Flow batteries are rechargeable batteries that are emerging as an alternative to fuel cells. There are different types of flow batteries such as redox, hybrid, and a membrane-less battery that are available in the market. One of the major benefits offered by the flow batteries include is their ability to get instantly recharged by changing the electrolyte liquid. Flow batteries perform better during deeper discharge cycles. This makes them a preferred option for long-duration applications. The global flow battery market is expected to grow at a significant rate. Some of the major factors attributing to the growth of the market include growing preference to renewable energy resources coupled with substantial investment in green energy and rising demand from the utility and telecommunication sector.
However, factors such as high capital expenditure, improper standards and regulation for the development of redox flow battery are expected to hinder the market growth. Despite these challenges, an increasing number of data centers, telecommunication towers, and technological development for the residential sector are estimated to propel the market during the forecast period. With a substantial rate of urbanization in emerging economies of the globe such as India and China, there is an increasing development of infrastructure, which in turn, surges the demand for renewable energy resources.
The global flow battery market is segmented on the basis of material and application. On the basis of material, the market is further segmented into vanadium, zinc-bromine, and others. A vanadium-based flow battery is the most mature technology and is widely adopted batteries, thereby, hold a significant share in the global market. Further, on the basis of application, the market is segmented into commercial and industrial, military, automotive, and others. Further, the market is geographically segmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is expected to grow with a substantial rate during the forecast period. The market growth is attributed to growing applications of flow battery in infrastructure and industrial equipment.
Further, the market is influenced by the presence of players in the market. Some of the major market players in the global flow battery market include Sumitomo Electric Industries, Ltd., redT energy PLC, RedFlow Ltd., EnSync Energy Systems, ViZn Energy Inc., and many others.
Research Methodology:
The market study of the global flow battery market is incorporated by extensive primary and secondary research conducted by a research team at OMR. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. Numbers extracted from Secondary research have been authenticated by conducting primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
Secondary Sources Include:
- Financial reports of companies involved in the market
- Whitepapers, research-papers and news blogs
- Company websites and their product catalog.
The report is intended for flow battery manufacturers, distributors and traders, electronic component companies, research institutes, investment companies, government organizations for overall market analysis and competitive analysis. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.
Market Segmentation:
- Global Flow Battery Market Research and Analysis by Material
- Global Flow Battery Market Research and Analysis by Application
The Report Covers:
- Comprehensive research methodology of the global flow battery
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global flow battery
- Insights about market determinants which are stimulating the global flow battery
- Detailed and extensive market segments with regional distribution of forecast revenues.
- Extensive profiles and recent developments of market players.
