Flow Battery Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2028

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Flow Battery Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2028

Status : May, 2020 | Semiconductor & Electronics | PPT format

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Flow Battery Market - Overview

Flow battery has been emerging as a potential alternative to the conventional batteries and fuel cells with their viability to operate for a long duration. They have a significantly lesser recharging time and possess relatively better flexibility than solid batteries. Being liquid in nature, their energy storage capacity can be expanded by adding electrolyte in a high amount in the tank, which makes them suitable for utility applications. The adoption rate of flow battery has been growing at a considerable pace as they are less expensive than their traditional substitutes. This has further increased their deployment rate for ensuring the continuous supply of energy in new wind turbines and solar panels.

In 2018, sales of the flow battery exceeded a value of US$ 235 Mn and are anticipated to grow at a robust CAGR in the forthcoming years. A sizeable share of the flow battery market ascends from the hefty investments made in renewable energy like Solar energy and Wind energy. With the realization of the benefits of renewable energy sources over the non-renewable source, the energy suppliers have been foraying into the vicinity to expand, upgrade, and modernize their energy systems. Since the new energy generating sources experience fluctuations, flow batteries have been incorporated for ensuring voltage support and frequency regulations to the grid, which is anticipated to drive lucrative growth prospects to the flow battery market in the upcoming years.

Flow Battery Market – Notable Developments

  • ESS Inc. – In March 2018, the US-based leading manufacturer of flow battery signed an agreement with BASF SE to deliver Energy Warehouse units to the BASF facilities. The flow battery systems developed by ESS can stand for a long duration of time, thereby impeding the demand for generators.
  • Pu Neng – In November 2017, the Beijing-based battery manufacturer won a contract from Hubei Zaoyang for the development of a 3 MW 12-MWh vanadium redox battery. The large-scale project will serve as a blueprint for the futuristic electricity grid in China.

The flow battery market sports numerous partakers striving to sustain their position in the market by improving the efficiency of their products.

Some of the most prominent competitors operating in the competitive landscape of global flow battery market include –

  • EnSync Energy Systems
  • ViZn Energy
  • UniEnergy Technologies
  • Sumitomo Electric
  • SCHMID
  • redT Energy
  • RedFlow
  • Primus Power
  • GILDEMEISTER, ESS Inc.
  • Vionx Energy
  • UniEnergy Technologies
  • Aquion Energy
  • Prudent Energy Inc.
  • Primus Power
  • Imergy Power Systems
  • EnerVault

Gildmeister Energy Solutions GmbH

Gildmeister Energy Solutions GmbH is a leading Wurzburg based energy solution provider company incorporated in 1983. The end-to-end energy service provider possesses expertise in planning, construction, turnkey development, operation, and maintenance of photovoltaic systems. The company develops product and software for enhancing energy efficiency and storage systems.

EnerVault

EnerVault was founded in 2008 and is based in California, U.S. The company works towards the development of large energy storage systems used for the electric grid. It offers energy storage solutions that significantly cuts down the energy cost in the long-term for industrial, commercial, and utility applications.

Sumitomo Electric Industries

Sumitomo Electric Industries was incorporated in 1897 and is based in Osaka. The company operates in business fields such as Industrial materials, Environment and Energy, Electronics, Information and Communications, and Automotive. The company possesses extensive capability in the electrical field and is a leading manufacturer of GaN, GaAs, and InP.

Prudent Energy Inc.

Prudent Energy Inc. is based in China and was incorporated in 2006. The company is a leading energy storage solution provider of China and works with a focus to offer environmental-friendly energy storage systems to enhance the quality and reliability of the product in addition to improving the energy distribution.

Flow Battery Market - Dynamics

Electrification in the Automotive Industry to Create Favorable Growth Scenario for the Flow Battery Market

Rising concerns pertaining to the environmental issues have hard-pressed the automotive manufacturers to develop vehicles with reduced emissions. This has led to the development of electric vehicles, which consists of a flow battery that makes optimum use of energy. Fierce competition prevailing in the automotive industry is anticipated to drive the adoption rate of batteries with renewable energy sources and, in turn, expand the size of the flow battery market.

Application of Flow Battery in the Manufacturing of Consumers’ Goods to Offer Lucrative Sales Prospects

Rising demand for devices and gadgets with long duration has been influencing the adoption rate of flow battery for the manufacturing of tablets, mobiles, toys, and household equipment. Affinity towards an upgraded lifestyle with the improved spending capacity of the individuals has been augmenting the sales of consumers’ goods, which turns out to be profitable for the flow battery market.

Flow Battery Market – Regional Analysis

Among the other regions, Europe reigns the flow battery market owing to high demand for sustainable energy storage sources that operate over a considerably longer time frame. Flow battery has been gaining grounds in numerous countries of Europe as a long-duration bulk energy storage technology, which in turn is fueling its sales in this region. Rising concerns pertaining to the environmental hazard caused by the extensive use of non-renewable sources of energy is anticipated to bode well for the growth of the flow battery market in this region.

Flow Battery Market – Segmentation

The flow battery market can be segmented on the basis of:

  • Type
  • Material
  • Storage
  • Application
  • Geography

Flow Battery Market Segmentation – By Type

Based on the type, the flow battery market can be bifurcated into:

  • Hybrid
  • Redox

Flow Battery Market Segmentation – By Material

Depending on the material, the flow battery market can be fragmented into:

  • Vanadium
  • Zinc-Bromine
  • Others

Flow Battery Market Segmentation – Storage

Based on the storage, the flow battery market can be classified into:

  • Large Scale
  • Compact

Flow Battery Market Segmentation – Application

  • EV Charging Station
  • Military
  • Commercial and Industrial
  • Utilities
  • Others

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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