DUBLIN--(BUSINESS WIRE)--The "Flow Battery Market by Type (Redox, and Hybrid), Material (Vanadium, Zinc-Bromine), Storage (Compact and Large scale), Application (Utilities, Commercial & Industrial, Military, EV Charging Station), and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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 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 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.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Flow Battery Market, By Type
7 Flow Battery Market, By Material
8 Flow Battery Market, By Storage
9 Flow Battery Market, By Application
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
- Ensync Energy Systems
- ESS Inc.
- Gildemeister Energy Solutions
- H2 Inc.
- Lockheed Martin
- Primus Power
- Pu Neng Energy
- Redt Energy
- Sumitomo Electric
- Unienergy Technologies
- Vionx Energy
- Vizn Energy Systems
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