Flow Battery Market â€“ Overview
Flow battery has been emerging as a potential alternative to the conventional batteries and fuel cells with their viability to operate for a long duration. They have a significantly lesser recharging time and possess relatively better flexibility than solid batteries. Being liquid in nature, their energy storage capacity can be expanded by adding electrolyte in a high amount in the tank, which makes them suitable for utility applications. The adoption rate of flow battery has been growing at a considerable pace as they are less expensive than their traditional substitutes. This has further increased their deployment rate for ensuring the continuous supply of energy in new wind turbines and solar panels.
In 2018, sales of the flow battery exceeded a value of US$ 235 Mn and are anticipated to grow at a robust CAGR in the forthcoming years. A sizeable share of the flow battery market ascends from the hefty investments made in renewable energy like Solar energy and Wind energy. With the realization of the benefits of renewable energy sources over the non-renewable source, the energy suppliers have been foraying into the vicinity to expand, upgrade, and modernize their energy systems. Since the new energy generating sources experience fluctuations, flow batteries have been incorporated for ensuring voltage support and frequency regulations to the grid, which is anticipated to drive lucrative growth prospects to the flow battery market in the upcoming years.
Flow Battery Market â€“ Notable Developments
The flow battery market sports numerous partakers striving to sustain their position in the market by improving the efficiency of their products.
Some of the most prominent competitors operating in the competitive landscape of global flow battery market include â€“
Gildmeister Energy Solutions GmbH
Gildmeister Energy Solutions GmbH is a leading Wurzburg based energy solution provider company incorporated in 1983. The end-to-end energy service provider possesses expertise in planning, construction, turnkey development, operation, and maintenance of photovoltaic systems. The company develops product and software for enhancing energy efficiency and storage systems.
EnerVault was founded in 2008 and is based in California, U.S. The company works towards the development of large energy storage systems used for the electric grid. It offers energy storage solutions that significantly cuts down the energy cost in the long-term for industrial, commercial, and utility applications.
Sumitomo Electric Industries
Sumitomo Electric Industries was incorporated in 1897 and is based in Osaka. The company operates in business fields such as Industrial materials, Environment and Energy, Electronics, Information and Communications, and Automotive. The company possesses extensive capability in the electrical field and is a leading manufacturer of GaN, GaAs, and InP.
Prudent Energy Inc.
Prudent Energy Inc. is based in China and was incorporated in 2006. The company is a leading energy storage solution provider of China and works with a focus to offer environmental-friendly energy storage systems to enhance the quality and reliability of the product in addition to improving the energy distribution.
Flow Battery Market â€“ Dynamics
Electrification in the Automotive Industry to Create Favorable Growth Scenario for the Flow Battery Market
Rising concerns pertaining to the environmental issues have hard-pressed the automotive manufacturers to develop vehicles with reduced emissions. This has led to the development of electric vehicles, which consists of a flow battery that makes optimum use of energy. Fierce competition prevailing in the automotive industry is anticipated to drive the adoption rate of batteries with renewable energy sources and, in turn, expand the size of the flow battery market.
Application of Flow Battery in the Manufacturing of Consumersâ€™ Goods to Offer Lucrative Sales Prospects
Rising demand for devices and gadgets with long duration has been influencing the adoption rate of flow battery for the manufacturing of tablets, mobiles, toys, and household equipment. Affinity towards an upgraded lifestyle with the improved spending capacity of the individuals has been augmenting the sales of consumersâ€™ goods, which turns out to be profitable for the flow battery market.
Flow Battery Market â€“ Regional Analysis
Among the other regions, Europe reigns the flow battery market owing to high demand for sustainable energy storage sources that operate over a considerably longer time frame. Flow battery has been gaining grounds in numerous countries of Europe as a long-duration bulk energy storage technology, which in turn is fueling its sales in this region. Rising concerns pertaining to the environmental hazard caused by the extensive use of non-renewable sources of energy is anticipated to bode well for the growth of the flow battery market in this region.
Flow Battery Market â€“ Segmentation
The flow battery market can be segmented on the basis of: