Flow Battery Market is Projected To USD 340.8 Million By 2029, At A CAGR of 8.6% | Valuates Reports
BANGALORE, India, June 6, 2023 /PRNewswire/ -- The Flow Battery Market is segmented by Company - Dalian Rongke Power, Primus Power, Sumitomo Electric, VRB ENERGY, Largo Clean Energy, by Type - Vanadium Flow Battery, Hybrid Flow Battery. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Energy & Utilities Category.
The global Flow Battery market is projected to grow from USD 190 million in 2022 to USD 340.8 million by 2029, at a Compound Annual Growth Rate (CAGR) of 8.6% during the forecast period.
Major Factors Driving the Growth of the Flow Battery Market are
The Flow Battery Market is expanding as a result of increased utility application use of flow batteries and an increase in telecommunication tower installation.
Increasing penetration of flow batteries in residential applications is expected to fuel the growth of the Flow Battery Market.
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TRENDS INFLUENCING THE GROWTH OF FLOW BATTERY MARKET
Utility companies deal with the grid penetration of renewable energy, making them one of the early application areas for flow batteries. Flow batteries are perfect for prolonged discharge times in MW scale power increments in utilities. Additionally, they transfer energy during the interruption of grid services and prevent interrupted power supplies. The majority of flow battery installation projects worldwide to date serve utility needs. Government and business organizations are enhancing the electric grid infrastructure to meet energy needs in recent years as a result of the increased demand for electrification in rural and urban areas. Due to the increased demand for power, numerous governments are likewise investing heavily in grid development. This factor is expected to drive the growth of the flow battery market.
Renewable energy sources like solar and wind will overtake traditional power grids in the ensuing decades. Due to the fact that those sources only produce electricity when it is bright or windy, a system that can distribute power constantly needs a way to store electricity while resources are plentiful and deliver it later when they are not. For example, there may be periods of time when there is no wind, so some energy storage systems need to be able to store a significant amount of electricity for a long period of time. The flow battery, an electrochemical device that can store hundreds of megawatt-hours of energy—enough to keep thousands of houses running for several hours on a single charge—is a promising technology for carrying out that mission. This factor is expected to drive the growth of the Flow Battery Market.
In comparison to many other battery technologies, flow batteries also have a lengthy cycle life. The liquid electroactive materials do not deteriorate as quickly as the solid electrodes in conventional batteries since they are in a liquid state. Because of this characteristic, flow batteries are particularly appealing for load-shifting and other applications that call for frequent cycling. Flow batteries also have the benefit of offering distinct power and energy scaling. Depending on the needs of the application, a flow battery system can be optimized for either high power output or long-duration energy storage by modifying the size of the electrolyte tanks and the flow rates. This factor is expected to drive the growth of the Flow Battery Market.
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FLOW BATTERY MARKET SHARE ANALYSIS
With a share of more than 78%, the largest market is in Asia-Pacific. Increasing use of energy storage technologies in utilities and industrial settings, as well as an increase in the number of operational projects utilizing flow battery installations, are anticipated to drive regional market expansion over the course of the projection period. Through the use of battery technologies, nations like China, Japan, India, and Australia are attempting to increase their capacity for large-scale energy storage, which could improve electric stability.
The market for vanadium flow batteries is the largest, with a share of roughly 90%. Due to its huge electrolyte storage capacity, vanadium redox flow batteries (VRFBs) have a lower environmental impact during battery discharge and a higher energy capacity. They are less harmful to the environment than lead-acid and lithium-ion batteries because they don't contain any toxic or highly reactive materials, nor do they pose a threat of explosion.
Dalian Rongke Power, Primus Power, Sumitomo Electric, VRB ENERGY, Largo Clean Energy, etc. are some of the major competitors in the global flow battery market, together accounting for about 95% of the market.
Over 80% of applications are found in utility facilities, which is the most prevalent. As a buffer between the supply of energy from the electric grid and the demand for electricity, flow batteries are mostly employed in utility applications. Utility owners may lessen the amount of excess electricity generated since flow batteries can consistently store and discharge power. In addition, utilities want batteries that are strong, resilient, and long-lasting and can manage a high penetration of renewable energy throughout the system.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Dalian Rongke Power
- Primus Power
- Sumitomo Electric
- VRB ENERGY
- Largo Clean Energy
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