Flow Battery Market Scope

Flow Battery Market will reach a strong CAGR of 30.68% and a healthy market valuation in the forecast period by 2030, due to large sale industrial application.

Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.

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Market Segmentation

As per the flow battery market forecast by MRFR, the primary segments listed in the report are product type, material type, storage type and application.

• Redox and hybrid are the primary product types discussed in the market review. Redox is the dominant segment in the market, given its reliability and flexibility in energy storage applications across grid operations and power stations.
• The material types covered in the study include vanadium as well as zinc-bromine.
• Storage types analyzed in the report are large scale and compact. Industrial and commercial utilities make extensive use of large-scale storage devices as they are highly efficient when used in a variety of operations.
• The applications of flow batteries include utilities, defense, industrial & commercial segments, and others. The lead has been claimed by the commercial segment and can even attain the fastest expansion rate in the years to come.

Regional Study

The study comprises estimation of the flow battery market size across primary regions of Europe, MEA or the Middle East and Africa, North America and APAC or Asia Pacific.

As of 2017, the most successful market for flow battery had been North America and it is expected that the region can very well maintain its winning streak throughout the conjectured period. More and more private customers are striving to curb energy costs, which has resulted in the introduction of a number of residential storage solutions. Commercial and residential properties are increasingly deploying energy storage within their building plans, which can induce growth of the flow battery market. The rising energy cost is also leading to higher spending on technologies that are more affordable and efficient; as a result of which the energy storage technology is now a sought after commodity in the residential sector. This factor can be an emerging opportunity that can boost the flow battery market share across North America. Post SARS-CoV-2 outbreak, the regional market has faced a mild roadblock. But, given the expansive industrial base and strong financial status, there is a strong possibility of rapid recovery in the coming years.

Emerging countries such as India, Japan and China in the APAC market are constantly modifying their energy policies to ensure that a substantial portion of the energy generated comes from renewable energy resources like solar and wind. The growing interest in renewable energy sources in light of the deteriorating environmental health is a prevalent trend that can benefit the glow battery market. Financial backing from the government and rising investments in development of flow battery can be a notable growth inducer in the regional market, despite the economic loss induced by the corona pandemic.

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Prominent Competitors

Prominent competitors in the flow battery industry include Redflow Limited (Australia), Schmid (Germany), ViZn Energy Systems. (US), EnSync Energy Systems (US), Primus Power (US), Elestor (Europe), redT energy plc. (UK), Gildemeister Energy Solutions (Austria), ESS Inc. (US), Sumitomo Electric Industries, Ltd. (Japan), to list a few.