Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Flow Battery Market by Battery Type (Redox, Hybrid), Material (Vanadium, Zinc Bromine, Organic, Iron), Storage (Large-scale, Small-scale), Application (Utilities, Commercial & Industrial, EV Charging Stations) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global flow battery market is on a growth trajectory, anticipated to expand from USD 289 million in 2023 to USD 805 million by 2028, reflecting a robust CAGR of 22.8% during this period.
Key Market Drivers:
The increasing investments in renewable energy and the distinct advantages that flow batteries offer over conventional ones are driving the market's growth. Flow batteries are gaining traction across various applications due to their unique benefits.
Key Insights:
- Hybrid Flow Battery Segment to Thrive: The hybrid flow battery segment is poised to achieve significant growth during the forecast period. The zinc bromine hybrid battery stands out for its higher energy density compared to other flow battery designs. Hybrid designs are gaining prominence due to the elevated cost of vanadium material extraction. Research initiatives have focused on developing compact and cost-effective hybrid systems, with some players commercializing these batteries for utilities, commercial, residential, and other applications.
- Utilities Application Holds Prominence: The utilities application is projected to dominate the market throughout the forecast period. Modernizing grids has become imperative worldwide to enhance security, decrease peak loads, integrate renewables, and reduce operational costs. Flow batteries are the preferred energy storage technology for utility-based storage due to their cost-effective ability to store renewable energy for future grid usage. The utility sector leads in operational flow battery projects globally.
- Asia Pacific to Lead the Growth: Asia Pacific is expected to exhibit the highest CAGR during the forecast period. Nations like China, Japan, India, and Australia are striving to enhance large-scale energy storage capacities, boosting electric stability. Regulatory reforms, modernization initiatives, and robust demand for efficient battery technologies are driving this growth. Australia, for instance, has numerous flow battery projects for various applications.
Market Dynamics:
Drivers:
- Growing preference for flow batteries over conventional ones
- Government-led investments in renewable energy storage systems
- High adoption of flow batteries in the utilities sector
- Increasing installations of telecom towers
Restraints:
- Need for substantial upfront investment
- Lack of calibration standards
Opportunities:
- Importance of backup power systems in data centers
- Rising adoption of flow batteries in residential applications
- Focus on grid modernization
- Development of efficient and sustainable batteries
Challenges:
- Presence of affordable alternative battery technologies
Case Study Highlights:
- Optus Telecommunications reduced generator operating time using flow batteries.
- Sandbar Solar partnered with Invinity Energy and Ageto Energy to develop vanadium flow battery and microgrid solutions.
- Vodafone New Zealand used flow batteries to provide off-grid power in remote locations.
For more information about this report visit https://www.researchandmarkets.com/r/u9ooom
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