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Flow Battery Global Market Report 2024 - By Share, Size, Demand And Growth, Forecast To 2033
Flow Battery Market
As per the report, the flow battery market size has grown rapidly in recent years. It will grow from $0.66 billion in 2023 to $0.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The flow battery market size is expected to see rapid growth in the next few years. It will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.
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Rising Adoption Of Solar And Wind Power Drives Growth In The Flow Battery Market
The increasing adoption of solar and wind power is expected to propel the growth of the flow battery market going forward. The increasing adoption of solar and wind power is driven by the need for sustainable energy solutions to combat climate change and reduce reliance on fossil fuels. Flow batteries are advantageous for storing solar and wind power due to their scalability, long cycle life, and ability to store energy for extended durations, supporting grid stability and renewable energy integration efficiently. For instance, in January 2024, according to the Energy Information Administration, a US-based government agency, solar power generation in the United States is projected to surge by 75%, reaching 286 billion kilowatt hours (kWh) by 2025, up from 163 billion kWh in 2023. Therefore, the increasing adoption of solar and wind power is driving the flow battery market.
Innovative Flow Battery Technology For Sustainable Energy Storage
Major companies operating in the flow battery market are focused on developing large-scale renewable energy storage to meet the demand for sustainable energy storage. Large-scale renewable energy storage refers to systems and technologies designed to store energy generated from renewable sources, such as solar and wind, on a large scale. For instance, in October 2021, Honeywell International Inc., a US-based technology company, launched the new flow battery technology with its high energy density and scalable modular design, allowing for flexible deployment in various applications. It incorporates advanced chemistry and materials to enhance efficiency and longevity, offering prolonged cycle life and minimal maintenance requirements.
The flow battery market covered in this report is segmented -
1) By Type: Redox, Hybrid
2) By Component: Membrane, Power Conditioning System (PCS), Heat Exchanger, Graphite Felt, Bipolar Plate, Other Components
3) By Material: Vanadium Redox Flow Battery, Zinc Bromine Flow Battery, Iron Flow Battery, Zinc Iron Flow Battery
4) By Storage: Compact, Large Scale
5) By Application: Utility, Automotive, Residential, Industrial, Energy Storage, Other Applications
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Major companies operating in the flow battery market are Lockheed Martin Corporation, Sumitomo Electric Industries Ltd., Texas Instruments Incorporated, Stryten Energy, SCHMID Group, Imergy Power Systems, Largo Inc., Primus Power, Smart Energy International, VoltStorage, ViZn Energy Systems, VRB Energy, CellCube Energy Storage Systems Inc., nanoFlowcell Management AG., Kemiwatt, EnSync Energy Systems, Elestor, Enervault, H2 Inc., Invinity Energy Systems, JenaBatteries GmbH, Redflow Limited, ESS Inc., Prudent Energy
Contents of the report:
1. Executive Summary
2. Flow Battery Market Report Structure
3. Flow Battery Market Trends And Strategies
4. Flow Battery Market - Macro Economic Scenario
5. Flow Battery Market Size And Growth
…..
27. Flow Battery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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