The global flow battery market is growing at a significant CAGR during the forecast period owing to increasing demand for effective storage device to store renewable energy such as wind and solar energy. The demand for renewable energy such as wind and solar power is increasing. Due to which the energy companies are looking for storage devices and batteries which can provide electricity at night. That’s is why the companies are moving towards flow batteries which are capable of storing and providing electricity to thousands of homes by using tanks of electrolytes.
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A flow battery is an electrochemical battery which is used to convert chemical energy into electrical energy. It consists of two components dissolved in a fluid. These components and the fluid in a system that is separated by a membrane. This membrane assists in ion-exchange however, both fluids circulate in their respective space. A flow battery has an advantage over normal batteries such as near-unlimited longevity and separable liquid tank.
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Benefits of Using Flow Battery
- Flow battery can provide electricity over large scale.
- Flow batteries are capable of being used as a power backup for renewable energy
- Highly long-lasting backup
Vanadium is one of the most popular elements for using inflow battery as an electrolyte it can recharge and discharge for thousands of cycles. Moreover, in the battery when a solar supply electron the electron is stored back into the tank, here the electrolyte is recharged. Increasing interest in vanadium redox flow batteries (VRFBs) for large scale-energy storage systems is also driving the flow battery market growth. These batteries contain vanadium which is a rare and highly expensive element. However, researchers have overcome these drawbacks with a cheap, long-lasting and safe flow battery, that can work as a backup for wind and solar power at the time of shortage on large scale.
Additionally, flow battery industry is expected to show significant growth owing to limited capacity of lithium-ion batteries. Li-ion batteries are used in laptops and mobiles they are already being used as a backup in offices, parks, hospitals and so on. However, they are not designed to supply a large amount of energy to provide backups for towns and cities. This is where flow batteries are most required due to their high capacity storage and a large amount of output.
Current Trends in the Global Flow Battery Market
Rongke Power, in Dalian, China, A Chinese manufacturer is building the world’s largest Flow battery using vanadium, the project will be completed till 2020, the battery is assumed to store at least 700 megawatt-hours of power. The market for vanadium-based flow battery is growing with a significant rate and will continuously grow in the future.
Global Flow Battery Market- Segmentation
By Material
- Vanadium
- Zinc-Bromine
- Others
By Application
- Commercial and Industrial
- Military
- Automotive
- Others
Global Flow Battery Market-Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
• Big Pawer Electrcial Technology Xiangyang Co., Ltd.
• CellCube Energy Storage Systems Inc
• Dalian Rongke Power Co., Ltd.
• Elestor BV
• EnSync Energy Systems
• ESS, Inc.
• H2, Inc.
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