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With the increasing demand for continuous power supply in all major countries, the need for energy backup has increased. Flow batteries perform the function of acting as a backup source of power in case of power cuts or peak loads. The flow batteries are looked upon as a substitute for fuel cells and lithium-ion batteries. The rechargeable property and scalability of the flow batteries just by using the required amount of electrolyte acts as a unique factor bifurcating it from other available substitutes.
The used electrolyte can be again stored in storage tanks making the operation of flow batteries more flexible. The long operational life and low maintenance are the other advantages offered by the flow batteries. With the increasing adoption of renewable sources of energy, namely solar and wind, the demand for batteries has increase, which in turn has affected the growth of the flow batteries market. This trend is set to continue all around the globe with green energy targets set up by various developed and developing countries. The major application of flow batteries is in the utility sector for energy storage.
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The global flow battery market is broadly classified into two types, namely hybrid and redox. The redox flow batteries are the most used batteries due to the shorter payback period and better capacity retention even after many cycles. On the basis of its application, the global flow battery market can be segmented into power, automotive, residential, industrial, energy storage, and others. The increasing demand for electricity and increased adoption of solar and wind power has seen the power segment hold a larger market share in the global flow battery market. The adoption in the power segment will continue to grow owing to the need for continuous power and coming up with new utility grids.
The scalable property of the flow batteries, which enables to increase its capacity by using a higher amount of electrolyte makes them perfectly suitable for utility-scale grid operations, another advantage of longer operational duration and longer life act as market drivers for the global flow battery market. The growing deployment of solar and wind power has also helped in the increased installation of flow batteries around the globe.
The high upfront cost indulged in the manufacturing and installation of the flow batteries acts as key market restraint for the global flow battery market. Also, the low power density as compared to the lithium-ion batteries acts as the key market restraint for the global flow battery market.
The key players in the global flow battery market are Enervault, Imergy Power Systems, Primus Power, Prudent Energy, EnSync Energy Systems, Redflow – sustainable Energy Storage, Sumitomo Electric, Aquion Energy, Redflow Limited, Smart Energy, EnSync Energy Systems, UniEnergy Technologies, VIONX Energy Corporation, and VoltStorage GmbH.
The global flow battery market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The USA holds the largest market share in the North America region and globally owing to the rising demand for continuous electricity supply. As most of the countries in Europe have increased power generation using renewable sources of energy, the need for the battery for energy storage has also increased. Germany, Italy, France, UK are the major players in the region. The increasing energy demand and urbanization have seen the Asia Pacific region hold a significant opportunity for the growth of the global flow battery market in the region. In Asia Pacific major countries adopting batteries storage systems have looked up to flow batteries potential replacements for lithium-ion batteries due to less maintenance, faster payback period and scalable capacity. Also, the growing automotive sector in the region has impacted the growth of flow battery sales in the region. Latin America and the Middle East region will see moderate growth in the flow battery market with the increasing adoption of renewable sources in the region. Africa, Brazil, Chile are the dominant players in the regions.
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