Flow Battery Market report provides emerging market drivers, challenges, opportunities for Flow Battery Industry. It focuses on the latest trends and recent developments of Flow Battery Industry. Flow Battery market report will help you to know each and every fact of keyword industry. Flow Battery market also covers growth potential, market size, demand by buyer and suppliers and forecast details.
Flow Battery Market is expected to grow at a CAGR of XX% during the forecast period.
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Flow batteries are rechargeable batteries, which employ two liquid electrolytes instead of electrolyte plates, which are separated using an ion-selective membrane, which under charging and discharging conditions allow selected ions to pass and complete chemical reactions. Factors, such as easy replaceability of electrolyte have placed flow batteries as a potentially better substitute for lead-acid, lithium-ion, or solid-state batteries. The accelerating growth of renewable intermittent electricity supplies (solar, wind, tidal, etc.), which reached a cumulative installed capacity of 2179.09 GW across the globe in 2017, has also supplemented the requirement of energy storage installations, which are at present majorly fulfilled by lithium-ion batteries. Despite the higher initial investment, demand for flow batteries are growing at a significant rate across the globe and are expected to have the capability to surpass lithium-ion batteries, in applications that demand long-duration power stability, such as grid-scale usage. Furthermore, factors such as longer lifetimes, reduced fire risk, and their recyclable nature, is expected to supplement the demand for flow batteries during the forecast period. As the demand-supply gap is expected to improve in 2018, Vanadium is expected to be the largest market among all other material types during the forecast period, particularly owing to increasing demand for energy storage applications.
Renewable Intermittency Concerns Supplementing the Demand
Despite significant growth witnessed over the past few years as compared to other forms of energy, there is always a concern pertaining to the variability of renewable energy sources. The electricity generated from the solar energy is generally entering the grid when there is a trough in power demand. Similarly, there’s always a concern on the reliability of wind power facing similar intermittency problems. As a result, the usage of lithium-ion-based energy storage systems has spurred across the globe to solve the issue of stability of renewable-based energy generation. However, lithium-ion batteries only last for 300 or 400 charge/discharge cycles and need to be replaced in every 3-4 years, adding to the overall cost-efficiency. On the flip side, flow batteries have technologically advanced to offer cycle lifetimes in excess of 10,000 full cycles, which could even range to 30-years. Furthermore, the liquid electrolyte used in flow batteries are also considered recyclable, and has low replacement cost, high storage capacity, and no waste disposal problems, which has further supplemented the demand for flow batteries across the globe. As the share of renewables is expected to increase in the coming years in the overall primary energy mix, the use of flow batteries is expected to witness a similar increase during the forecast period.
Europe to Witness High Growth Rate
As most of the countries in the European region are moving beyond short-term energy storage applications and looks for assets that can work over longer time frames, the demand for flow batteries is expected to increase at a considerable level in the region. Germany, for instance, is exploring the possibilities of deploying long-duration bulk storage technologies including flow batteries. In June 2017, Ewe Gasspeicher GmbH, a wholly owned subsidiary of the utility company EWE, had announced its plans to build the world’s largest battery by employing the well-known redox flow battery principle, with the capability of powering entire Berlin. Similar interests are growing across other countries as well, to ensure grid-stability from renewables, which, in turn, is expected to offer huge business growth potential for flow battery players, to strengthen their business in Europe, during the forecast period.
China Set to Maintain High Demand
As China’s energy demand continued to increase in the recent years, the Chinese government have invested a large amount of money in renewable and sustainable energy technologies. In addition, the country is moving ahead in the use of vanadium for renewable energy storage. Furthermore, as China plans to move away from conventional fuel-based power generation such as coal and nuclear fuel, the demand for flow battery based storage applications are expected to witness a significant increase during the forecast period.
Key Developments in the Market
March 2018: ESS Inc, the US-based manufacturer of a novel iron flow battery, entered the German market via an agreement with the investor, chemical company BASF
November 2017: Pu Neng, one of the leading providers of vanadium flow battery technology in the world, signed the Hubei Zaoyang project contract with Hubei Pingfan Vanadium Energy Storage Technology Company for the largest vanadium flow battery in China
The Major Players include – ESS Inc, Redt Energy PLC, Sumitomo Electric Industries, Ltd., Redflow Limited, American Vanadium Corp., UniEnergy Technologies, LLC, NanoFlowcell, Lockheed Martin Corporation, H2 Inc., Pu Neng Energy, Vionx Energy Corporation, among others.
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Global Flow Battery Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2013-2023):
- North America: United States, Canada and Mexico
- Europe: Germany, UK, France, Italy, Russia, Spain and Benelux
- Asia Pacific: China, Japan, India, Southeast Asia and Australia
- Latin America: Brazil, Argentina and Colombia
- Middle East and Africa: Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Flow Battery Market Covers Following Points in TOC:
Chapter 1: Flow Battery Market Definition
Chapter 2: Research Methodology of Flow Battery Market
Chapter 3: Flow Battery Market Executive Summary
Chapter 4: Flow Battery Market Overview Includes Current Market Scenario, Porter’s Five Forces Analysis, Bargaining Power of Suppliers and Consumers, Threat of New Entrants and Substitute Product and Services
Chapter 5: Market Dynamics Covers Drivers, Restraints, Opportunities and Challenges
Chapter 6: Flow Battery Market Segmentation by Types, End-User, and Applications Forecast to 2023
Chapter 7: Flow Battery Market Segmentation by Geographical Regions
Chapter 8: Competitive Landscape of Flow Battery Market Includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
Chapter 9: Key Players for Flow Battery Market
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