Press release
Flow Battery Market size is expected to grow USD 489 million by 2026, at a CAGR of 18.0%. | Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), ViZn Energy Systems (US), Primus Power (US), ESS, Inc. (US), Redflow Limited (Australia), a
Request a sample on this latest research report @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=4573223Major players profiled in this report are as follows: Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), ViZn Energy Systems (US), Primus Power (US), ESS, Inc. (US), Redflow Limited (Australia), and Invinity Energy Systems (UK), and others.
“Flow battery market to grow at CAGR of 18.0% from 2021 to 2026”
The global flow battery market size is expected to grow from USD 214 million in 2021 to USD 489 million by 2026, at a CAGR of 18.0%. The growth of this market is mainly driven by inherent advantages of flow batteries, increasing investments in renewable energy, high demand for flow batteries in utilities, and increase in telecommunication tower installations. However, factors such as requirement of high initial investment for manufacturing of flow batteries, technical drawbacks and low charge and discharge rates, and lack of proper standards for development of flow battery systems are restraining the market growth.
"Redox flow battery to dominate the flow battery market in 2020”
The market for the redox flow battery held the largest share in 2020 and is estimated to remain the same during the forecast period. The growth of the segment is attributed to the capabilities of these batteries that help to meet the need for power backup. These batteries are economical and convenient sources to store electrical energy at a grid scale and various other applications.
“Utilities application dominated the flow battery market in 2020.”
The market for utilities application is dominant in 2020 and is estimated to continue its dominance over the forecast period. The adoption of flow batteries is increasing in utilities attributed to the growing need for electrification. Besides, the growing use of renewable energy across grids 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-scale utilities require technologies that can cost-effectively store renewable energy for future grid use at any location.
“Market in APAC to grow at highest CAGR during the forecast period”
The growth of the region is attributed to the increasing demand for flow batteries in major countries such as Japan and Australia. Besides, the growing adoption of energy storage solutions in industrial, utilities, and other applications, rising demand for flow batteries from the grid and microgrid applications in India and China, and increasing number of operational projects with flow battery installations are expected to fuel the growth of the regional market during the forecast period.
Research Coverage
In this report, the flow battery market has been segmented based on type, material, ownership, storage, application, and region. The flow battery market based on type has been segmented into redox flow battery and hybrid flow battery. Based on the material, the market has been segmented into vanadium, zinc-bromine, and others. Based on the ownership, the market has been segregated into customer-owned, third-party owned, utility owned. Based on storage the market is segmented into compact and large-scale. Based on the application, the market has been segment into utilities, commercial & industrial, EV charging station, and other applications. The study also forecasts the size of the market in four main regions—North America, Europe, APAC, and RoW.
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