27 October 2021
Visiongain has published a new report entitled the Flow Battery Market Report 2021-2031: Forecasts by Storage (Compact Storage, Large Scale Storage), by Ownership (Customer-Owned, Third-party Owned, Utility Owned), by Application (Utilities, Commercial, Industrial, EV Charging Station, Other), by Component (Membrane, Power Conditioning System (PCS), Heat Exchanger, Graphite Felt, Bipolar Plate, Other), by Type (Vanadium Redox Flow Battery Storage (VFRB), Zinc-bromine Flow Battery Storage (ZBFB), All-iron Flow Battery Storage (IFB), Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global flow battery market was valued at US$xx million in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031.
Flow Batteries Have Inherent Benefits
In the United States and around the world, renewable energy sources such as wind and solar may provide a large quantity of electrical energy. Due to its intermittent nature, however, the full potential of these two energy sources can only be realised if efficient, safe, and dependable electrical energy storage (EES) systems are available. By decreasing power spikes and balancing the load over time, EES will be important to enhancing the grid's robustness and efficiency. When it comes to large-scale energy storage applications, At this time, only pumped hydro and compressed gas are cost-effective. These technologies, on the other hand, are geographically constrained, but electrochemical energy storage devices such as batteries, fuel cells/flow batteries, and electrochemical capacitors are among the most promising EES technologies for the future due to their scalability and versatility. Capacitors are better for power quality management because of their high power densities, low energy densities, and sub-second response times. The energy densities required for large-scale electrical energy storage are found in batteries and flow batteries/fuel cells.
How has COVID-19 had a significant negative impact on the Flow Battery Storage Market?
The impacts of the global coronavirus epidemic have reverberated through many lives, upending aspects of health care, transportation, and the economy in nearly every country. There is no exception in the energy materials and renewable generating and conversion market, which includes battery-powered electric vehicles, grid storage, and personal electronic gadgets. Due to supply chain problems and anticipated demand reduction, battery shipments to automakers are expected to fall by 14% in 2020. Because LIBs account for 40–60% of total car costs, manufacturers are taking note and altering their production procedures. In reaction to pandemic-related shutdowns, two-thirds of North American economic sectors, including LIB manufacturers, have either adopted or announced plans to shift at least a piece of their supply chains out of China. Immediate production changes from China to Japan and South Korea are underway. There are also plans in the works to build new battery production plants throughout Europe. Advances in additive manufacturing (three-dimensional printing) and artificial intelligence are driving increased automation of the battery manufacture process. The next generation of manufacturers that utilise these technologies will be able to operate with fewer on-site employees and will be more resilient in the face of future quarantine measures.
How this Report Will Benefit you?
Visiongain’s 500+ page report provides 314 tables and 310 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global flow battery market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Flow Battery Storage. Get the financial analysis of the overall market and different segments including type, storage, ownership, components and capture higher market share. We believe that high opportunity remains in this fast-growing flow battery market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Increasingly Unpredictable Production Of Electricity From Renewable Sources
Renewable energy is the fastest-growing energy source in the US, with a 100 percent increase between 2000 and 2018. In 2018, renewables accounted for more than 17% of net energy generation in the United States, with hydropower (7.0%) and wind power (7.0%) accounting for the majority (6.6 percent). Solar generation (including distributed) is expected to expand from 11% of total renewable generation in 2017 to 48% by 2050, making it the fastest-growing electricity source in the United States. In 2016, renewables accounted for 24% of global electricity generation, with hydropower accounting for the majority of this (16 percent). In 2018, renewable ethanol and biodiesel transportation fuels accounted for more than 12% of total renewable energy consumption in the United States, up from 7% in 2006.
High Demand For Flow Batteries In Utilities
Lithium-ion (Li-ion) is the most often discussed battery storage technology these days, and with good cause. Li-ion batteries offer a high energy density, making them the best choice for mobile devices like cell phones, laptop computers, and electric vehicles. Different energy storage systems, on the other hand, make more sense in various applications. Iron flow batteries, for example, could be a superior option for utility-scale power grid storage. Iron, salt, and water are the only three elements needed to make an iron flow battery. A flow battery consists of a tank containing an electrolyte—imagine salt water—that is placed through a process that allows it to store energy in the iron and then discharge that energy over a long period of time.
Where are the market opportunities?
Increasing Demand For Power Is Due To An Increase In The Number Of Data Centres
Datacenters are one of power utilities' most significant clients, and they play a critical role in peak power consumption. According to US Department of Energy figures, data centres' annual energy usage in 2020 will be between 200 and 1,000 TWh, based on the premise that they will need to meet a demand of 600 TWh for up to 20 minutes. Data centre power use has raised worries about cost, the environment, and scalability. They must implement cost-effective and energy-efficient solutions to preserve the site's availability. Because of the increase in colocation and data centres around the world, the data centre infrastructure industry is growing. The market for data centre infrastructure is primarily driven by the growing demand for cloud networking. The need for data centre infrastructure is expanding as a result of the increasing necessity for data centres to hold the ever-increasing volume of data generated.
New Technology Improves Next-Generation Aqueous Flow Batteries
Due to their inherent risk of igniting and fire, lithium-ion batteries (LIBs), which are currently the primary technology of ESSs, have been challenged as unsuitable for ESSs that store huge amounts of electricity. In reality, 33 ESSs in Korea that used LIBs experienced fires, resulting in the closure of 35 percent of all ESS facilities. It is estimated that more than 700 billion won was lost as a result of this. However, because to the short life expectancy of the zinc electrodes, commercialization of ZBBs has been postponed until now. The bat's internal short circuits are caused by the unequal "dendrite" development behaviour of zinc metals during the charging and discharging process. Through quantum mechanics-based computer simulations and transmission electron microscopy, the research team discovered that self-aggregation occurs due to the surface diffusion of zinc nuclei on the carbon electrode surface with low surface energy, and that self-aggregation was the primary cause of zinc dendrite formation.
The major players operating in the flow battery market are Sumitomo Electric Industries, Ltd, Redflow Limited, Lockheed Martin Corporation, ESS, Inc., Unienergy Technologies, Vizn Energy Systems, Primus Power, Vrb Energy, Kemiwatt, Vanadis Power Gmbh, Storen Technologies Inc., V-Flow Tech, EnerVault, Volterion, Voltstorage Gmbh, Aquion Energy, Schmid Group, Elestor, Le System Co., Ltd., Jena batteries Gmbh, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Notes for Editors
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