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Market Leader - Flow Battery Market

With an increase in efficiency of energy conversion and inexpensive energy storage, electrochemical flow processes, such as flow batteries, have become key technologies in the power and energy industry. Flow batteries are rechargeable electrochemical batteries, wherein electrolyte is stored in external tanks containing one or more dissolved electro-active materials that flow through a power cell where chemical energy is converted to electricity. The flow battery market was valued at USD 230.2 Million in 2018 and is expected to reach USD 946.3 Million by 2023, at a CAGR of 32.7% between 2018 and 2023. Factors such as increasing investment in renewable energy, inherent advantages of flow battery, high demand from utilities, and rising telecommunications tower installations are driving the growth of the flow battery market.

The flow battery market based on type is expected to be led by the “redox” segment during the forecast period. However, the hybrid flow battery market is expected to witness significant growth during the forecast period. Hybrid flow batteries have additional advantages over standard flow battery designs. Zinc–bromine hybrid battery offers the highest energy density among other flow batteries. Also, due to the high cost and limited availability of vanadium material, many manufacturers are adopting hybrid design for their flow batteries. This is likely to contribute to a high CAGR of the hybrid flow market in the near future

The “large scale” segment held the largest share of the flow battery market based on offering in 2017 and is expected to continue to hold the largest size by 2023. Currently, a majority of verticals, such as utilities, industrial, commercial, and military, across the world use large-scale flow battery to efficiently produce and store energy. Large-scale flow battery has been in market for quite some years. Flow batteries had basic design when invented. The market for large-scale flow batteries is expected to grow at the highest CAGR during the forecast period.

In 2017, the utilities application accounted for the largest share of the overall flow battery market. The market for utilities is expected to grow at the highest rate between 2018 and 2023. Among all applications, flow batteries are the most widely commercialized for various applications the utilities sector. 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. Thus, flow battery solutions are expected to further drive the flow battery market for the utilities application at a significant CAGR during the forecast period.

The flow battery market in APAC is expected to grow at the highest CAGR during the forecast period. 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. These factors are propelling the growth of the flow battery market in APAC.

Related Reports:

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

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