Flow batteries are rechargeable batteries that are emerging as an alternative to fuel cells. There are different types of flow batteries such as redox, hybrid, and a membrane-less battery that are available in the market. One of the major benefits offered by the flow batteries include is their ability to get instantly recharged by changing the electrolyte liquid. Flow batteries perform better during deeper discharge cycles. This makes them a preferred option for long-duration applications. The global flow battery market is expected to grow at a significant rate. Some of the major factors attributing to the growth of the market include growing preference to renewable energy resources coupled with substantial investment in green energy and rising demand from the utility and telecommunication sector.
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However, factors such as high capital expenditure, improper standards and regulation for the development of redox flow battery are expected to hinder the market growth. Despite these challenges, an increasing number of data centers, telecommunication towers, and technological development for the residential sector are estimated to propel the market during the forecast period. With a substantial rate of urbanization in emerging economies of the globe such as India and China, there is an increasing development of infrastructure, which in turn, surges the demand for renewable energy resources.
The global flow battery market is segmented on the basis of material and application. On the basis of material, the market is further segmented into vanadium, zinc-bromine, and others. A vanadium-based flow battery is the most mature technology and is widely adopted batteries, thereby, hold a significant share in the global market. Further, on the basis of application, the market is segmented into commercial and industrial, military, automotive, and others. Further, the market is geographically segmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is expected to grow with a substantial rate during the forecast period. The market growth is attributed to growing applications of flow battery in infrastructure and industrial equipment.
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Flow Battery Market Segmentation
· By Material
Vanadium
Zinc-Bromine
Others (Iron- Chromium)
·
By Application
Commercial and Industrial
Military
Automotive
Others (Utilities)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
