Report Scope The flow battery report covers all batteries that are currently available commercially. The market report also analyzes the end-use segments in which flow batteries find application at both the regional and country level.
New York, June 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Flow Batteries: Global Markets" - https://www.reportlinker.com/p06097051/?utm_source=GNW
The report provides market size and estimations in terms of revenue (U.S. currency), considering 2020 as the base year with a market forecast provided from 2021 to 2026. The market size for regional and country level also is covered. The report also analyzes the impact of the COVID-19 pandemic on the market estimations.
In terms of battery technology, the market for flow batteries is segmented into -
- Vanadium redox flow battery (VRFB).
- Zinc bromine (ZnBr) flow battery.
- Other batteries.
In terms of application, the market for flow batteries is segmented into -
- Load shifting.
- Peaking capacity.
- Microgrid formation.
- Others.
In terms of end-use, the market for flow batteries is segmented into -
- Utility.
- Commercial.
- Residential.
Report Includes
- 43 data tables and 11 additional tables
- An overview of the global market for flow batteries
- Estimation of the market size and analyses of market trends, with data from 2020, estimates for 2021 and projection of CAGR through 2026
- Market share analysis of flow batteries by type, end use, application, and region, and evaluation of market size and forecast, and detailed analysis of drivers, challenges, and opportunities affecting market growth
- Description of flow batteries functioning that makes them the safest batteries with negligible risk of fire hazards, and discussion on how flow batteries are different from conventional batteries and high-temperature batteries
- Coverage of recent R&D activities and insights into regulations and norms concerning the flow batteries market
- Market share analysis of the key companies of the industry and coverage of events like mergers & acquisitions, joint ventures, collaborations or partnerships, and other key market strategies
- Comprehensive company profiles of major players, including Redflow, ESS Inc., Vionx Energy, Unienergy Technologies, EnerVault Corp., Primus Power and Sumitomo Electric Industries Ltd.
Summary
The global market for flow batteries was valued at $REDACTED million in 2020 and is projected to reach $REDACTED billion by 2026.The market is poised to grow at a CAGR of REDACTED% over the forecast period.
Flow batteries are electrochemical storage batteries that have gained significant traction in recent years and are seen as a promising emerging storage technology apart from lithium-ion batteries.As the demand for energy storage technologies continues to rise due to increased electricity generation from renewable energy sources like solar and wind, players as well as the consumers are exploring different categories of batteries suited for their purpose.
Currently, Lithium-ion batteries dominate the electrochemical batteries space, whereas pumped hydro segment is still the largest segment for energy storage technologies. There are many emerging technologies such as flywheels, supercapacitors and solid state batteries among others that have specific properties and are suitable for specific applications.
Among them, flow batteries are gaining significant traction due to their suitability for large-scale storage applications.Flow batteries also are among the safest batteries and have a long life-cycle, making them highly suitable for large-scale long-term storage applications.
Advancements in flow battery technologies are reducing system costs, which is another favorable indicator for flow battery users.Furthermore, China’s deployment of large-scale flow battery projects has led to speculations and optimism for the global adoption of flow batteries.
However, the flow batteries industry still has not been fully commercialized due to the high installation and maintenance cost of flow batteries.
Among flow battery technologies, vanadium redox flow batteries (VRFB) dominate the flow battery industry due to superior technology and the product’s significant adoption by China.Also, the properties of vanadium electrolyte are highly suitable for flow battery technology and attaining a long-life product cycle.
Because flow batteries require a large-scale setup and economically feasible with large-scale applications, they are suitable for grid scale-operations or at electricity generation centers.Therefore, load shifting and peaking capacity currently are the biggest application segments for flow batteries.
For similar reasons, the utility segment is the largest end-use segment in the market for flow batteries.
Asia-Pacific leads all regions in flow battery consumption.China is the largest consumer of flow batteries due to significant vanadium raw material availability and the country’s leading technology.
In other countries, flow batteries are steadily gaining traction.Currently, several startups and small-scale industries are operating in this space.
Large-scale companies like Lockheed Martin are conducting significant research that might lead to its entry into the market for flow batteries.
Redflow, ESS Inc., Vionx Energy, Unienergy Technologies, EnerVault Corp., Primus Power, Sumitomo, Electric Industries Ltd., ViZn Energy, Younicos inc., Primus Power are major companies operating in the market for flow batteries.
Read the full report: https://www.reportlinker.com/p06097051/?utm_source=GNW
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