DUBLIN, July 5, 2021 /PRNewswire/ -- 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities for Flow Battery Market
4.2 Flow Battery Market, by Type
4.3 Flow Battery Market, by Application
4.4 Flow Battery Market, by Geography
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Inherent Advantages of Flow Batteries
5.2.1.2 Increasing Investments in Renewable Energy
5.2.1.3 High Demand for Flow Batteries in Utilities
5.2.1.4 Increase in Telecommunication Tower Installations
5.2.2 Restraints
5.2.2.1 Requirement of High Initial Investment for Manufacturing of Flow Batteries
5.2.2.2 Technical Drawbacks and Low Charge and Discharge Rates
5.2.2.3 Lack of Proper Standards for Development of Flow Battery Systems
5.2.3 Opportunities
5.2.3.1 Growing Need for Power Supply Attributed to Increasing Number of Data Centers
5.2.3.2 Increasing Penetration of Flow Batteries in Residential Applications
5.2.3.3 Technological Innovations with Improved Capabilities
5.2.4 Challenges
5.2.4.1 High Competition from Providers of Conventional Batteries
5.2.4.2 Decline in Deployment Rate of Flow Batteries due to COVID-19 Pandemic
5.3 Value Chain
5.4 Ecosystem
5.5 Trends/Disruptions Impacting Customer's Business
5.6 Porter's Five Force Analysis
5.7 Case Study
5.8 Technology Trends
5.9 Pricing Analysis
5.10 Trade Analysis
5.11 Patent Analysis
5.12 Market Standards
6 Flow Battery Market, by Type
7 Flow Battery Market, by Material
8 Flow Battery Market, by Ownership
9 Flow Battery Market, by Storage
10 Flow Battery Market, by Application
11 Flow Battery Market, by Geography
12 Competitive Landscape
12.1 Introduction
12.1.1 Revenue Analysis of Top 3 Companies
12.2 Market Share Analysis of Top 5 Players, 2020
12.3 Competitive Evaluation Quadrant, 2020
12.3.1 Star
12.3.2 Emerging Leader
12.3.3 Pervasive
12.3.4 Participant
12.4 Small- and Medium-Sized Enterprises (Sme) Evaluation Quadrant, 2020
12.4.1 Progressive Company
12.4.2 Responsive Company
12.4.3 Dynamic Company
12.4.4 Starting Block
12.4.5 Flow Battery Market: Company Footprint
12.5 Competitive Situations and Trends
12.5.1 Product Launches and Developments
12.5.2 Deals
13 Company Profiles
13.1 Key Players
13.1.1 Invinity Energy Systems
13.1.2 Sumitomo Electric Industries, Ltd.
13.1.3 Redflow Limited
13.1.4 Ess, Inc.
13.1.5 Unienergy Technologies
13.1.6 Vizn Energy Systems
13.1.7 Primus Power
13.1.8 Largo Clean Energy
13.1.9 Lockheed Martin Corporation
13.1.10 Schmid Group
13.1.11 Elestor
13.1.12 Vrb Energy
13.1.13 Jenabatteries GmbH
13.1.14 Cellcube Energy Storage Systems Inc.
13.2 Other Players
13.2.1 H2, Inc.
13.2.2 Kemiwatt
13.2.3 Volterion
13.2.4 Voltstorage GmbH
13.2.5 Nanoflowcell
13.2.6 Dalian Rongke Power Co., Ltd.
13.2.7 Vanadis Power GmbH
13.2.8 Le System Co., Ltd.
13.2.9 Storen Technologies Inc.
13.2.10 V-Flow Tech
13.2.11 RFC Power
14 Adjacent & Related Markets
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/lbaw2e
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