Global Flow Battery Market Gearing Up for Robust Growth: Projected to Grow at a CAGR of 18.0% by 2027
Published | 16 September 2021
Global flow battery market is growing at a high CAGR because of the increasing installation of solar power in public and private spaces. Additionally, increasing demand for consistent voltage and constant power supply in various industries such as telecom, data centers, oil, gas, etc., is powering the market growth...
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that global flow battery market was valued at USD 182.2 million in 2020 and is projected to reach to USD 579.4 million by the end of 2027, exhibiting a CAGR of 18.0% during the forecast period.
Global flow battery market is flourishing at a high rate because of several driving factors, such as the increasing shift towards renewable energy sources and the development and installation of solar and wind power plants requiring energy storage during peak demand. Furthermore, constant innovations and technological advancements brought by the research and development activities also contribute to the growth of the global flow battery market. However, flow batteries do not have the same energy density as conventional batteries, which hampers market growth.
Utility-owned Segment Dominates the Global Flow Battery Market
Based on ownership, the global flow battery market is segmented into customer-owned, third-party-owned, and utility-owned segments. The utility-owned segment accounted for the largest market share in the year 2020 because of the high investment made by the government and public entities, especially towards renewable energy sources. Establishing a flow battery involves enormous capital; therefore, its ownership among other segments is minimal. On the other hand, the third-party sector also shows great promise in adopting a flow battery.
Large-scale Storage Segment Holds the Largest Share
Based on storage, the global flow battery market is categorized into compact and large-scale segment. Among these, the large-scale storage segment holds the largest market share. Flow batteries are suited to long-duration usage and situations requiring a constant power supply throughout the day. The large-scale storage of flow batteries offers impressive cost stability as compared to its other counterparts. Even though flow batteries require a high capital investment, their maintenance costs become relatively cost-effective in the long run. Due to this factor, the large-scale storage segment dominates the market.
Utility Segment is Driving Global Flow Battery Market
Based on applications, the global flow battery market is segmented into utilities, EV charging stations, commercial & industrial, and others. Among these segments, the utility segment accounts for the largest market share because of the increasing demand for a constant supply of energy and power and the gradual shift towards renewable energy sources. The governments of various countries are significantly investing in installing renewable energy sources, such as solar and wind power, which is expected to fuel the demand for flow batteries as they are used for energy storage and discharge during periods of peak demand. On the other hand, the commercial & industrial segment also covers a substantial share in the market because of the growing need for constant and consistent voltage power supply in various domains, such as telecom, data centers, etc.
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Global Flow Battery Market - Regional Insights
Geographically, the global flow battery market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, the Asia-Pacific dominates the market and is also projected to witness the highest CAGR during the forecast period. However, North America also covers a substantial share in the market because of the increasing investment towards the establishment of renewable energy infrastructure and the growing penetration of electric vehicles, thereby fueling the construction of electric charging stations.
Impact of COVID-19 on Global Flow Battery Market
The unprecedented outbreak of the COVID-19 pandemic significantly halted the manufacturing and production operations of many industries.This directly affected the global flow battery market, which saw steep decline in demand.The demand for flow batteries decreased rapidly during the pandemic as governments started shifting their focus towards healthcare infrastructure, thereby delaying the installation of renewable energy sources. This resulted in the rapid decline for flow batteries.However, the global flow battery market is expected to recover in the post-COVID period as the focus on sustainability and renewable energy infrastructure grows.
The leading players in the global flow battery market are VRB Energy, ViZn Energy Systems Inc., ESS Inc., Vinox Energy, Vanadis Power GmbH, VanadiumCorp Resource Inc., Primus Power Corporation, H2 Energy Solutions Inc., RedFlow Ltd, UniEnergy Technologies, Invinity Energy Systems, CellCube Energy Storage Systems Inc, Rongke Power, Sumitomo Electric Industries, Ltd., EnSync Energy Systems, nanoFlowcell, Elestor B.V., JenaBatteries GmbH, Beijing Pu Neng Century Technology Co., Ltd., and other prominent players.
The market is highly fragmented, with the presence of leading global as well as regional market players. The companies significantly invest in R&D activities and expand their production capacities to meet the market’s growing demand. Furthermore, the adoption of competitive strategies like mergers, acquisitions, partnerships, collaborations, etc., is also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global flow battery market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global flow battery market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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