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This industrial research report presents a detailed segmentation of the global flow battery market by battery type (redox battery, hybrid battery, and others) and by geography (Americas, APAC, and EMEA). It also provides a detailed analysis of the key vendors, including EnerVault, Imergy, Primus Power, and Prudent Energy.
A flow battery is a rechargeable electrochemical energy storage system that converts the chemical energy stored in the battery into electrical energy. It is suitable for providing backup power to large-scale application systems like grid-scale power systems. The global market for flow batteries is expected to witness steady growth during the forecast period, and the prospects for its growth will be driven by the rising utilization of flow batteries in various applications and government support such as funding and investment in R&D. Benefits such as its longer life cycle and discharge hours will result in its steady CAGR of more than 9% by 2020.
A significant factor that impels the prospects for growth in this market is the growing implementation of flow batteries in electric vehicles. Recently, it has been observed that there has been constant ongoing research and funding to make electric vehicles more affordable. In electric vehicles, 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.
In this segmentation analysis, the analysts have estimated the redox battery segment to account for a market share of approximately 70% by 2020. 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.
Technavio’s market research analysts have estimated the Americas to be the largest market for flow batteries during the forecast period. Factors such as increasing government support and intensive R&D activities will result in the strong growth of this market in the Americas. Comprehensive analysis of the key regions has shown that the market for flow batteries in the Americas will grow at a CAGR of around 9% until 2020.
The global market for flow batteries 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.
Key vendors in this market are -
Other prominent vendors analysed in this market study are Aquion Energy, EnSync Energy Systems, Redflow, Sumitomo Electric, and UniEnergy Technologies.
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A flow battery is an example of a rechargeable electrochemical energy storage system that converts chemical energy into electrical energy. Flow batteries consist of two compartments or tanks that store liquid electrolytes externally. The power capacity of the battery depends on the size of the electrode, and the energy capacity of the battery depends on the size of the external storage tank. Since both the power and the energy capacities of the battery are independent of each other, they can be used to provide backup power to large-scale application systems.
The global flow battery market report is part of Technavio’s energy research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as energy storage, power, oil and gas, smart grid, and waste and waste management. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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