Global Flow Battery Market: Increasing Investment in Renewable Energy will Drive the Market Growth

Flow Battery Market

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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Some of the factor responsible for the growth of Global Flow Battery Market market:

  • Growing investment in renewable energy: Renewable energy are those energy which is usually collected via renewable resources such as geothermal heat, rain, tides, wind, rain, and sunlight. They are widely used in different industries such as transportation, electricity generation, air & water heating, rural energy services, and other. Using this renewable energy is very beneficial. As compared to the fossil fuels, these renewable resources require less maintenance which saves more time and money. They are also very beneficial for the environment as well as health because they emit little or no greenhouse gases which also decrease the respiratory and cardiac health issues
  • Growth in telecommunications tower installations: Telecommunications towers are radio masts and towers specifically designed to hold antennas for telecommunications. There are different types of towers as per the need and requirement such as guyed towers, self- support towers, camouflage towers, mobile cell towers, monopole towers, and other. The main function of these towers to make sure that these antennas don’t swing in the wind. A complete telecommunications tower can be identified as a collection of mechanical systems and an electronic signal processing system used to communicate through these towers

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.

Some of the launch and acquisitions in the Global Flow Battery Market are:

  • In July 2019, redT energy plc announced that they are going to merge with Avalon Battery Corporation so they can strengthen them in vanadium redox flow batteries. The system can be operated with a permanent overrated capacity of up to 200 percent without resting, offering 3 different energy tank sizes in combination with a very flexible solution at the lowest industrial cost, ranging from 3 to 12 hours
  • In April 2019, CELLCUBE announced the launch of their new CellCube product series the FB250 and FB500. These new energy storage systems meet new performance and durability levels in cycling, power rating, capacity and lifetime for flow batteries. The unit can be run with a permanent overrated capacity of up to 200 percent without resting, providing 3 different energy tank sizes in conjunction with a very versatile solution ranging from 3 to 12 hours at the lowest industrial cost

 “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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