Flow Battery Market to Witness Increasing Investments in Renewable Energy
With a compound annual growth rate (CAGR) of 18.0%, the Flow Battery Market is anticipated to rise significantly from USD 214 million in 2021 to USD 489 million by 2026. The flexibility and scalability of flow batteries, as well as the rising investments in renewable energy, the strong demand for flow batteries in utilities, and the rise in telecommunication tower installations are the main factors driving this expansion. The COVID-19 pandemic has had an impact on the flow battery market, affecting the supply chain, production, and use of flow batteries, as is also highlighted in the research. A market analysis based on type, material, storage, application, and region is also included in the study. The utilities application segment is anticipated to rule the market throughout the forecast period, while the redox flow battery type is anticipated to hold the biggest share of the market.
Major companies operating in this flow battery market include Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), ViZn Energy Systems (US), Primus Power (US), ESS, Inc. (US), Redflow Limited (Australia), and Invinity Energy Systems (UK).
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Hybrid flow battery type to grow at highest CAGR from 2021 to 2026
From 2021 to 2026, the hybrid flow battery type is anticipated to increase at the highest compound annual growth rate (CAGR). Due to its benefits, including their high energy density, small size, and low cost, hybrid flow batteries are becoming more and more popular. The most common hybrid flow battery types are lead-acid, zinc-bromine, and zinc-cerium, with zinc-bromine hybrid batteries having the best energy density when compared to other flow batteries. A number of research initiatives have been carried out in numerous nations to investigate the potential of hybrid flow batteries and create more affordable, small-scale devices. In the upcoming years, these advances are probably going to present growth prospects for the market for hybrid flow batteries.
Utilities application to hold the largest growth rate of the flow battery market in 2020.
The utilities application is anticipated to continue to develop at the fastest rate in the flow battery market during the rest of the forecast period. Due to the expanding demand for electrification and the usage of renewable energy across grids, flow batteries are being adopted by utilities at an increasing rate. Due to its appealing qualities, including as efficiency, flexibility, and extended operational lives, flow batteries are favoured for utility-based storage. Due to the affordable storage options they provide for future grid use everywhere, they are especially beneficial for large utilities. In 2020, the utilities application dominated the flow battery market, and it is anticipated that it will do so again in the ensuing years.
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The flow battery market in APAC is expected to grow at the highest CAGR from 2021 to 2026
The global flow battery market is anticipated to develop at the highest rate during the forecast period in the APAC region. In the region, there are numerous operational flow battery installations with high power ratings. Australia has the most flow battery projects for utilities, residential, industrial, and commercial applications from different players worldwide, and China has the highest installed flow battery capacity among the other countries in the region. Growing energy storage solutions adoption in industrial, utility, and other applications, rising demand for flow batteries from grid and microgrid applications in India and China, and an increase in the number of operational projects with flow battery installations are all factors contributing to the region's growth. These factors are also to blame for the region's expansion. As a result, from 2021 to 2026, the flow battery market in APAC is anticipated to develop at the highest CAGR.
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