGR during forecast period”
The market for flow battery in APAC is expected to grow at the highest CAGR between 2018 and 2023. In recent years, many countries?such as China, Japan, India, and Australia are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn, enhance electric stability. In countries such as India, China, and Japan, respective governments have laid regulations and reforms as well as initiatives for modernizing the power sector. APAC has several operational flow battery installations with large power ratings. Also, the growth in microgrid projects in India and Japan encourages manufacturers to cater to the needs of potential customers in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the flow battery market.
Following is the breakup of the primary participants for the report:
- By Company Type: Tier 1 = 50 %, Tier 2 = 30%, and Tier 3 = 20%
- By Designation: C-Level Executives = 60%, Directors = 25%, and Others = 15%
- By Region: North America = 35%, Europe = 30%, APAC = 25%, and RoW = 10%
Moreover, the report profiles the key players in the flow battery market and analyzes their market ranking. The prominent players profiled in this report are ESS Inc. (US), GILDEMEISTER energy solutions (Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK), SCHMID (Germany), Sumitomo Electric. (Japan), UniEnergy Technologies (US), ViZn Energy (US), and EnSync Energy Systems (US).
This research report categorizes the flow battery market on the basis of type, material, storage, application, and region. Moreover, the report provides a description of the major drivers, restraints, challenges, and opportunities pertaining to this market as well as the value chain analysis and market ranking analysis.
Reasons To Buy the Report:
The report would help the leaders/new entrants in the flow battery market in the following ways:
- The report segments the flow battery market comprehensively and provides the market size estimation for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for the flow battery market.
- The report would help stakeholders understand their competitors better and gain insights to improve their position in the flow battery market.
- The competitive landscape section describes the competitor ecosystem.