DUBLIN, Feb. 2, 2018 /PRNewswire/ —
The “Flow Battery Market by Type (Redox, and Hybrid), Material (Vanadium, Zinc-Bromine), Storage (Compact and Large scale), Application (Utilities, Commercial & Industrial, Military, EV Charging Station), and Geography – Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The overall flow battery market is estimated to be valued at USD 230.2 Million in 2018 and is expected to reach of USD 946.3 Million by 2023, at a CAGR of 32.7% between 2018 and 2023.
The growth of this market is being propelled by the increasing investment in renewable energy, inherent advantages of flow battery, high demand from utilities, and rising telecommunications tower installations.
The report covers the flow battery market segmented on the basis of type, material, storage, application, and region. The redox segment is expected to hold the largest size of the flow battery market based on type by 2023. The growth of this market is being propelled by the high demand for redox flow battery from various applications such as utilities, industrial, commercial, and military across the world.
The vanadium segment held a larger share of the overall flow battery market based on material. A vanadium-based flow battery is the most mature technology and is widely adopted in flow batteries. Currently, over 45 vanadium-based flow batteries have been installed worldwide for microgrid, grid, commercial, EV charging station, military, and telecommunications applications. Moreover, comparatively a higher number of flow battery provider employ vanadium material in their flow battery systems over other materials. However, the market for the zinc-bromine material is expected to grow at a significant CAGR during the forecast period. The major factors encouraging the zinc-bromine flow battery market are its benefits over vanadium material such as low cost and high availability.
The flow battery market for the utilities application is expected to grow at the highest CAGR during the forecast period. The utilities sector also holds the highest number of operational flow battery projects to date across the world. Further, there are various large-scale projects under construction that involve installations of flow batteries with capacity over a 1,000 MW.
North America held the largest size of the flow battery market in 2017. The high number of flow battery installations in the region, mainly in the US and Canada, attributes to the dominating position of the region in the flow battery market. The flow battery