Flow battery is a kind of an electrochemical cell type in which two chemical components dissolved in liquids contained within the device and separated by a membrane provide chemical energy. It is an electrical storage device attached to a traditional battery between a fuel cell. It provides two chemical compounds that are readily dissolved in liquids and have two electrolyte formulations in two separate tanks linked by two separate chains. Redox and hybrid are some of the common types of the flow battery. These flow batteries usually consist of two electrolyte liquid in which one is positively charged anode and another is negatively charged cathode. The cathode and anode are divided by a membrane into two tanks, because if they make contact with each other, the battery will be shortened and replaced.
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The global flow battery market is segmented into type, material, storage, application and by geography. Based on type the market is segmented into redox and hybrid; material is segmented into Vanadium, Zinc–Bromine and others; storage is segmented into compact and large scale and application is classified into utilities, commercial & industrial, military and EV charging station and others.
“According to Data Bridge Market Research, global flow battery market is set to witness a healthy CAGR of 35.7% in the forecast period of 2019- 2025”
Some of the major players operating in the global flow battery market are Lockheed Martin Corporation, ViZn Energy Systems., redT energy plc, Sumitomo Electric Industries, Ltd, STEAG Solar Energy Solutions, ESS, Inc, Primus Power, Redflow Limited, ELESTOR, JenaBatteries GmbH, Volterion Dortmund, VoltStorage GmbH, KEMIWATT, NanoFlowcell, among others.
Increasing demand for large storage in data centers and increasing penetration of flow battery in residential applications will also accelerate the market growth. Technological advancement and development in flow battery is another factor uplifting the market growth. Rising demand from utilities sector and increasing awareness about the advantages of flow batteries will also positively affect the market growth. These are some of the factors which are creating new avenues for this market in the forecast period.
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