Global Flow Batteries Market to Reach $961.9 Million by 2026
SAN FRANCISCO, March 23, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Flow Batteries – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: February 2022
Executive Engagements: 2718
Companies: 45 – Players covered include Elestor BV; ESS, Inc; H2; Invinity Energy Systems; JenaBatteries GmbH; Kemwatt SAS; Largo Clean Energy; Lockheed Martin Corporation; nanoFlowcell Holdings Ltd; Primus Power; Redflow Ltd; SCHMID Group; Sumitomo Electric Industries, Ltd; UniEnergy Technologies LLC (UET); ViZn Energy Systems, Inc; Volterion GmbH; VoltStorage GmbH; VRB® Energy and Others.
Coverage: All major geographies and key segments
Segments: Material (Vanadium, Zinc-Bromine, Other Materials); Application (Utilities, Commercial & Industrial, Military, EV Charging Stations, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Flow Batteries Market to Reach $961.9 Million by 2026
A flow battery is an electrochemical cell where two chemical components provide chemical energy through dissolution in liquids pumped by a system on different membranous sides. Advantages such as instant recharging capability, a longer lifecycle, as also more discharge hours are propelling growth in the global market. Such batteries are suited best for addressing the intermittent nature of renewable energy sources and also for addressing the needs of micro-grid applications. The growing investments into renewable energy projects thus represents a key factor fueling growth in the market. With flow batteries becoming cheaper than other assorted storage alternatives, their deployment rate will increase further for catering to the newer solar panels and wind turbines for maintaining grid reliability. The market is also witnessing growth led by the growing use of flow batteries in electric vehicle applications. The growing installations of telecommunications towers that have a flow battery as an alternative source of energy are also fueling market growth. Further, growing investments in defense & military applications with government support by way of investments in R&D and funding is expected to boost the market for flow batteries.
Amid the COVID-19 crisis, the global market for Flow Batteries estimated at US$361.1 Million in the year 2022, is projected to reach a revised size of US$961.9 Million by 2026, growing at a CAGR of 22.7% over the analysis period. Vanadium, one of the segments analyzed in the report, is projected to grow at a 22.4% CAGR to reach US$819.7 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the ZINC-BROMINE segment is readjusted to a revised 24.1% CAGR for the next 7-year period. This segment currently accounts for a 23.1% share of the global Flow Batteries market. Vanadium-based flow batteries segment is expected to grow significantly due to the distinct advantages offered by the battery, particularly for large stationary applications. Vanadium redox flow batteries are the frontrunners in energy storage and their demand is high in the markets for off-grid, utility, and mini-grids. Zinc–bromine is expected to record strong growth as most manufacturers opt for zinc–bromine over vanadium owing to the latter’s high cost and limited availability. Additionally, zinc-bromine flow batteries have been used more in the past in applications like grid, residential, industrial, commercial, and microgrid.
The U.S. Market is Estimated at $74.2 Million in 2022, While China is Forecast to Reach $162.5 Million by 2026
The Flow Batteries market in the U.S. is estimated at US$74.2 Million in the year 2022. The country currently accounts for a 20.6% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$162.5 Million in the year 2026 trailing a CAGR of 27.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.6% and 21.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 21.4% CAGR while Rest of European market (as defined in the study) will reach US$213.8 Million by the end of the analysis period. The Asia-Pacific region has numerous flow battery-based installations having larger power ratings. Australia operates the largest number of flow battery-based projects for its residential, utilities, commercial, and industrial applications, whereas, China has the largest capacity of flow batteries installations until date. The need to store renewable energy is a major driving factors for flow batteries market in the region.
By Application, Utilities Segment to Reach $383.7 Million by 2026
Due to their large and heavy features, flow batteries are considered to be suitable for utilities as well as commercial and industrial customers seeking long-term and long hours of energy storage. The presence of vanadium electrolyte in most flow batteries is capable of ensuring reliable charging and discharging for several cycles without degradation. This is made possible due to vanadium’s electrochemical attributes that make it easy for removal of electrons from the element and subsequently placing them back. In the global Utilities (Application) segment, USA, Canada, Japan, China and Europe will drive the 23.4% CAGR estimated for this segment. These regional markets accounted for a combined market size of US$90.8 Million. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$40 Million by the year 2026. More
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SOURCE Global Industry Analysts, Inc.
