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Flow Battery Market – Overview
The flow battery has emerged as a potential alternative to conventional batteries and fuel cells with its feasibility to operate for an extended period. They have a significantly shorter recharge time and have relatively better flexibility than solid batteries. Being liquid in nature, their energy storage capacity can be expanded by adding electrolyte in a large quantity to the tank, making them suitable for utility applications. The adoption rate of flow batteries has been growing at a considerable rate as they are less expensive than their traditional substitutes. This has further increased its deployment rate to ensure continuous power supply in new wind turbines and solar panels.
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In 2018, flow battery sales exceeded US $ 235Mn and are expected to grow at a strong CAGR in the coming years. A considerable part of the flow battery market derives from the significant investments made in renewable energies such as solar energy and wind energy. With the realization of the benefits of renewable energy sources over the non-renewable source, energy providers have been dabbling in the vicinity to expand, upgrade and modernize their energy systems. As new power generation sources experience fluctuations, flow batteries have been incorporated to ensure voltage support and frequency regulations to the grid, anticipated to drive lucrative growth prospects for the flow battery market. in the next years.
Flow Battery Market: Notable Developments
- ESS Inc. – In March 2018, the leading US-based flow battery manufacturer signed an agreement with BASF SE to deliver Energy Warehouse units to BASF facilities. The flow battery systems developed by ESS can remain for a long period of time, thus preventing the demand for generators.
- Pu Neng: In November 2017, the Beijing-based battery manufacturer won a contract with Hubei Zaoyang for the development of a 3 MW 12 MWh vanadium redox battery. The large-scale project will serve as a model for the futuristic power grid in China.
The flow battery market has numerous players who are striving to maintain their market position by improving the efficiency of their products.
Some of the most prominent competitors operating in the competitive landscape of the global flow battery market include:
- EnSync Power Systems
- ViZn Energy
- UniEnergy Technologies
- Sumitomo Electric
- SCHMID
- RedT Energy
- RedFlow
- Primus power
- GILDEMEISTER, ESS Inc.
- Vionx Energy
- UniEnergy Technologies
- Aquion Energy
- Prudent Energy Inc.
- Primus power
- Imergy power systems
- EnerVault
Gildmeister Energy Solutions GmbH
Gildmeister Energy Solutions GmbH is a leading energy solutions provider based in Wurzburg incorporated in 1983. End-to-end energy service provider has expertise in planning, construction, turnkey development, operation and maintenance of systems photovoltaic. The company develops products and software to improve energy efficiency and storage systems.
EnerVault
EnerVault was founded in 2008 and is based in California, USA The company is working on the development of large energy storage systems used for the electrical grid. It offers energy storage solutions that significantly reduce the cost of energy in the long term for industrial, commercial and utility applications.
Sumitomo Electric Industries
Sumitomo Electric Industries was incorporated in 1897 and is based in Osaka. The company operates in commercial fields such as industrial materials, environment and energy, electronics, information and communications, and automotive. The company has extensive capacity in the electrical field and is a leading manufacturer of GaN, GaAs and InP.
Prudent Energy Inc.
Prudent Energy Inc. is headquartered in China and was incorporated in 2006. The company is a leading provider of energy storage solutions from China and works with a focus on offering environmentally friendly energy storage systems to improve quality. and product reliability, in addition to improving power distribution.
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Flow Battery Market – Dynamics
Electrification in the automotive industry to create a favorable growth scenario for the flow battery market
Growing concerns related to environmental issues have put pressure on automakers to develop low-emission vehicles. This has led to the development of electric vehicles, which consists of a flow battery that makes optimal use of energy. The fierce competition prevailing in the automotive industry is anticipated to drive the rate of adoption of batteries with renewable energy sources and, in turn, expand the size of the flow battery market.
Application of flow battery in consumer goods manufacturing to deliver lucrative sales prospects
The increasing demand for long-lasting devices and gadgets has influenced the adoption rate of the flow battery for the manufacture of tablets, mobile phones, toys and household equipment. The affinity for an improved lifestyle with people’s improved spending capacity has increased sales of consumer goods, which is profitable for the flow battery market.
Flow Batteries Market – Regional Analysis
Among the other regions, Europe dominates the flow battery market due to the high demand for sustainable energy storage sources that operate for a considerably longer period of time. The flow battery has been gaining ground in many European countries as a long-lasting bulk energy storage technology, which in turn is boosting its sales in this region. The growing concerns related to the environmental hazard caused by the extensive use of non-renewable energy sources are expected to augur well for the growth of the flow battery market in this region.
Flow Battery Market: Segmentation
The flow battery market can be segmented based on:
- Type
- Material
- Storage
- Request
- Geography
