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Flow Battery Market by Type, Material, Storage, Application And Geography - Global Forecast to 2023

Flow Battery Market: Global Forecast until 2023

  • January 2018
  • 167 pages
  • ID: 5297922
In this report:
According to the Department of Energy (DOE) data, since 2010, more than half of the global grid-scale battery installations of ##,## MWh were lithium-ion (li-ion) batteries.
According to China Energy Storage Alliance's (CNESA) whitepaper-Energy Storage Industry 2017, in 2016, a total of ##.## GW of energy storage capacity was registered, marking an increase of ##.##% from that in 2015.

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Inherent advantages of flow battery propelling the rise of the flow battery market

The flow battery market is anticipated to rise at a compound annual growth rate (CAGR) of 32.70 percent between 2017 and 2023 to attain $946.30M by 2023, from USD 230.2.7 million in 2018. Flow battery has different technical advantages over many batteries including lithium-ion, lead-acid, or solid state. Unlike conventional batteries that store energy in an electrode material, flow batteries store energy as electrolytes in external tanks.

As electrolytes can be easily replaced, it is among the main advantages that drive the industry for flow batteries. Nevertheless, the technical drawbacks and high construction cost of flow batteries limit the increase of the flow battery market

The rise of flow battery market anticipated to be driven by the utilities application during the estimate period

The utilities application is forecasted to hold a significant share of the flow battery market during the outlook period. With electric infrastructure and the increasing need for higher energy capacity and production, modernization of grid system has become essential worldwide. Also, growing penetration of renewable energy across the grid has, in turn, rised 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-sale utilities need technologies that can cost-effectively store renewable energy for future grid-use at any location. Among all the applications, flow batteries are the most widely commercialized for different applications the utilities industry

The flow battery market in Asia-Pacific forecasted to grow at the highest CAGR (Compound annual growth rate) during projection period

The sector for flow battery in Asia-Pac is anticipated to grow at the highest compound annual growth rate (CAGR) between 2018 and 2023. In recent years, many countries-such as China, Japan (JP), India (IN), and Australia-are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn, enhance electric stability.

In countries such as india (IN), China (CN), and Japan (JP), respective governments have laid regulations and reforms as well as initiatives for modernizing the power market. Asia-Pacific has various operational flow battery installations with big power ratings. Also, the rise in microgrid projects in India (IN) and Japan (JP) encourages manufacturers to cater to the needs of potential customers in the territory.

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions have been managed with main officials in the flow battery market. Following is the breakup of the primary participants for the market research:

• By Company category: Tier 1 = 50 %, Tier 2 = 30.0 percent, and Tier 3 = 20.0 percent

• By Description: C-suite executives = 60.0 percent, Directors = 25.0 percent, and Others = 15.0 percent

• By Area: North America continent = 35.0 percent, Europe (EU) = 30.0 percent, Asia-Pac = 25.0 percent, and RoW = 10.0 percent

Also, the report profiles the top actors in the flow battery market and analyzes their market ranking. The main players decribed in this industry report are ESS Inc., GILDEMEISTER energy solutions, Primus Power, RedFlow, redT Energy, SCHMID, Sumitomo Electric. , UniEnergy Technologies, ViZn Energy, and EnSync Energy Systems.

Segment Research

This market research classifies the flow battery market based on type, material, storage, application, and area. Furthermore, the industry report offers a description of the main drivers, industry restraints, opportunities, and possibilities pertaining to this market as well as the value chain study and industry ranking analysis.

Why Purchasing This Study Can Help You:

The study would benefit the leaders/new sector entrants in the flow battery market in these ways:

1. The document breaks down the flow battery market comprehensively and offers the market size estimation for all sub-segments across different areas.

2. The analysis benefits partners distinguish the pulse of the sector and offers them with the info on key market drivers, market restraints, opportunities, and alternatives for the flow battery market.

3. The market research would benefit partners comprehend their players better and acquire business insights to enhance their rank in the flow battery market. The competitive outlook section depicts the competitor ecosystem.

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