Flow batteries are an emerging type of rechargeable battery used to store large amounts of electrical energy for electricity grid applications including renewable energy integration and storage. Flow batteries provide energy storage solutions for both on-grid and off-grid applications with benefits such as long service life, rapid recharging, and flexible operating characteristics. The global flow battery market is estimated to be valued at US$ 831.11 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing zero emission targets set by various countries is one of the key trends fueling growth of the flow battery market. Many countries have set targets to achieve carbon neutrality by 2050 and transitioning to cleaner sources of energy including renewable energy sources like solar and wind. However, renewable energy sources have intermittent nature which increases the need for large-scale energy storage solutions. Flow batteries are well-suited for stationary energy storage applications at the utility scale and are able to store excess renewable energy during off-peak hours for use during peak hours. This improves the viability and efficiency of renewable energy projects. The adoption of flow batteries is expected to increase significantly to meet the growing need for large-scale energy storage required to meet net zero emission targets over the forecast period.
Segment Analysis
The global flow battery market is dominated by the vanadium redox flow battery segment which accounts for over 70% of the total share. Vanadium redox flow batteries use vanadium ions in different oxidation states to store chemical potential energy. They are well-suited for grid-scale energy storage due to their high energy density, long life cycle, less self-discharge and flexible power rating.
Key Takeaways
The global Flow Battery Market Demand is expected to witness high. Regional analysis shows that Asia Pacific region dominates the market currently and is expected to continue its dominance during the forecast period growing at a CAGR of 6.3%. This can be attributed to increased investments in renewable energy projects and ongoing grid infrastructure developments in China, Japan, India and South Korea.
Key players operating in the flow battery market are VRB Energy, H2 Inc., ESS Tech Inc., Stryten Energy, Vanadis Power GmbH, CellCube Energy Storage Systems Inc., Primus Power Corporation, Dalian Rongke Power Co. Ltd., RedFlow Ltd., and Invinity Energy Systems PLC. VRB Energy and Redflow Ltd specialize in vanadium redox flow batteries. ESS Tech Inc. focuses on iron flow batteries.
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Factors, such as easy replaceability of electrolyte have placed flow batteries as a potentially better substitute for lead-acid, lithium-ion, or solid-state batteries.Request sample copy of Flow Battery Market at: http://orbisresearch.com/contacts/request-sample/2213861 The accelerating growth of renewable intermittent electricity supplies (solar, wind, tidal, etc.
), which reached a cumulative installed capacity of 2179.09 GW across the globe in 2017, has also supplemented the requirement of energy storage installations, which are at present majorly fulfilled by lithium-ion batteries.
Furthermore, factors such as longer lifetimes, reduced fire risk, and their recyclable nature, is expected to supplement the demand for flow batteries during the forecast period.
As the demand-supply gap is expected to improve in 2018, Vanadium is expected to be the largest market among all other material types during the forecast period, particularly owing to increasing demand for energy storage applications.Read details of the report at: http://orbisresearch.com/reports/index/global-flow-battery-market-segmented-by-type-material-application-and-geography-growth-trends-and-forecast-2018-2023 Renewable Intermittency Concerns Supplementing the DemandDespite significant growth witnessed over the past few years as compared to other forms of energy, there is always a concern pertaining to the variability of renewable energy sources.
The electricity generated from the solar energy is generally entering the grid when there is a trough in power demand.
Furthermore, the liquid electrolyte used in flow batteries are also considered recyclable, and has low replacement cost, high storage capacity, and no waste disposal problems, which has further supplemented the demand for flow batteries across the globe.
