What is Iron Flow Battery Market?
In Iron flow battery, energy is stored by employing the Fe2+ – Fe3+ and Cr2+ – Cr3+ redox couples. This active chemical species are fully dissolved in the aqueous electrolyte. Electrolytes which is used in iron flow battery is made up of iron salts. This iron salt in ionized form is able to store electrical energy in the form of chemical energy. This batteries are particularly advantageous owing to wide abundance of Iron. Further it is non-toxic and it is also known safe alternative for storing chemical energy. Increasing demand for EV is driving the demand for Ion flow battery over others. Geographically, North America region is expected to grow with higher growth rate over forecast period followed by Europe and Asia Pacific owing to presence of market leaders in the region and increasing energy & utilities infrastructure.
The market study is being classified by Type (Redox Flow Battery and Hybrid Flow Battery), by Application (Commercial, Industrial {Telecommunication, Military, Others}, EV Charging Station and Others) and major geographies with country level break-up.
ESS, Inc. (United States), Sumitomo Electric Industries Ltd. (Japan), VoltStorage (Germany), UniEnergy Technologies (United States), VionX Energy (United States), ViZn Energy Systems (United States), Primus Power (United States), Redflow Limited (Australia), Sun Catalytix (United States), Invinity Energy Systems (United Kingdom), Lockheed Martin Corporation (United States) and Largo Clean Energy (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are CellCube Energy Storage Systems Inc. (Austria), UniEnergy Technologies (United States) and Prudent Energy (United States).
The market of Iron Flow Battery is expected to grow with rising demand for flow battery over others. Several companies are operating in the market to provide Iron Flow Battery with various features & unique offering. The market is highly fragmented with the presence of several market players. They are gaining attention owing to their innovative and novel portfolio.
Segment Analysis
Analyst at AMA have segmented the market study of Global Iron Flow Battery market by Type, Application and Region.
On the basis of geography, the market of Iron Flow Battery has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Demand for Iron Flow Battery in Telecommunication, and Military
- Increasing Preference for Iron Flow Battery at EV Charging Stations
Market Trend
- Redox Flow Battery Account for Larger Market Share over Others
Restraints
- High Initial Investment for Manufacturing
Opportunities
- Increasing Demand for Electronic Vehicle across Globe has created Multiple Growth Opportunities for the market
- Augmenting Demand for Iron Flow Battery for Power Supply Stations
Challenges
- Low Energy Density and Low Charge/Discharge Rates
In February 2021, ESS has launched new Energy Warehouse (pictured) is a 75kW / 500kWh containerised system. The new range will start at 3MW power capacity and between six and 16 hours of storage duration. With this new system, company is able to provide new range of energy storage systems starting at 3MW power capacity and promising 6-16 hours discharge duration.
Key Target Audience
Iron Flow Battery Manufacturers, Iron Flow Battery Suppliers/Distributor, Raw Material Supplier, Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments and End Use Industry