According to a research report “Flow Battery Market with COVID-19 Impact, by Type (Redox Flow Battery, Hybrid Flow Battery), Material, Storage (Compact and Large scale), Application (Utilities, Commercial & Industrial, EV Charging Station), and Region – Global Forecast to 2026”, published by MarketsandMarkets™, the global Flow Battery Market size is expected to grow from USD 214 million in 2021 to USD 489 million by 2026, at a CAGR of 18.0%. The growth of this market is driven mainly by inherent advantages of flow batteries, increasing investments in renewable energy, high demand for flow batteries in utilities, and increase in telecommunication tower installations.
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Hybrid flow battery type to grow at highest CAGR from 2021 to 2026
The adoption of hybrid flow batteries is increasing at a substantial rate attributed to their benefits, such as high energy density, compact size, and low cost. Zinc-bromine, zinc-cerium, and lead-acid are the most prominent types of hybrid flow battery types. The zinc–bromine hybrid battery offers the highest energy density as compared to other flow batteries. In recent years, several research programs have been conducted in several countries to explore the potential of hybrid flow batteries and build more compact and low-cost systems.
Utilities application to hold the largest growth rate of the flow battery market in 2020.
The utilities application dominated the flow battery market in 2020 and is estimated to remain the same during the forecast period. The adoption of flow batteries is increasing in utilities attributed to the growing need for electrification. Besides, the growing use of renewable energy across grids has, in turn, increased the need for efficient, flexible, and long operating life energy storage solutions. A flow battery, with all its attractive features, has become the most preferred energy storage technology for utility-based storage as large-scale utilities require technologies that can cost-effectively store renewable energy for future grid use at any location.
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The flow battery market in APAC is expected to grow at the highest CAGR from 2021 to 2026
APAC is expected to hold the largest growth rate of the global flow battery market during the forecast period. APAC has several operational flow battery installations with large power ratings. Australia has the most flow battery projects for utilities, residential, industrial, and commercial applications from various players across the world, whereas China holds the highest capacity of flow batteries installed to date among other countries in the region. The growth of the region is attributed to the increasing demand for flow batteries in major countries such as Japan and Australia. Besides, the growing adoption of energy storage solutions in industrial, utilities, and other applications, rising demand for flow batteries from the grid and microgrid applications in India and China, and increasing number of operational projects with flow battery installations are expected to fuel the growth of the regional market during the forecast period.
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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