Report Code: A09801 | Pages: NA | Mar 2023 | 1772 Views | ||
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Request Now !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., Â 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.Â
COVID-19 scenario Analysis:Â
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.
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.
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Key benefits of the report:
Market scope and structure analysis:
Report Metric | Details |
 Market size available for years |  2019–2027 |
 Base year considered |  2019 |
 Forecast period |  2021–2027 |
 Forecast units |  Value (USD) |
 Segments covered |  Type, Material, Storage, Industry Vertical, and Region |
 Regions covered | North America (US, Canada, and Mexico), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia and the Rest of Asia Pacific), and LAMEA (Latin America, Middle East and Africa) |
 Companies covered | 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. |
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Questions answered in the Flow Battery Market research report:
Flow Battery Market Report Highlights
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Key Market Players | Sumitomo Electric Industries Ltd., UniEnergy Technologies, ViZn Energy Systems, Primus Power, ESS, Inc., Redflow Limited, Invinity Energy Systems, Lockheed Martin Corporation, Largo Clean Energy, CellCube Energy Storage Systems Inc. |
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