Flow Battery Market Analysis by Type, Material, Storage, Application – Global Forecast to 2023

October 03 13:30 2019
Flow Battery Market Analysis by Type, Material, Storage, Application - Global Forecast to 2023

Flow Battery Market
Flow Battery Market Size global forecast to 2023. The Flow Battery Market is projected to reach $ 946.3 million at a CAGR of 32.7% between 2018 and 2023.

A flow battery is a type of rechargeable battery, wherein energy is generated by 2 chemical components dissolved in liquids contained in the system and are mostly separated by a selective-ion membrane. Owing to the growing energy and power industry, the need for efficient, inexpensive energy storage has increased over the years. Flow batteries solve this purpose and are currently adopted mostly in the utility sector. The growing deployment of these batteries for grid-scale applications across the world is driving the market for flow batteries.

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The flow battery market is estimated to be valued at USD 230.2 million in 2018 and is expected to reach USD 946.3 million by 2023, at a CAGR of 32.7% between 2018 and 2023. The growth of this market is driven by increasing investment in renewable energy, inherent advantages of flow battery, high demand from utilities, and rising telecommunications tower installations.

ViZn Energy (US) and UniEnergy Technologies (US) are the 2 key players in the flow battery market. ViZn Energy has strong presence in the market. It is one of the pioneers in large-scale energy storage technology. The company offers sustainable energy storage solutions for various applications. ViZn Energy Systems’ flow battery technology utilizes nontoxic, low-cost zinc, and iron chemical components to enable steady and safe operations. The company’s flow battery system is used for applications in commercial and industrial, microgrid, renewable, military, mining, public sector, and utilities, among others. The company participates in several partnerships and collaborations to rapidly expand its sales, distributions, installations, and services of its products.  

Flow Battery Market

UniEnergy Technologies is a well-known provider of flow battery solutions and is among the global leaders in energy storage solutions. The company develops, manufactures, and sells megawatt-scale energy storage solutions in North America, Europe, and Asia. The company offers a water-based advanced flow battery operating on its patented redox vanadium technology. These batteries cater to utilities, microgrid, commercial and industrial, and other applications.

The company is currently focusing on scaling and commercializing a new generation of redox flow batteries and other advanced electricity storage technologies through wide collaborations with partners that include leading industries and research institutions in related fields. ESS Inc. (US), GILDEMEISTER energy solutions (Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK), SCHMID (Germany), Sumitomo Electric Industries (Japan), and EnSync Energy Systems (US), are some of the other key players in the flow battery market.

Contracts and collaborations were the most adopted strategies that collectively accounted for a share of 50% of the overall growth strategies adopted by the key players operating in the flow battery market between 2015 and 2017. For instance, in July 2017, GILDEMEISTER energy storage teamed with ARDA Power to collaborate with the Burlington DC Microgrid Project in Canada, by providing its 20 kW/100 kWh CellCube redox flow battery system. Apart from contracts and collaborations, the major players of the flow battery market adopted strategies such as acquisitions, agreements, and product launches.

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