Industry Background:
The flow battery is a promising technology for large-scale storage of alternating power generated from solar and wind farms owing to its unique advantages like location independence, scalability and versatility. It is an electrochemical device that converts the chemical energy in the electro-active materials directly to electrical energy, similar to a conventional battery and fuel cells. The widespread commercialization of flow batteries is still stuck by certain technical barriers. The flow battery market is expected to witness a considerable growth in near future due to high demand from utilities sector, rise in telecommunications tower installations
The Global Flow Battery market presents a comprehensive analysis of the Flow Battery market by product type (Redox Flow Battery and Hybrid Flow Battery), by end-user/application (Power, Automotive, Industrial, Residential and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. The key Manufacturers profiled in the report are ESS Inc. (United States), Vanadis Power (Germany), Primus Power (United States), RedFlow (Australia), redT Energy (United Kingdom), Schmid (Germany), Sumitomo Electric Industries (Japan), UniEnergy Technologies (United States), ViZn Energy (United States) and EnSync Energy Systems (United States). Additionally, other players that are part of this comprehensive study are Rongke (China), Vionx (United States) and Wattjoule (United States).
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Key Companies Profiled | ESS Inc. (United States), Vanadis Power (Germany), Primus Power (United States), RedFlow (Australia), redT Energy (United Kingdom), Schmid (Germany), Sumitomo Electric Industries (Japan), UniEnergy Technologies (United States), ViZn Energy (United States) and EnSync Energy Systems (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Declining Li-ion battery prices
Market Growth Drivers:
Growth in telecommunications tower installations and Increasing investment in renewable energy
Challenges:
Lead pollution and stringent laws and High competition from conventional battery technologies
Restraints:
High construction cost of flow batteries and Lack of proper standards for development of flow battery system
Opportunities:
Large storage requirements in data centers and Technological innovations with improved capabilities
Regional Breakdown and Segment Analysis
This section of our report presents a realistic picture of the Global Flow Battery industry. Investors and manufacturers can easily understand the inherent opportunities and challenges for their products in the geographical region of interest. For instance, while the North America holds majority of market share of the Flow Battery, the Asia Pacific has emerged as a crucial market for several Flow Battery brands.
The Storage, such as Compact, is boosting the Flow Battery market and is anticipated to experience a steady growth during the forecast period.
The Material, such as Vanadium, is boosting the Flow Battery market and is anticipated to experience a steady growth during the forecast period.
Key players are implementing many strategies such as mergers & acquisitions, new product development, joint ventures, partnerships and others. Players have to face many challenges such as too many key players offering same products which may create confusion, strict regulatory legislation for fair trade practices and life expectancy of these devices
The regional segmentation covered in this report are:
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)