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February 16, 2016 01:40 PM Eastern Standard TimeLONDON–(BUSINESS WIRE)–According to Technavio’s latest report, the global flow battery market is likely to grow at a CAGR of over 9% during the forecast period.
Global flow battery market to grow at a CAGR of over 9% from 2016 to 2020.
Flow batteries such as zinc bromide, vanadium redox, sodium bromide, and hydrogen bromide are primarily used as advanced energy storage systems. These are best suited for microgrid applications. Their beneficial characteristics such as longer lifecycle and discharge hours contribute to the growth of this market.
The global flow batteries market is expected to witness steady growth during the forecast period, attributed to the rising use of flow batteries in various applications and government support such as funding and investment in R&D.
Sayani Roy, a lead researcher at Technavio for energy storage says, “Any abrupt rise in demand for energy can be met by batteries. In countries such as India and Africa where power outages can last more than expected, batteries with low discharge rates, such as flow batteries, are ideal.”
In this report, Technavio covers the present scenario and growth prospects of the global flow battery market. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market. The market is segmented into the following regions:
Americas: government support and intensive R&D boost growth
The flow battery market in the Americas is likely to exceed USD 79 million in 2020, growing at a CAGR of 9%.
The flow battery market in the Americas is expected to witness steady growth during the forecast period because of government support and intensive R&D. For instance, in 2015, the US Department of Energy (DOE) listed 72 flow battery projects globally, with a total power of 102,722 kW. The projects considered in this list included announced and under construction operational facilities.
Automobile manufacturers are increasingly deploying flow batteries in electric vehicles. REDT has developed an electric vehicle refueling system, which uses vanadium redox flow technology. “This technology will instantly recharge the battery by replacing the chargeless electrolyte with a charged electrolyte, thus reducing the time taken to charge electric vehicles,” says Sayani.
EMEA: flow battery market to exceed USD 38 million
The flow battery market in EMEA is expected to witness a steady growth during the forecast period growing at a CAGR of over 9%.
Europe primarily uses flow batteries in the transportation segment, mainly electric vehicles. For instance, in July 2014, Nanoflowcell, a car manufacturer was granted permission to sell the Quant model (concept car), which is powered by flow batteries in Germany and the rest of Europe.
The application of flow battery is growing, as this technology is ideal for the utility sector and in UPS, which requires an energy burst for a few seconds or minutes. The growth in industrial demand in this region, will further boost the flow battery market.
APAC: fastest-growing region in the flow battery market
The flow battery market in APAC is predicted to exceed USD 44 million by 2020, growing at a CAGR of over 10%. The market is expected to undergo significant growth during the forecast period owing to fluctuations, power outages, the need for large-scale energy storage systems, and growing environmental concerns.
For instance, increased demand for energy storage systems such as flow batteries is predicted from APAC countries like China which plans to invest over USD 47 billion in improving its power grid. The flow battery market is expected to be widely used due to its effectiveness in pitch control and peak power support.
Some of the other prominent vendors listed in the report are: Aquion Energy, EnSync Energy Systems, Redflow, Sumitomo Electric, and UniEnergy Technologies.