The Worldwide Flow Battery Industry is Expected to Reach $489 Million by 2026 at a CAGR of 18% from 2021 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jul 2, 2021--
The “Flow Battery Market with COVID-19 Impact, by Type (Redox Flow Battery, Hybrid Flow Battery), Material, Storage (Compact and Large scale), Application (Utilities, Commercial & Industrial, EV Charging Station), and Region - Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global flow battery market size is expected to grow from USD 214 million in 2021 to USD 489 million by 2026, at a CAGR of 18.0%.
The growth of this market is mainly driven by the inherent advantages of flow batteries, increasing investments in renewable energy, high demand for flow batteries in utilities, and an increase in telecommunication tower installations. However, factors such as the requirement of high initial investment for manufacturing of flow batteries, technical drawbacks and low charge and discharge rates, and lack of proper standards for the development of flow battery systems are restraining the market growth.
Redox flow battery to dominate the flow battery market in 2020.
The market for the redox flow battery held the largest share in 2020 and is estimated to remain the same during the forecast period. The growth of the segment is attributed to the capabilities of these batteries that help to meet the need for power backup. These batteries are economical and convenient sources to store electrical energy at a grid-scale and various other applications.
Utilities applications dominated the flow battery market in 2020.
The market for utilities application is dominant in 2020 and is estimated to continue its dominance over the forecast period. The adoption of flow batteries is increasing in utilities attributed to the growing need for electrification. Besides, the growing use of renewable energy across grids has, in turn, increased the need for efficient, flexible, and long operating life energy storage solutions. A flow battery, with all its attractive features, has become the most preferred energy storage technology for utility-based storage as large-scale utilities require technologies that can cost-effectively store renewable energy for future grid use at any location.
Market in APAC to grow at highest CAGR during the forecast period.
The growth of the region is attributed to the increasing demand for flow batteries in major countries such as Japan and Australia. Besides, the growing adoption of energy storage solutions in industrial, utilities, and other applications, rising demand for flow batteries from the grid and microgrid applications in India and China, and increasing number of operational projects with flow battery installations are expected to fuel the growth of the regional market during the forecast period.
- Inherent Advantages of Flow Batteries
- Increasing Investments in Renewable Energy
- High Demand for Flow Batteries in Utilities
- Increase in Telecommunication Tower Installations
- Requirement of High Initial Investment for Manufacturing of Flow Batteries
- Technical Drawbacks and Low Charge and Discharge Rates
- Lack of Proper Standards for Development of Flow Battery Systems
- Growing Need for Power Supply Attributed to Increasing Number of Data Centers
- Increasing Penetration of Flow Batteries in Residential Applications
- Technological Innovations with Improved Capabilities
- High Competition from Providers of Conventional Batteries
- Decline in Deployment Rate of Flow Batteries due to COVID-19 Pandemic
- Cellcube Energy Storage Systems Inc.
- Dalian Rongke Power Co., Ltd.
- ESS, Inc.
- H2, Inc.
- Invinity Energy Systems
- Jenabatteries GmbH
- Largo Clean Energy
- Le System Co., Ltd.
- Lockheed Martin Corporation
- Primus Power
- Redflow Limited
- RFC Power
- Schmid Group
- Storen Technologies Inc.
- Sumitomo Electric Industries, Ltd.
- Unienergy Technologies
- V-Flow Tech
- Vanadis Power GmbH
- Vizn Energy Systems
- Voltstorage GmbH
- VRB Energy
For more information about this report visit https://www.researchandmarkets.com/r/jpyi67
View source version on businesswire.com:https://www.businesswire.com/news/home/20210702005327/en/
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SOURCE: Research and Markets
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PUB: 07/02/2021 11:30 AM/DISC: 07/02/2021 11:32 AM