In the long run, flow battery applications are likely to grow in the market during the forecast period due to the increasing penetration of the technology in long-duration energy storage applications, such as long service life and renewable power systems. There is a greater requirement for energy backup because of the increasing requirement for a regular supply in all major countries. In the event of power outages, flow batteries assist as a backup power source. Furthermore, the new technological advancements and innovations to diversify the scope of flow batteries in new commercial areas will enhance the market growth in the upcoming years.
According to Data Bridge Market Research, the Flow Battery Market witnessed a healthy CAGR of 28.60% from 2022 to 2029.
"Growing usage of renewable resources and durability of the battery is expected to drive the market growth"
The increasing usage of renewable resources and the life of the flow battery are considered to be the major factors expected to drive the growth of the flow battery market. Installing solar and wind power plants is anticipated to drive the demand for flow batteries because these batteries can work even in zero percent energy by consuming the energy stored in the battery itself. The government is also taking the initiative and encouraging the usage of rechargeable flow batteries over normal batteries because normal battery produces harmful substances such as lead, mercury, and cadmium into the environment, which are very risky to the ecosystem. The durability of the flow battery is considered a major driving factor because this battery has a lifespan of around 40 years, and the capacity can be easily augmented by raising the number of electrolytes and tanks. Therefore, the growing usage of renewable resources and the durability of the battery are expected to drive the market growth
What restraints the growth of the flow battery market?
"Higher Initial Investment costs associated with flow battery"
The overall prices associated with flow batteries include installation, component, capital, material, and repair and maintenance costs, which is a significant investment for medium and small enterprises. Furthermore, the chemicals and components used in most batteries are relatively costly. As a result of all these factors hampers the market's growth during the forecast period.
Segmentation: Flow Battery Market
The flow battery market is segmented on the basis of type, material, storage, application, component and ownership.
- On the basis of type, the flow battery market is segmented into redox, hybrid.
- Based on material, the flow battery market is segmented into vanadium, zinc–bromine.
- On the basis of storage, the flow battery market is segmented into compact, large scale.
- Based on application, the flow battery market is segmented into utilities, commercial and industrial, military, EV charging station.
- On the basis of component, the flow battery market is segmented into membrane, power conditioning system (PCS), heat exchanger, graphite felt, bipolar plate, other.
- Based on ownership, the flow battery market is segmented into customer-owned, third-party owned, utility owned.
Regional Insights: North America is expected to dominate the flow battery market
North America is expected to dominate the market and is expected to grow significantly because of numerous operational flow battery installations with large power ratings in this region. Moreover, increasing government initiatives to boost the use of renewable energy sources will further increase the growth of the flow battery market in this region.
- In addition, the Asia-Pacific region is likely to register the highest growth rate during the forecast period of 2022 to 2029 because of the increasing demand for flow batteries from the microgrid and grid applications in India and China. Furthermore, high investments in commercial applications and infrastructural projects will further boost the market growth.
Recent Development: Flow Battery Market
- In 2022, WeView, a Shanghai-based battery manufacturer, announced that it had raised their investments by around USD 56.5 million in numerous rounds of financing to commercialize zinc-iron flow battery energy storage systems technology, which has been developed by the United States-based group ViZn Energy Systems. The investment will be used to construct giga-factories and evolving zinc-iron liquid flow batteries by the end of 2023.
- In 2021, Central Coast Community Energy (CCCE), the California-based energy provider, announced 4 new grid-scale battery energy storage projects, comprising 3 long-duration VRFB storage projects. It is supposed to be the leading VRFB systems project to be constructed in Gonzales, and Unincorporated Monterey County, with a capacity of 226MWh. It is anticipated to be operational by 2026.
To know more about the study, visit http://www.databridgemarketresearch.com/reports/global-flow-battery-market
The Prominent Key Players Operating in the Flow Battery Market Include:
- Invinity Energy Systems (U.S)
- ESS Inc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- Primus Power Corporation (U.S.)
- EnergySage, Inc. (U.S.)
- Sumitomo Electric Industries, Ltd. (Japan)
- UniEnergy Battery (U.S)
- Redflow Limited (Australia)
- Elestor (Netherlands)
- Enerox GmbH (Austria)
- Largo Inc. (U.S.)
- RFC Power Ltd (Europe)
- Suzhou Green Hydrogen Energy Co., Ltd. (South Korea)
- Voltstorage GmbH (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of flow battery market companies contact? https://www.databridgemarketresearch.com/contact
Research Methodology: Global Flow Battery Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
