[FURL=https://www.industryarc.com/Research/Flow-Battery-Market-Research-505393?utm_source=Briefingwire&utm_medium=Pressrelease&utm_campaign=Paidpressrelease]Flow battery market[/FURL] size is expected to reach $1.2 billion by 2026 at a CAGR of 32.3% during the forecast period 2021-2026, owing to the government investments in renewable energy to conserve the non-renewable energy resources like coal, oil, natural gas etc. Moreover, the growing technological advancements in the telecom industry leading to increasing installation of towers coupled with the increasing adoption of flow batteries in electric vehicles will ensure robust growth of flow battery market in the forecast period. Key Takeaways
EV Charging Station are growing at highest CAGR of 36.2% in the forecast period as flow batteries enhance the fast charging tendency. In addition refueling is possible only in case of electrochemical cells in flow batteries among all electrical storage devices used in electric vehicles.
All-Vanadium flow batteries are expected to witness a CAGR of 35.3% as they are considered as front runner technology for meeting the growing demand in the energy storage sector.
The Flow Battery market in APAC region held significant market share of 34% in the forecast period as countries such as India, China, Japan are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn enhance electric storage devices through Zinc-Bromide and All-Vanadium redox flow batteries.
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Flow Battery Market Segment Analysis - By Geography
Flow Battery market in APAC region as held significant market share of 34% in 2020. In recent years, China, India, Japan and Australia are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn, enhance electric stability. In countries such as India, China, and Japan, respective governments have laid regulations and reforms as well as initiatives for modernizing the power sector. APAC has several operational flow battery installations with large power ratings. Australia has the most number of flow battery projects for utilities, residential, industrial, and commercial applications from various players across the world. In May 2019, the vanadium flow batteries were set for grid scale project in Australia, i.e. the Canadian company CellCube Energy storage systems and Pangea Energy had signaled their intention to install a 50MW/200 MWh energy storage system in Port Augusta, South Australia. Hence these factors drive the market growth in the forecast period 2021-2026.
Flow Battery Market Drivers
Rise in production of electric vehicles
Increasing investment in renewable energy
Flow Battery top 10 companies include VRB Energy,ESS Inc., Vanadis Power GmbH, Primus Power Corporation, RedFlow Ltd., Energy Systems, Rongke Power, CellCube Energy Storage Systems Inc, UniEnergy Technologies, H2 Energy Solutions Inc. among others.
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