Flow Battery Market to Grow at 32.7% CAGR to 2023
PUNE, India, January 31, 2018 /PRNewswire/ --
ReportsnReports.com adds Flow Battery Market Report is forecast to reach $946.3 million by 2023 from $230.2 million in 2018 at a CAGR of 32.7% during (2018-2023) driven by the increasing investment in renewable energy; renewable sources have become the preferred choice for expanding, upgrading, and modernizing power systems across the world. Redox held the largest share of the market in 2017, while North America expected to hold the largest size of the market during the forecast period.
Browse 64 Market Data Tables and 55 Figures spread through 165 Pages and in-depth TOC on "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" http://www.reportsnreports.com/reports/1305023-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-st-to-2023.html .
The report profiles the key players in the flow battery market and analyzes their market ranking. The prominent players profiled in this report are ESS Inc. (US), GILDEMEISTER energy solutions (Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK), SCHMID (Germany), Sumitomo Electric (Japan), Uni Energy Technologies (US), ViZn Energy (US), and EnSync Energy Systems (US).
The flow battery market in APAC is expected to grow at the highest CAGR between 2018 and 2023. In recent years, many countries such as China, Japan, India, and Australia are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn, enhance electric stability.
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North America expected to hold the largest size of the flow battery market during the forecast period. 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. Also, the growth in micro grid projects in India and Japan encourages manufacturers to cater to the needs of potential customers in the region.
The growth of Flow Battery Market [http://www.reportsnreports.com/reports/1305023-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-st-to-2023.html ] expected to be driven by the utilities application during the forecast period. The utilities application is expected to hold a significant share of the flow battery market during the forecast period. With electric infrastructure and the growing need for higher energy capacity and production, modernization of grid system has become essential worldwide. Also, increasing penetration of renewable energy across the grid has, in turn, increased the need for efficient, flexible, and long operating life energy storage solutions. A flow battery, with all its attractive features, has become the most preferred energy storage technology for utility-based storage, as large-sale utilities require technologies that can cost-effectively store renewable energy for future grid-use at any location. Among all the applications, flow batteries are the most widely commercialized for various applications the utilities sector.
The inherent advantages of flow battery propelling the growth of the flow battery market. Flow battery has several technical advantages over many batteries such as lithium-ion, lead-acid, or solid state. Unlike conventional batteries that store energy in an electrode material, flow batteries store energy as electrolytes in external tanks. As electrolytes can be easily replaced, it is among the major advantages that drive the market for flow batteries. However, the technical drawbacks and high construction cost of flow batteries limit the growth of the flow battery market.
Order a copy of "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" research report at http://www.reportsnreports.com/purchase.aspx?name=1305023 .
This research report categorizes the flow battery market on the basis of type, material, storage, application, and region. Moreover, the report provides a description of the major drivers, restraints, challenges, and opportunities pertaining to this market as well as the value chain analysis and market ranking analysis.
In the process of determining and verifying the flow battery market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key officials in the flow battery market. Following is the breakup of the primary participants for the report:
- By Company Type: Tier 1 - 50 %, Tier 2 - 30%, and Tier 3 - 20%
- By Designation: C-Level Executives - 60%, Directors - 25%, and Others - 15%
- By Region: North America - 35%, Europe - 30%, APAC - 25%, and RoW - 10%
Another research titled Lithium Ion Battery Market Global Forecast to 2022 [http://www.reportsnreports.com/reports/841137-lithium-ion-battery-market-by-type-lithium-cobalt-oxide-lithium-iron-phosphate-lithium-nickel-manganese-cobalt-power-capacity-0-to-3000mah-3000mah-to-10000mah-10000mah-to-60000mah-industry-and-geography-st-to-2022.html ] says, the lithium ion battery market is expected to grow at a CAGR of 16.6% between 2016 and 2022 to be valued at $68.97 billion by 2022. Lithium cobalt oxide battery type expected to hold a major share of the lithium ion battery market during the forecast period. 0 to 3000mAh power capacity expected to hold the largest size of the lithium ion battery market. Market for automotive industry expected to grow at the highest rate between 2016 and 2022. Lithium ion battery market in APAC expected to grow at the highest rate during the forecast period. Companies such as LG Chem Ltd. (South Korea), Panasonic Corporation (Japan), Samsung SDI Co. Ltd. (South Korea), BYD Co. Ltd. (China), BAK Group (China), A123 Systems, LLC. (U.S.), GS Yuasa Corporation (Japan), Hitachi, Ltd. (Japan), Johnson Controls Inc. (U.S.), Saft Groupe SA (France), Toshiba Corporation (Japan), Valence Technology Inc. (U.S.) have been profiled in this 190 pages research report available at http://www.reportsnreports.com/purchase.aspx?name=841137 .
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