Flow batteries are rechargeable batteries used in utility-scale energy storage systems. They allow renewable energy to be stored and dispatched when needed. Flow batteries can provide backup power for utilities and decrease reliance on fossil fuels.
The global Flow Battery Market is estimated to be valued at US$831.11 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the Flow Battery Market is the increasing investment in renewable energy and energy storage infrastructure across the globe. Governments and private organizations are significantly investing in renewable energy projects and electric grid modernization to curb carbon emissions and meet the growing demand for continuous and reliable power supply. As flow batteries provide a cost-effective alternative to lithium-ion batteries for large-scale stationary storage, they enable the integration of more renewable energy sources like solar and wind power into the grid. This factor is expected to boost the adoption of flow batteries during the forecast period.
Segment Analysis
The global Flow Battery Market is segmented by type into vanadium redox, hybrid, zinc-bromine. Among these, vanadium redox flow battery dominates the market and accounts for more than 60% market share in 2024. Vanadium redox flow batteries offer high energy density, longer lifecycle, deep discharge capability and ability to decouple power and energy which makes them the most adopted type in flow battery market.
Key Takeaways
The Global Flow Battery Market Size is expected to witness high growth.
Regional analysis: North America is expected to dominate the flow battery market during the forecast period. U.S holds majority of share in North America region owing to high awareness and investment in renewable energy projects and presence of key players. Asia Pacific is projected to grow with highest CAGR during 2023-2030. Increasing power demand and focus on integrating renewable energy is driving the flow battery market growth in countries like China and India.
Key players related content comprises Key players operating in the flow battery market are AssurX, Sparta Systems, Oracle Corporation, Xybion Corporation, Sarjen Systems Pvt. Ltd., MDI Consultants, AB-Cube, QVigilance, Qserve, and ZEINCRO. AssurX and Sparta Systems together accounts for over 35% share of the overall quality management software market globally. Oracle Corporation offers integrated risk management suite while Qvigilance and Qserve provides risk management as SaaS. MDI Consultants, AB-Cube and Sarjen Systems focuses only on specific industry or functionality.
Get more insights on this topic:
https://www.marketwebjournal.com/flow-battery-market-size-market-share-analysis/
Check more trending articles related to this topic:
https://careersplay.com/unlocking-of-the-symphony-of-cell-signals-navigating-the-landscape
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.
