Flow Battery Market Outlook - 2027
The global flow battery market size is experiencing a significant growth and is expected to grow considerably in the next few years. Worldwide financial development with expanding arrival of carbon dioxide disturbs ecosphere and causes huge effects on environmental change. A nature friendly course to produce power from sustainable sources, for instance, solar and wind is desirable. Hence, to boost use of sustainable and renewable energy to improve stability of grid networks, energy storage systems are needed to store surplus electricity. The deposited energy can be then distributed to end clients. Therefore, electrochemical energy storage with rechargeable batteries built on redox chemistry can offer a central resolution to handle such issues. Cost, framework adaptability, safety concerns, and quick response for huge scope applications, redox flow batteries show extraordinary result over different types of batteries, for example, lithium-ion and lead-acid batteries and are projected to have expanding business space through industrial improvement in the future.
The global flow battery market is segmented on the basis of Type, Material, Storage, Industry Vertical, and Region. Based on Type, the market is divided into Redox Flow Battery and Hybrid Flow Battery, and others. On the basis of Material, the market is categorized into Zinc–Bromine, Hydrogen-Bromine, All Vanadium, All Iron, Polysulfide Bromine, Organic, and others, and others. on the basis of Storage into Large Scale, and Compact. on the basis of Industry Vertical into Commercial & Industrial, Telecommunication, Automotive, Military, Utilities EV Charging Station, Off Grid & Microgrid Power, and Others and Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global Flow Battery industry include Major players analyzed include Lockheed, ViZn Energy Systems, UniEnergy Technologies., Sumitomo Electric Industries Ltd, GILDEMEISTER energy solutions., ESS Inc, Primus Power, Lockheed Martin, Redflow Limited, Elestor., JenaBatteries GmbH, Volterion, VoltStorage GmbH, H2 Inc., nanoFlowcell AG, Pu Neng Century Technology Co., Ltd., Kemwatt.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
COVID-19 scenario Analysis:
- The global industry has been significantly impacted by the COVID-19 outbreak. Due to the ongoing worldwide lockdown, the market is estimated to observe a sluggish growth.
- The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand are gradually going to increase.
- As an effect, a notable decline in the non-volatile flow battery sales and demand globally has been observed. Moreover, owing to increase in conflicts between two large economies, such as imposition of heavy tariff in the U.S. on several electronic products imported from China, which is further expected to hamper the flow battery market share.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Governments across the globe support renewable energy to preserve non-renewable energy resources such as coal, natural gas, and oil. In addition, rise in technological progresses in the telecom business lead to growth in setting up of towers fixed with increasing acceptance of flow batteries in electric vehicles, which boost the flow battery market growth. On the basis of type, the redox segment is expected to lead the market throughout the forecast period, owing to rise in demand for redox flow battery in utilities, industrial, and commercial applications. On the basis of material, the vanadium segment is likely to lead the market during the forecast period, owing to its usage in telecommunications, EV charging station, microgrid, and military applications.
Surge in usage in automotive and industrial applications
From industry vertical point of view, the flow battery market is split into various types, which include automobile, telecommunication, industrial, and military & defense. In 2016, the automobile and telecommunication industry gathered a main share in the end-use industry segment of the global market. It happens mainly due to increase in adoption of hybrid vehicles and rise in telecommunication tower installations, which use flow battery as alternate power energy back up. Also, growing demand from utility areas and characteristic usage of flow battery in industrial applications are enhancing the global market growth. Rise in investments in defense & military applications, government funding and investments in R&D is projected to drive the flow battery market. However, absence of appropriate standards for manufacturing of flow batteries hinders the global flow battery market growth.
Key benefits of the report:
- This study presents the analytical depiction of the global Flow Battery industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed global market analysis.
- The flow battery market trends are quantitatively analyzed to highlight the global market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global flow battery market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the Flow Battery Market research report:
- Who are the leading market players active in the flow battery market forecast?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the flow battery market?
- What are the projections for the future that would help in taking further strategic steps?
Flow Battery Market Report Highlights
Key Market Players
ViZn Energy Systems, Invinity Energy Systems, Lockheed Martin Corporation, CellCube Energy Storage Systems Inc., UniEnergy Technologies, Primus Power, Largo Clean Energy, Redflow Limited, ESS, Inc., Sumitomo Electric Industries Ltd.