Redding, California, Jan. 12, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Flow Battery Market by Type (redox flow batteries, and hybrid flow batteries), Material (zinc-bromine, vanadium, hydrogen-bromine), Ownership, Application (utilities, commercial & industrial), and Geography - Global Forecast to 2030,’ the global flow batteries market is expected to reach $885.3 million by 2030, at a CAGR of 17.0% during the forecast period.
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The growth of this market is driven by the high demand for flow batteries for utility applications and the increasing investments in renewable energy. However, the lack of standardization for the development of flow battery systems and the high initial costs of manufacturing flow batteries restrain the growth of this market.
Furthermore, technological innovations with improved capabilities are expected to create significant growth opportunities for the players operating in this market. However, the decline in the deployment rate of flow batteries and the supply chain disruption of raw materials for batteries pose challenges to the market’s growth.
Impact of COVID-19 on the Flow Battery Market
The COVID-19 pandemic emerged in Wuhan, China, toward the end of December 2019. By March 2020, it had spread worldwide, resulting in huge casualties and heavy economic losses. The pandemic severely impacted several sectors, including battery manufacturing, semiconductor, EV ecosystems, and automotive, with major manufacturers shutting down their operations completely or operating at reduced capacities following the directives issued by their respective governments.
As businesses shut down worldwide, road traffic came to a standstill, and the demand for electric automobiles plunged. Quarantines and stay-at-home orders resulted in the closure of battery and automobile production facilities, mines, and refineries and froze shipments of manufactured goods. Economic uncertainty and mass layoffs curtailed consumer spending and reduced the demand for top-of-the-line mobile phones and tablets. These factors hampered the growth of the flow batteries market.
However, the increasing initiatives by major players and stakeholders are expected to support the growth of this market. For instance:
- In November 2021, Central Coast Community Energy (CCCE), a California-based energy supplier, announced four new grid-scale battery energy storage projects, which include three long-duration VRFB storage projects. It is expected to be the largest VRFB systems project to be constructed in Salinas, Gonzales, and Unincorporated Monterey County, with a total capacity of 226 MWh. It is expected to be operational by 2026.
- In July 2021, Largo Inc. (U.S.) signed an agreement with Enel Green Power S.p.A. (Italy) to supply VCHARGE ± vanadium redox flow battery systems for the upcoming renewable power project of the company.
- In October 2021, SB Energy Corp. (U.S.), a subsidiary of SoftBank Group (Japan), signed an agreement with ESS Inc. (U.S.) to purchase 2GWh of iron flow battery systems to be deployed at the solar power generation systems in Texas and California. The entire renewable project with energy storage will be in service by 2026.
- In May 2019, the California Independent System Operator (ISO) became the first U.S. wholesale power market to connect a groundbreaking type of flow technology batteries to its grid.
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The flow batteries market is segmented based on type (redox flow batteries and hybrid flow batteries), material (zinc-bromine, vanadium, hydrogen-bromine, polysulfide bromine, and other materials), ownership (customer-owned, third-party-owned, and utility-owned), and application (utilities, commercial & industrial, EV charging stations, off-grid & micro-grid power, and other applications). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the flow batteries market is segmented into redox flow batteries and hybrid flow batteries. In 2023, the redox flow batteries segment is estimated to account for the largest share of the flow batteries market. Redox flow batteries are economical and convenient sources of storing electrical energy at a grid scale and for various applications, which contributes to the large market share of this segment.
Based on material, the flow batteries market is segmented into zinc-bromine, vanadium, hydrogen-bromine, polysulfide bromine, and other materials. In 2023, the zinc-bromine segment is estimated to account for the largest share of the flow batteries market. The large market share of this segment is attributed to the benefits offered by zinc-bromine flow batteries, including relatively high energy density, deep discharge capability, and good reversibility.
Based on ownership, the flow batteries market is segmented into customer-owned, third-party-owned, and utility-owned. In 2023, the utility-owned segment is estimated to account for the largest share of the flow batteries market. The growth of this segment is attributed to the increasing electrification initiatives by various governments and stakeholders to power distant and remote locations.
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Based on application, the flow batteries market is segmented into utilities, commercial & industrial, EV charging stations, off-grid & micro-grid power, and other applications. In 2023, the utilities segment is estimated to account for the largest share of the flow batteries market. The adoption of flow batteries is increasing in utility applications due to the growing need for electrification. Furthermore, the growing use of renewable energy across grids has increased the need for efficient, flexible, and long-lasting energy storage solutions.
Based on geography, in 2023, Asia-Pacific (APAC) is estimated to account for the largest share of the flow batteries market. Asia-Pacific’s major market share is attributed to the increasing demand for flow batteries in major countries such as Japan and Australia. In addition, the growing adoption of energy storage solutions for industrial, utilities, and other applications and the rising demand for flow batteries for grid & micro-grid applications contributes to the growth of this regional market.
Key Players:
Some of the major players operating in this market are Invinity Energy Systems PLC (Europe), ESS Inc. (U.S.), Primus Power Corporation (U.S.), ViZn Energy Systems (U.S.), EnSync Energy Systems (U.S.), Sumitomo Electric Industries, Ltd. (Japan), UniEnergy Technologies, LLC (U.S), Dalian Rongke Power Co. Ltd. (China), Redflow Limited (Australia), Elestor BV (Netherlands), Enerox GmbH (Austria), Largo Inc. (U.S.), RFC Power Ltd (Europe), H2, Inc. (South Korea), CellCube Energy Storage Systems Inc. (U.S.), Voltstorage GmbH (Germany), Vanadis Power GmbH (Germany), and LE SYSTEM CO., Ltd (Japan).
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Scope of the Report:
Flow Battery Market, by Type
- Redox Flow Batteries
- Hybrid Flow Batteries
Flow Battery Market, by Material
- Zinc-bromine
- Vanadium
- Hydrogen-bromine
- Polysulfide Bromine
- Other Materials
Flow Battery Market, by Ownership
- Customer-owned
- Third-party-owned
- Utility-owned
Flow Battery Market, by Application
- Utilities
- Commercial & Industrial
- EV Charging Stations
- Off-grid & Micro-grid Power
- Other Applications
Flow Battery Market, by Geography
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Singapore
- Thailand
- Australia
- Taiwan
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Netherlands
- Norway
- Italy
- Spain
- Switzerland
- Sweden
- Denmark
- Rest of Europe
- Latin America
- Middle East & Africa
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