by Flow batteries provide energy storage solutions by using electrochemical cells where chemical energy is converted to electricity. They offer advantages over traditional battery technologies such as easy scalability, flexible storage capacity, enhanced safety and long operating life. Flow batteries are increasingly being used for large-scale stationary energy storage applications to support the reliability of electric grids and commercial & industrial facilities.
The global Flow Battery Market is estimated to be valued at US$ 831.11 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising adoption in large-scale energy storage applications is one of the key trends propelling the growth of flow battery market. Large utilities are installing medium to large-scale flow battery systems to balance electricity demand and supply from renewable energy sources. Flow batteries provide viable solutions for storing renewable energy produced from solar farms and wind turbines. Their ability to deliver a steady output power makes them suitable for smoothing out intermittent power generation from renewables. Leading battery manufacturers are launching new flow battery products targeting front-of-the-meter and behind-the-meter storage segments to support the expansion of renewable power infrastructure.
SWOT Analysis
Strength: Flow batteries have a long cycle life and shelf life which reduces operational and maintenance costs. They allow for cheaper long-term energy storage compared to lithium-ion batteries.
Weakness: Flow batteries have high initial capital costs. The electrolytes used are comparatively expensive and toxic in some cases.
Opportunity: Increasing investments in renewable energy sources are driving the demand for large-scale energy storage technologies like flow batteries. Developing lower-cost electrolytes can boost the market.
Threats: Presence of alternatives like lithium-ion batteries poses threat to market growth. Stringent regulations regarding the use and disposal of certain electrolytes can also restrict the flow battery market.
Key Takeaways
The Global Flow Battery Market Size is expected to witness high growth over the forecast period.
Regional Analysis: Asia Pacific region currently dominates the market due to rising renewable energy installations and supportive government policies regarding grid stabilization in countries like China, Japan, and South Korea.
Key players operating in the flow battery market include AssurX, Orladycle Corporation, Remeza, UniEnergy Technologies, Schmid, Sumitomo Electric, redT Energy, NaMat, EnSync Energy Systems, VionX Energy among others.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
