DUBLIN--(BUSINESS WIRE)--The "Flow Batteries - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Flow Batteries Market to Reach $961.9 Million by 2026
The global market for Flow Batteries estimated at US$290.5 Million in the year 2020, is projected to reach a revised size of US$961.9 Million by 2026, growing at a CAGR of 22.7% over the analysis period.
The growing investments into renewable energy projects represents a key factor fueling growth in the market. With flow batteries becoming cheaper than other assorted storage alternatives, their deployment rate will increase further for catering to the newer solar panels and wind turbines for maintaining grid reliability.
The market is also witnessing growth led by the growing use of flow batteries in electric vehicle applications. The growing installations of telecommunications towers that have a flow battery as an alternative source of energy are also fueling market growth.
Vanadium, one of the segments analyzed in the report, is projected to grow at a 22.4% CAGR to reach US$819.7 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the ZINC-BROMINE segment is readjusted to a revised 24.1% CAGR for the next 7-year period.
This segment currently accounts for a 23.1% share of the global Flow Batteries market. Vanadium-based flow batteries segment is expected to grow significantly due to the distinct advantages offered by the battery, particularly for large stationary applications. Vanadium redox flow batteries are the frontrunners in energy storage and their demand is high in the markets for off-grid, utility, and mini-grids.
Zinc-bromine is expected to record strong growth as most manufacturers opt for zinc-bromine over vanadium owing to the latter's high cost and limited availability. Additionally, zinc-bromine flow batteries have been used more in the past in applications like grid, residential, industrial, commercial, and microgrid.
The U.S. Market is Estimated at $63.4 Million in 2021, While China is Forecast to Reach $162.5 Million by 2026
The Flow Batteries market in the U.S. is estimated at US$63.4 Million in the year 2021. The country currently accounts for a 20.6% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$162.5 Million in the year 2026 trailing a CAGR of 27.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.6% and 21.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 21.4% CAGR while Rest of European market (as defined in the study) will reach US$213.8 Million by the end of the analysis period.
The Asia-Pacific region has numerous flow battery-based installations having larger power ratings. Australia operates the largest number of flow battery-based projects for its residential, utilities, commercial, and industrial applications, whereas, China has the largest capacity of flow batteries installations until date. The need to store renewable energy is a major driving factors for flow batteries market in the region.
By Application, Utilities Segment to Reach $383.7 Million by 2026
Due to their large and heavy features, flow batteries are considered to be suitable for utilities as well as commercial and industrial customers seeking long-term and long hours of energy storage.
The presence of vanadium electrolyte in most flow batteries is capable of ensuring reliable charging and discharging for several cycles without degradation. This is made possible due to vanadium's electrochemical attributes that make it easy for removal of electrons from the element and subsequently placing them back.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- An Introduction to Flow Batteries
- Types of Flow Batteries & Technologies
- Advantages & Disadvantages of Flow Batteries
- Applications of Flow Batteries
- Global Market Prospects & Outlook
- Developing Economies to Boost Future Growth
- World Brands
- Recent Market Activity
- Flow Batteries - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 45 Featured)
- Elestor BV
- ESS, Inc
- Invinity Energy Systems
- JenaBatteries GmbH
- Kemwatt SAS
- Largo Clean Energy
- Lockheed Martin Corporation
- nanoFlowcell Holdings Ltd
- Primus Power
- Redflow Ltd
- SCHMID Group
- Sumitomo Electric Industries, Ltd
- UniEnergy Technologies LLC (UET)
- ViZn Energy Systems, Inc
- Volterion GmbH
- VoltStorage GmbH
- VRB Energy
3. MARKET TRENDS & DRIVERS
- Growth of Intermittent Renewable Energy Sources and the Resulting Need for Energy Storage: A Key Opportunity for Flow Batteries
- Targets for Electricity Production from Renewable Energy Sources in Select Countries
- Investment Scenario on Renewable Energy Remains Impacted
- Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on Renewable Energy & Energy Storage Technologies
- Burgeoning Global Population Propels Demand for Electric Power
- Growing Opportunities for Flow Batteries in Clean Energy Space
- Flow Batteries: Potential to be a Game Changer for Electric Vehicles
- With COVID-19 Pandemic Affecting EV Sales, Prospects Hit for Flow Batteries Market
- Utilities: The Major End-Use Market for Flow Batteries
- Need for Improved Energy Management amidst Increasing Demand for Electricity Benefits Market Expansion
- Impact of COVID-19 Pandemic on the Power Sectors in China and the US
- Grid Modernization Programs Emphasize Grid Connected Energy Storage
- Smart Grids Elevate the Prospects for Flow Batteries
- Complex Infrastructure and Scale of Modern Data Centers Necessitates Energy Storage: Potential for Flow Batteries
- Rapid Growth in Telecom Tower Installations Fuels Need for Flow Batteries
- Residential Applications to Witness Increased Penetration of Flow Batteries in the Long Run
- Flow Batteries to Emerge as a Reliable Tool in Military Microgrids
- Vanadium Emerges as a Preferred Electrolyte in Flow Batteries
- Vanadium Flow Batteries Unveil Opportunities in Energy Storage
- Vanadium Redox Flow Batteries: A High Growth Market
- VRFBs Demonstrate Efficiency in Sustainable Energy Applications
- Vanadium Redox Flow Batteries Face Stiff Challenge in Replacing Li-ion Batteries for Utility-Scale Storage
- Bromine Flow Batteries: Opportunities in Store
- Hybrid Flow Battery Market: An Overview
- Zinc-Bromine (ZnBr) Chemistry: A Reliable Hybrid Flow Battery
- Redox Flow Batteries: Significant Potential in Storage Battery Market
- RFB Holds Immense Potential in Mitigating Supply & Demand Issues
- Technological Innovations & Advancements Drive Flow Batteries Demand
- New Solar Flow Battery with Increased Energy Conversion Efficiency
- MIT Develops Chitin-Electrode Based Vanadium Flow Batteries
- CIC EnergiGUNE Develops Novel Redox Organic Flow Battery
- USC Research Team Develops AQDS-Iron Sulphate Based New Redox Flow Battery
- Stanford Researchers Create New Type of Liquid Metal Based Flow Battery
- IBM and ETH Develop Tiny Redox Flow Battery for Electronic Components
- MIT Researchers Develop Sulfur Flow Battery for Cost-Efficient Long-Term Grid Storage
- Harvard Researchers Demonstrate New Methuselah Quinone for Organic Flow Battery
- Researchers Develop Aluminum-Air Flow Battery for EVs
- Gelion's Flow Batteries Emerge as Alternatives to Li-Ion Batteries
- ViZn Energy's Flow Batteries
- Flow Batteries Vs Li-ion and PbA Batteries: A Review
- Rentable Electrolytes Model Comes into Spotlight for Flow Batteries to Compete Against Lithium Ion Batteries
- Challenges Confronting Flow Batteries Market
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/385ufa.
Laura Wood, Senior Press Manager
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