Flow Battery Market to be worth 946.3 Million US$ by 2023
According to the new market research report by MarketsandMarkets, the flow battery market is expected to grow from US$ 230.2 Million in 2018 and reach a value of US$ 946.3 Million by 2023, at a CAGR of 32.7% during the forecast period. The growth of this market can be attributed to the increasing investment in renewable energy. In the recent past, developed and developing countries have been revising their energy policies to embrace a considerable portion of energy generation sourced from renewable energy resources that includes wind and solar. Currently, renewable sources have become the preferred choice for expanding, upgrading, and modernising power systems across the world. Energy storage technologies such as flow batteries solve issues related to the mismatch between supply and demand and intermittency problems associated with renewable energy sources.
Redox held the largest share of flow battery market in 2017
The flow battery market based on type is led by the redox segment in terms of size. Redox flow battery is the most widely commercialised flow battery at present. It offers an economical and convenient means to store electrical energy at grid scale and other applications. Redox flow batteries also offer greater flexibility to influence power rating and energy rating for a given application than other electrochemical means for storing electrical energy. Technological advancements and enhancements are expected to alter the designs and use of redox flow battery in the near future.
The market for large scale flow battery likely to grow at a higher CAGR during the forecast period
Based on storage, the market for large-scale flow batteries is expected to witness the highest growth rate during the forecast period. Currently, a majority of verticals—such as utilities, industrial, commercial, and military across the world use large-scale flow battery to efficiently produce and store energy. Large-scale flow battery has been in the market for quite some years. Also, at present, large-scale flow batteries are commonly used in various projects and for several applications worldwide.
North America expected to hold the largest size of the flow battery market during the forecast period
North America held the largest size of the flow battery market in 2017, followed by APAC and Europe. The high number of flow battery installations in the region, mainly in the US and Canada, attributes to the dominating position of the region in the flow battery market. In addition, favorable economic conditions in the US and the increase in the importance of battery energy storage, as well as supportive regulatory policies aiding energy storage in the US and other countries in the region are encouraging many domestic and international manufacturers to deploy flow battery for efficient energy supply. Flow battery market in APAC is expected to grow at the highest rate during the forecast period.
ESS Inc. (US), GILDEMEISTER energy solutions (Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK), SCHMID (Germany), Sumitomo Electric. (Japan), UniEnergy Technologies (US), ViZn Energy (US), and EnSync Energy Systems (US) are the major players operating in this market.