Flow Battery Market: 2019 Global Research Report

Flow Battery Market Research Report Information by Product Type (Redox & Hybrid), Material Type (Vanadium & Zinc-Bromine), Storage Type (Compact & Large-Scale), Application (Industrial & Commercial, Defense, Utilities), and Region-Global Forecast till 2023.

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Market Snapshot:

A flow battery is a type of rechargeable battery with two chemical components submerged in liquid and most commonly separated by an ion-selective membrane. During charging or discharging the membrane allows selected ions to pass and complete the chemical reaction. The chemical components of flow batteries are easy to replace, making these batteries preferable to lead-acid, lithium-ion, or solid-state batteries. Flow batteries are reliable and are used for efficient energy storage. Presently, due to technological developments, there is a tremendous move towards renewable energy and its storage devices. Such trends are expected to drive the flow battery market during the forecast period. There will be substantial growth because of economic development and the number of infrastructure projects, which increase the demand for storage devices.

Increased investment in renewable energy from government and non-government organizations support the market. Additionally, governments across the globe are formulating policies to encourage the use of renewable sources of energy, due to their storage benefits and energy security. Therefore, the global flow battery market is expected to grow during the forecast period owing to the rising demand in energy utilities, industries, and commercial segments.

North America held the largest market share of the global flow battery market in 2017.Economic conditions in the US and business feasibility attributed to the growth of the market. Asia-Pacific is projected to dominate the market during the forecast period, primarily because of the rising demand for renewable sources of energy. Government policies and investments also add to the growth factor. The asia-pacific market will grow at the highest rate during the forecast period due to the high investments in infrastructural projects and commercial applications.

Global flow battery market has been segmented on the basis of product type, material type, storage type, application, and region. Based on product type, the market has been classified into redox and hybrid. Redox segment is leading the market and has the largest market share, mainly due to the higher flexibility and reliability in energy storage in power stations and grid operations. On the basis of material type, it has been segmented as vanadium and zinc-bromine. Based on storage type, the segments are compact and large scale. Various applications such as industrial, commercial utilities are adopting large-scale storage devices due to its efficiency in operations, across the world. The global flow battery market has been segmented on the basis of application into industrial & commercial segments, defense, utilities and others. The commercial segment of the global flow battery market is expected to have the highest growth rate during the forecast period.

The Global Flow Battery Market is expected to grow at 30.68% CAGR during the forecast period.

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At Market Research Future (Mrfr), we enable our customers to unravel thec omplexity of various industries through our Cooked Research Report (Crr), Half-Cooked Research Reports (Hcrr).