Flow battery: Key market research findings
- Implementation in EVs
- Growing dominance of redox batteries
Technavio has released a new market research report on the global flow battery market, which is expected to grow at a CAGR of 9% between 2016 and 2020. A flow battery is a rechargeable electrochemical energy storage system, and is suitable for providing backup power to large-scale application systems like grid-scale power systems. Flow batteries such as zinc bromide, vanadium redox, sodium bromide, and hydrogen bromide are primarily used for microgrid applications.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, there is growing implementation of flow batteries in electric vehicles (EVs). There has been constant ongoing research and funding to make EVs more affordable. In EVs, the flow batteries can offer better performance because of their multi-channelled cathode design and the higher solubility limit of active materials. The materials used in this system are highly cost efficient when compared to the current battery storage systems such as lithium ion and valve-regulated lead-acid battery (VRLA). The higher efficiency of the flow batteries coupled with its long lifespan will lead to its increased adoption during the predicted period,” says Vishu R., Lead Analyst, Energy, Technavio Research
Redox batteries are the largest segment in the flow battery market, accounting for 70% of the total market share. The flexibility of the redox flow battery is an important attribute because of the independent variables of power and energy storage output. Its power output depends on the size of the stack of electrochemical cells, whereas the volume of the electrolyte or the reactants determines the energy storage capacity of the tank.
The leading vendors in the global flow battery market are EnerVault, Imergy, Primus Power, and Prudent Energy. This market is highly diversified owing to the presence of a large number of vendors. The market is also characterized by the presence of well-diversified international and regional providers. Though the large vendors account for a significant portion of the overall market share, the local or regional players are anticipated to dominate this market in the developing countries.
A more detailed analysis is available in the Technavio report, Global Flow Battery Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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