Iron Flow Battery Market Size, Share and Global Trend By Application (Utility, Microgrid, Off-grid, Industrial), By Capacity (50KW/400KWh, 100KW/400KWh) and Geography Forecast till 2026

Flow batteries consist of two anode and cathode tanks where chemical components exchange ions via membrane when electricity is passed through them. For iron flow batteries, ferrous and ferric or ferrous chloride is used as cathode and anode materials respectively.

Use of the same electrolyte on both sides aids in providing more storage capacity to the ned user. Iron flow batteries are in the introduction phase and have very fewer market players. The players involved in the manufacturing of the iron flow batteries are concentrated on reducing the costs of the iron flow batteries in order to make them commercially available across the globe.

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The iron flow battery market by application is classified based on the uses of iron flow batteries in off-grid, microgrid, industrial, and utility applications. The utility applications include storage of energy produced from the renewables, and industrial applications include storage of energy for peak load applications, the off-grid, and microgrid applications include energy storage for the continually fluctuating loads.

By capacity, the iron flow battery market is bifurcated into 500KW/400KWh and 100KW/400KWh capacities. The 50KW/400KWh capacity batteries are expected to dominate the iron flow battery market for a specific time period owing to the low penetration of the iron flow batteries market in the global market.

Iron flow batteries have applications in the energy storage wherein batteries such as lead-acid and Li-ion flow batteries have significant applications. The efficiency of the iron flow batteries is higher as compared with the lead-acid and Li-ion flow batteries. Additionally, the recycling of Li-ion batteries is not very common owing to technical complications wherein, iron flow batteries can be recycled and reused. Owing to these features, the iron flow batteries are expected to gain traction in the market during the forecast period.

The iron flow batteries are in the introduction phase in the market and are not commercialized in all regions. Owing to this, the costs of the iron flow batteries are high as compared to other substitutes such as lead-acid and Li-ion batteries. This is expected to have a negative impact on the penetration of iron flow batteries in the global market and the market growth of iron flow batteries in the coming years.

Key Players Covered

Some of the major companies that are present in the global iron flow battery market are Ess, Inc., Electric Fuel Limited, Australian Vanadium Limited, Bushveld Energy, VRB Energy, Primus Power, Redflow - Sustainable Energy Storage, H2, Inc., ThyssenKrupp, Solibra Energy Storage Technologies GmbH, UniEnergy Technologies, Avalon Battery, VisBlue, Vinox Energy, and ViZn Energy Systems among others.

SEGMENTATION

Regional Analysis

The global iron flow battery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region has a well-established manufacturing sector. Chemical, oil and gas, and power generation industries are growing at significant rates in the region. The growth of these industries in North America is likely to drive the iron flow battery sales in the near future. Additionally, the key players involved in the iron flow battery market are concentrated in the North America region which is expected to add an economic advantage to the consumers in the region. Latin America region has witnessed a rising inclination towards renewable energy sources.

Local governments of Brazil, Chile, and Mexico are focused on adding new renewable capacities in order to cater to the energy demand. The growth of renewable energy installations in Latin America is expected to drive the sales of iron flow batteries in the region. Europe is among the key regions with high growth opportunities for the manufacturing sector and the renewable industry in the coming years. The chemical, steel and other industries in Europe hold a prominent share in the global market and are growing steadily. Countries such as Spain, Germany, Norway, and Denmark among others are focused on increasing their renewable capacities.

The addition of the new capacities and growth of the manufacturing sector is likely to boost the demand for the iron flow batteries for energy storage applications for the peak load and fluctuating load requirements in the region. The Middle East and Africa region have been involved in developing its grid infrastructure in order to meet the energy demand in different countries. The region has installed large capacities of solar power plants, and many are under development. The renewable industry has a high potential in the region in the coming years.

Owing to this, the iron flow batteries market in the Middle East and Africa is expected to grow at a considerable rate over the forecast period. The Asia Pacific is region has different developing countries such as India, China, and Indonesia among others. Owing to this, the manufacturing sector is booming in the region, mainly driven by economic labor and raw material costs. The growth of the manufacturing industry in the region is expected to create a platform for the sales of iron flow batteries in the coming years.

Key Industry Developments

• In May 2019, ESS Inc. has collaborated with CleanSpark to deploy the long-duration flow storage battery system for energy warehouse in San Diego. The battery system is a solar plus storage system that uses iron flow battery
• In March 2018, ESS Inc. entered into an agreement with BASF in Germany for delivering two energy warehouse units of capacities 50KW/400 KWh. ESS Inc. will use its iron flow battery system for the meeting the energy demands of the warehouse
• In March 2018, ESS Inc. has set its footprints in the Brazilian Energy Storage Market through a collaboration with Pacto Energia Group of Brazil for the installation of an energy warehouse. The project is estimated to cost around US$ 1.3 million