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Zinc-Bromine Battery Market to Reach Value US$ 23 Mn by 2027 Enhancing Storage in Renewable Energy Systems - TMR
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Rise in Demand for Zinc-Bromine Batteries in Utility Applications
Increase in the demand for batteries in applications such as energy management, back-up power, load leveling, frequency regulation, voltage support, and grid stabilization is expected to boost the zinc-bromine battery market. An electric grid system with a strong and resilient electricity delivery system helps improve the operating capabilities of a power grid. Growth in the renewable energy sector is also fuelling the demand for zinc-bromine batteries in power utility applications.
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According to the United Nation’s Sustainable Energy for All Initiative (SE4AI), an investment worth US$ 45 Mn has been made for providing universal access to modern electric power. Furthermore, the International Energy Agency (IEA) estimates that, developing countries would double their electrical power output in order to meet the rise in demand for energy from commercial and industrial sectors. Significant investments in rural electrification initiatives by various governments across the globe are likely to propel the demand for zinc-bromine batteries in the near future.
Increase in Demand for Zinc-Bromine Batteries in Commercial & Industrial Applications
Rise in the demand for energy storage systems in commercial and industrial applications is a key factor fueling the global zinc-bromine battery market. Common applications of zinc-bromine batteries include electronic and electrical devices operating in shopping malls, educational institutes, research organizations, theatres, etc. The rechargeable nature and high specific energy of zinc-bromine batteries make them suitable for usage in commercial and industrial applications, including generators and inverters.
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The ability of zinc-bromine batteries to store clean energy for longer duration than conventional batteries sees them being utilized for these applications. Among the various battery storage applications of zinc-bromine batteries, commercial and industrial applications are highly significant, owing to the high commercial value. Advancements in the deployment of renewable energy resources based on smart technologies are fueling the demand for zinc-bromine batteries with advanced features for commercial and industrial applications.
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