The Future Of The Flow Battery Market Growth, And Research Report Breakdown

The global flow battery market size is estimated to be USD 214.3 million in 2021 and is projected to reach USD 489.6 million by 2026, at a CAGR of 18.0%. The growing demand for flow battery in utilities and inherent advantages of flow batteries are driving the growth of the market. Additionally, the growing installation of telecommunication towers across the globe and rising penetration of flow batteries in the residential applications is also expected to drive the growth of the market in the forecast period.

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Hybrid flow battery to grow at higher rate in the forecast period

Hybrid flow battery segment in the flow battery market was valued at USD 96.5 million in 2021. The growth of the segment is attributed due to their high energy density, compact size, and low price. Hybrid flow batteries are the new generation and non-pure forms of flow batteries. They use one or more electroactive components.The three most common forms of hybrid flow batteries are zinc-bromine, zinc-cerium, and lead-acid. Among these flow batteries, the hybrid zinc-bromine battery has the highest energy density. Numerous research projects have been carried out recently to examine the potential of hybrid flow batteries and develop more affordable, small-scale devices.In addition, the key players in the market have commercialized their portfolio of hybrid batteries for various applications such as utilities, commercial & industrial, and residential.

Zinc bromine segment dominates the flow battery market in 2020

Flow batteries equipped with zinc-bromine material have gained popularity and are preferred over vanadium material-based flow batteries. Zinc-bromine offers one of the highest cell voltages, highest energy densities, excellent reversibility, and deep discharge capabilities of all flow batteries. The aforementioned benefits provided by the zinc-bromine material has increase its adoption in various applications.

Large scale flow batteries to hold largest market share in 2020

Large scale batteries are commonly used in utilities, military, industrial, commercial, and telecommunication applications. At present, high demand for large-scale flow batteries is observed from utilities. Additionally, large-scale flow batteries are also gaining popularity in industrial & commercial plants that work continuously and require an uninterrupted power supply. These batteries are durable and relatively efficient and are limited in their storage capacity by the size of the tanks, which is responsible for its higher adoption in various applications.

Utilities application to hold largest CAGR during the forecast period

The increasing demand for reliable and efficient supply of electricity in most regions and the growing need for renewable energy are responsible for the high demand for energy storage technologies in the utility sector. The utility is one of the highest demand-generating applications for flow batteries owing to the rising need for electrification in rural and urban areas. Besides, modernization of the grid system has become essential across the globe. Utilities are benefited from a modernized grid, including improved security, reduced peak loads, increased integration of renewables, and lower operational costs.

The North America is the largest dominating region in flow battery market in 2020

The presence of prominent market players, increasing importance of battery energy storage, and supportive regulatory policies are fueling the demand for energy storage systems in the US and driving the growth of the flow battery market in North America. The market players are expected to create immense growth opportunities in the coming years. The companies are focusing on strategic partnerships and new product launches and developments to increase their product portfolio and fulfill the requirements of various applications. Besides, the rising number of flow battery installation projects for various applications such as microgrid, industrial, commercial, and military in the US and Canada is also responsible for the growth of the market.

Development of the liquid metal batteries

The introduction of the liquid metal batteries can help in generating new revenue capabilities for the market. The liquid-metal battery is a concept of reversible chemical to the electrical energy storage system. The electrodes and electrolytes are in the liquid form in the liquid metal batteries, which is a promising development in battery technologies. Besides, the metal cathode, metal anode, and salt electrolyte are all in the liquid phase. These batteries are highly suitable for large-scale electricity storage. These batteries are utilized in electric vehicles and for industrial power backup and grid-energy storage.

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Flow batteries have aqueous solution on both sides, thus they are constrained in voltage yeilding. Replacing negative side of flow battery with liquid metal would yield high voltage flow battery, which would benefit the energy density, efficiency, and power density. This new combination is known as liquid metal flow batteries. These batteries are capable to store large amount of renewable energy, and can deliver energy whenever needed to electric grid quickly. These batteries are cost effective and are normal at ambient temperature.

Major companies operating in this flow battery market include Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), and ViZn Energy Systems (US).

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This release was published on openPR.