Global Flow Battery Market to Reach USD 185 Million by 2020, According to Technavio

LONDON--()--According to Technavio’s latest report, the global flow battery market is likely to grow at a CAGR of over 9% during the forecast period.

Flow batteries such as zinc bromide, vanadium redox, sodium bromide, and hydrogen bromide are primarily used as advanced energy storage systems. These are best suited for microgrid applications. Their beneficial characteristics such as longer lifecycle and discharge hours contribute to the growth of this market.

The global flow batteries market is expected to witness steady growth during the forecast period, attributed to the rising use of flow batteries in various applications and government support such as funding and investment in R&D.

Sayani Roy, a lead researcher at Technavio for energy storage says, “Any abrupt rise in demand for energy can be met by batteries. In countries such as India and Africa where power outages can last more than expected, batteries with low discharge rates, such as flow batteries, are ideal.”

In this report, Technavio covers the present scenario and growth prospects of the global flow battery market. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market. The market is segmented into the following regions:

  • Americas
  • EMEA
  • APAC

Americas: government support and intensive R&D boost growth

The flow battery market in the Americas is likely to exceed USD 79 million in 2020, growing at a CAGR of 9%.

The flow battery market in the Americas is expected to witness steady growth during the forecast period because of government support and intensive R&D. For instance, in 2015, the US Department of Energy (DOE) listed 72 flow battery projects globally, with a total power of 102,722 kW. The projects considered in this list included announced and under construction operational facilities.

Automobile manufacturers are increasingly deploying flow batteries in electric vehicles. REDT has developed an electric vehicle refueling system, which uses vanadium redox flow technology. "This technology will instantly recharge the battery by replacing the chargeless electrolyte with a charged electrolyte, thus reducing the time taken to charge electric vehicles,” says Sayani.

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EMEA: flow battery market to exceed USD 38 million

The flow battery market in EMEA is expected to witness a steady growth during the forecast period growing at a CAGR of over 9%.

Europe primarily uses flow batteries in the transportation segment, mainly electric vehicles. For instance, in July 2014, Nanoflowcell, a car manufacturer was granted permission to sell the Quant model (concept car), which is powered by flow batteries in Germany and the rest of Europe.

The application of flow battery is growing, as this technology is ideal for the utility sector and in UPS, which requires an energy burst for a few seconds or minutes. The growth in industrial demand in this region, will further boost the flow battery market.

APAC: fastest-growing region in the flow battery market

The flow battery market in APAC is predicted to exceed USD 44 million by 2020, growing at a CAGR of over 10%. The market is expected to undergo significant growth during the forecast period owing to fluctuations, power outages, the need for large-scale energy storage systems, and growing environmental concerns.

For instance, increased demand for energy storage systems such as flow batteries is predicted from APAC countries like China which plans to invest over USD 47 billion in improving its power grid. The flow battery market is expected to be widely used due to its effectiveness in pitch control and peak power support.

Key Vendors:

  • EnerVault
  • Imergy Power Systems
  • Primus Power
  • Prudent Energy

Some of the other prominent vendors listed in the report are: Aquion Energy, EnSync Energy Systems, Redflow, Sumitomo Electric, and UniEnergy Technologies.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to Technavio’s latest report, the global flow battery market is likely to grow at a CAGR of over 9% during the forecast period.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com