(I-BusinessNews.Com, August 08, 2021 ) Flow battery Market size is expected to reach $1.2 billion by 2026 at a CAGR of 32.3% during the forecast period 2021-2026, owing to the government investments in renewable energy to conserve the non-renewable energy resources like coal, oil, natural gas etc. Moreover, the growing technological advancements in the telecom industry leading to increasing installation of towers coupled with the increasing adoption of flow batteries in electric vehicles will ensure robust growth of flow battery market in the forecast period. The growing demand for redox flow battery made of materials such as All-Vanadium and ZincÃ‚Â–Bromine for usage as electrical storage devices will be a major market driver.
Flow Battery Market Segment Analysis – By Power Source
EV Charging Stations are growing at highest CAGR of 36.2% in the forecast as flow batteries enhances the fast charging tendency. In addition refuelling is possible only in case of flow batteries among all energy storage devices used in electric vehicles. Moreover rising investments for the electric vehicle infrastructure is analysed to drive the market growth, governments of several countries have been planning to invest heavily for the development of charging infrastructure. In 2019, U.K. government has committed to invest more than $400 million in electric vehicle (EV) charging infrastructure across the country by 2025. South Korean government has targeted the deployment of 10,000 fast chargers by 2022. Similarly, India has plans to install 2,700 charging stations by 2023 in cities with more than 4 million residents. As flow batteries are used for several applications in electric charging stations, hence growing investments as such will drive the market growth in the forecast period 2021-2026.
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Flow Battery Market Segment Analysis – By Industry
All-Vanadium flow batteries are expected to witness a CAGR of 35.3% as they are considered as front runner technology for meeting the growing demand in the energy storage sector. The demand for these batteries is high, especially in the utility, off-grid, and mini-grid markets. Several global companies, such as Vionx Energy, redT, Rongke Power are involved in the rapid commercialization of this technology. Vanadium is a more significant contributor to the cost of vanadium redox flow batteries than key minerals in comparative battery technologies. Vanadium flow batteries can be quite large and best suited to industrial and utility-scale applications. Also, the vanadium flow battery outcompetes Li-ion and any other solid-state batteries for utility-scale applications. In November 2019, flow battery struggled as Lithium-ion battery marched on by racing ahead of All Vanadium, Zinc-Bromide and other flow batteries on scale and cost-competitiveness, whereas, flow batteries are seen as ideal for large-scale, long-duration storage only. Preference for flow batteries is less when compared to Li-ion batteries. As the demand for renewable energy continues to grow, the demand for solutions that can help control the flow of the energy generated is also increasing. Flow batteries using vanadium as the primary element have a lifespan of 20 years with up to 20,000 cycles and no capacity loss. Therefore, energy storage projects implementing flow batteries are expected to boost the market during the forecast period.
Flow Battery Market Segment Analysis – By Geography
Flow Battery market in APAC region as held significant market share of 34% in 2020. In recent years, China, India, Japan and Australia are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn, enhance electric stability. In countries such as India, China, and Japan, respective governments have laid regulations and reforms as well as initiatives for modernizing the power sector. APAC has several operational flow battery installations with large power ratings. Australia has the most number of flow battery projects for utilities, residential, industrial, and commercial applications from various players across the world. In May 2019, the vanadium flow batteries were set for grid scale project in Australia, i.e. the Canadian company CellCube Energy storage systems and Pangea Energy had signaled their intention to install a 50MW/200 MWh energy storage system in Port Augusta, South Australia. Hence these factors drive the market growth in the forecast period 2021-2026.
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Flow Battery Market Drivers
Rise in production of electric vehicles
The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favorable government policies and support in terms of subsidies and grants, tax rebates. Flow batteries have a unique capability for rapid and safe recharge of electric vehicles by electrochemical cell exchange, hence rise in production of electric vehicles is analyzed to drive the market. In 2019, Ford has invested $1.45 billion in Detroit plants in U.S., to make electric vehicles. In 2019, Toyota announced plans to invest $749 million in expanding the U.S. manufacturing facilities to increase the production of the RAV4 hybrid and Lexus ES 300h hybrid vehicles. In 2020, General Motors has looked to invest more than $20 billion in its next generation of all-electric and autonomous vehicles through 2025. Moreover governments of several countries have been investing heavily for the development of electric vehicles. In 2019 German government has committed to invest more than $3 billion to expand electric car market growth in the region. In 2019, Indian government has also committed to invest more than $4.5 billion for in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles. Hence these investments and developments are analyzed to be the key drivers for the growth of the electric vehicle market and thereby the flow battery market during the forecast period 2021-2026.
Increasing investment in renewable energy
Storing renewable energy is one of the major applications of flow battery. Countries such as US, India, China, and Japan have been revising their energy policies to embrace a considerable portion of energy generation sourced from renewable energy resources that includes wind and solar. Financial support by government bodies and associated returns worldwide are increasing investments in renewable energy. Currently, renewable sources have become the preferred choice for expanding, upgrading, and modernizing power systems across the world. In 2021, Indian government had committed to invest more than $25 billion investment for an ambitious target of having 175 GW of renewable energy capacity by 2022. Renewable resources such as wind, solar, biomass and waste, geothermal, small hydro and marine comprehensively accounted for 55.3% of the overall gigawatts of new power generation worldwide last year. Hence growing investments in renewable energy is analysed to drive the market for flow battery in the forecast period 2021-2026.
Flow Battery Market Challenges
Lower power density and complexity of the structure
Although flow battery has emerged as a potential technology that provides various energy storage advantages, it also encompasses a few technical drawbacks that hamper its market growth. The major drawbacks of flow battery are lower power density and complexity of the structure. Flow batteries are more complicated than the standard batteries as these require pumps, sensors, flow and power management, and secondary containment vessels to function. These components and their functional design make the battery comparably larger and heavier, which, in turn, restricts its application to large-scale areas. Energy densities in different types of flow batteries vary considerably. Besides, these flow batteries suffer from pumping losses and chemical reaction losses that adversely affect the overall efficiency of the system. Moreover, corrosive and toxic electrolyte necessitates proper maintenance, careful storage, and transport, thereby restraining the growth of the market.
Flow Battery Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Flow Battery market. In 2020, the market of Flow Battery industry outlook has been fragmented by several companies. Flow Battery top 10 companies include VRB Energy, ESS Inc., Vanadis Power GmbH, Primus Power Corporation, RedFlow Ltd., Energy Systems, Rongke Power, CellCube Energy Storage Systems Inc, UniEnergy Technologies (UET), H2 Energy Solutions Inc. among others.
In January 2021, Integrated green technology company Vanadium Corp Resource has entered into a memorandum of understanding (MoU) for a trilateral partnership with Conoship International Trilateral partnership MoU signed to develop flow battery technology for shipping.
EV Charging Station are growing at highest CAGR of 36.2% in the forecast period as flow batteries enhance the fast charging tendency. In addition refueling is possible only in case of electrochemical cells in flow batteries among all electrical storage devices used in electric vehicles.
All-Vanadium flow batteries are expected to witness a CAGR of 35.3% as they are considered as front runner technology for meeting the growing demand in the energy storage sector.
The Flow Battery market in APAC region held significant market share of 34% in the forecast period as countries such as India, China, Japan are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn enhance electric storage devices through Zinc-Bromide and All-Vanadium redox flow batteries.
Flow Battery top 10 companies include VRB Energy, ESS Inc., Vanadis Power GmbH, Primus Power Corporation, Red Flow Ltd., Energy Systems, Rongke Power, CellCube Energy Storage Systems Inc, UniEnergy Technologies (UET), H2 Energy Solutions Inc. among others.
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