Pune, India, Feb. 23, 2022 (GLOBE NEWSWIRE) -- The global Iron Flow Battery Market size is anticipated to hit USD 15.24 million by 2028 and exhibit a CAGR of 29.3% during the forecast period. Iron flow battery’s inherent advantages over conventional batteries and the rising adoption of flow batteries in utility sectors are expected to be the key trends boosting the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Iron Flow Battery Market, 2021-2028”. The market size stood at USD 2.14 million in 2020 and USD 2.53 million in 2021. Additionally, the increasing R&D activities for using iron flow batteries across energy storage devices are likely to fuel the market growth in the forthcoming years.
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Companies Profiled in Iron Flow Battery Market:
- ESS Inc. (U.S.)
- Electric Fuel Limited (Israel)
- Australian Vanadium Limited (Australia)
- Bushveld Energy (South Africa)
- VRB Energy (Canada)
- Primus Power (U.S.)
- Redflow-Sustainable Energy Storage (Australia)
- UniEnergy Technologies (U.S.)
- Avalon Battery (U.S.)
- ViZn Energy Systems (U.S.)
COVID-19 Impact-
Supply Chain Disruptions amid COVID-19 to Impact Iron Flow Battery Market Growth
The coronavirus pandemic has significantly impacted the market for iron flow battery. The declined installations of flow batteries in several projects have affected the market growth. The battery and other critical components’ supply disruptions have aggravated the situation. Furthermore, the closure of production plants due to strict curfews, lockdowns, and labor shortage, have negatively impacted the market growth. However, governments rising emphasis on modernizing the power industry is likely to amplify market growth in the coming years.
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REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021-2028 CAGR | 29.3% |
| 2028 Value Projection | USD 15.24 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 2.14 Million |
| Historical Data for | 2017-2019 |
| No. of Pages | 110 |
| Segments covered | Application and Region |
| Growth Drivers | Rising Demand for Power Supply Owing from Data Centers is Anticipated to Drive the Market |
Growing Research & Development Activities in Iron Flow Battery Market Will Favor the Growth | |
Increased Adoption of Iron Flow Batteries in Utility Sectors to Favor Growth | |
| Pitfalls & Challenges | High Capital Cost of Flow Battery Manufacturing to Hamper Market Growth Slightly |
Segmentation-
On the basis of application, the market is trifurcated into off-grid & microgrid, commercial & industrial, and utility. Geographically, the market is classified into Asia Pacific, Europe, North America, and the Rest of the World.
Report Coverage-
- It highlights technological advancements in iron flow batteries.
- It showcases the latest industry developments.
- It includes a detailed analysis of the COVID-19 pandemic’s impact on the market.
- It offers a SWOT Analysis of key players in the market.
- It offers key insights into the market’s regulatory scenarios.
Drivers & Restraints-
Growing Application Scope in Energy Storage Solutions to Support Growth
The globally increasing research and development activities to utilize iron flow battery for energy storage devices are likely to be a key factor boosting the global iron flow battery market growth. For instance, ESS Inc., a renowned iron flow battery manufacturer, is reportedly working on flow batteries for usage in virtual power plants, commercial & industrial projects, and other such applications.
The increasing number of data centers is escalating the demand for electricity. The rising power consumption across the growing number of data centers is likely to boost the market growth.
The rising adoption of flow batteries in utility sectors owing to growing electricity demand is also projected to favor the market growth.
Lastly, the inherent advantages of these batteries and their wide application in industrial, commercial, utility sectors are anticipated to stimulate market growth.
However, the high costs of these batteries incur high capital investments, which may hinder market growth.
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Regional Insights-
Presence of a Robust Manufacturing Sector to Fuel Growth in North America
North America is projected to dominate the global iron flow battery market share. The presence of a robust manufacturing sector and the developing power generation, oil & gas, and chemical industries contribute to the market growth significantly.
Asia Pacific is anticipated to witness substantial growth in the forthcoming years. The availability of cheap raw materials and labor is likely to be a major growth driver for the market. Additionally, the growing renewable energy projects are also anticipated to contribute to market growth.
Europe is likely to exhibit considerable growth. The increasing government focus on the reduction of greenhouse gases and renewable energy projects is anticipated to favor the market growth.
The Rest of the World is expected to register significant growth due to the increasing energy demand and new renewable energy projects.
Competitive Landscape-
Key Players Acquire Contracts to Amplify their Growth
The major market players adopt ingenious growth strategies such as contracts, mergers, acquisitions, and others to maximize their market presence. For instance, ESS Inc. signed a contract with GRUPO SAESA Company’s Edelaysen in April 2021 to provide a sustainable, safe, and clean flow battery system for renewable energy.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on Iron Flow Battery Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Iron Flow Battery Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Utility
- Commercial & Industrial
- Off-Grid & Microgrid
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
- North America Iron Flow Battery Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Utility
- Commercial & Industrial
- Off-Grid & Microgrid
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Iron Flow Battery Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Utility
- Commercial & Industrial
- Off-Grid & Microgrid
- Market Analysis, Insights and Forecast – By Country
- UK
- Germany
- France
- Rest of Europe
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