The global Flow Battery Market is estimated to be valued at US$ 831.11 Bn or Mn in 2023 and is expected to exhibit a CAGR of 12. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Flow batteries store energy in chemical electrolytes that are flowed through power conversion devices in order to generate electricity. Flow batteries provide clean, reliable and cost-effective energy storage solutions for applications like energy shifting, renewable integration and backup power. Market key trends: One of the key trends in the flow battery market is the increasing adoption of vanadium redox batteries. Vanadium redox batteries have gained popularity owing to their ability to provide long duration energy storage of over 10 hours. They utilize vanadium electrolyte materials, which have a repetitive charging-discharging reaction and are relatively inexpensive. Vanadium redox batteries are increasingly being adopted for renewable energy integration and backup power applications globally. The demand for vanadium redox batteries is expected to further increase during the forecast period. Segment Analysis The global flow battery market is segmented by type, material, storage, application, and region. By type, the market is classified into redox and hybrid. The redox flow battery segment dominates the market as it has better features like long lifetime, high efficiency rate, and a lower self-discharge rate compared to other battery types. Key Takeaways The Global Flow Battery Market Size is expected to witness high growth, exhibiting a CAGR of 12.% over the forecast period, due to increasing demand for renewable energy storage solutions. Regional analysis Asia Pacific dominates the market and is expected to witness the fastest growth over the forecast period due to growing industrialization and rapid infrastructure development in countries like China and India. China dominates the Asia Pacific region owing to the increased investments by the government in renewable energy projects. Key players Key players operating in the flow battery market are VRB Energy, H2 Inc., ESS Tech Inc., Stryten Energy, Vanadis Power GmbH, CellCube Energy Storage Systems Inc., Primus Power Corporation, Dalian Rongke Power Co. Ltd., RedFlow Ltd., and Invinity Energy Systems PLC. The major players are focusing on variousstrategies like product launches, partnerships, and expansions to increase their market share. Read more: https://www.ukwebwire.com/flow-battery-market-insights-trends/
0 Comments
|
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |