The Flow Battery Market Size is estimated to be USD 214.3 million in 2021 and projected to reach USD 489.6 million by 2026, at a CAGR of 18.0%.
The increase in telecommunication tower installation and rising adoption of flow batteries in utility application is driving the growth of the flow battery market.
Integration of artificial intelligence in flow batteries
In order to accelerate the commercialization of flow batteries, the accurate prediction of cost and performance of the vanadium flow battery stack has become a necessity. A research team from the Dalian Institute of Chemical Physics (DICP) of the Chinese Academy of Sciences has suggested a machine learning-based strategy, artificial intelligence (AI).The use of AI helps in the prediction of performance and cost and optimization of the vanadium flow batteries. The technology helps enhance efficiency, provides guidance for the R&D activities of vanadium flow batteries, and reduces the research time.
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Vanadium material to hold second-largestshare of the flow battery market in 2020
Flow batteries equipped with vanadium material are mostly adopted and commercialized for utilities, commercial, and military applications. It is the most researched and commercial type of flow battery. Redox flow battery equipped with vanadium material is the electrochemical energy storage system suitable for a broad range of renewable energy applications and is witnessing developments to reduce the carbon footprint of electricity generation.
Utilities application to hold the largest growth rate of the flow battery market in 2020.
The utilities application dominated the flow battery market in 2020 and is estimated to remain the same during the forecast period. The adoption of flow batteries is increasing in utilities attributed to the growing need for electrification. Besides, the growing use of renewable energy across grids has, in turn, increased the need for efficient, flexible, and long operating life energy storage solutions. A flow battery, with all its attractive features, has become the most preferred energy storage technology for utility-based storage as large-scale utilities require technologies that can cost-effectively store renewable energy for future grid use at any location.
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The flow battery market in APAC is expected to grow at the highest CAGR from 2021 to 2026
APAC is expected to hold the largest growth rate of the global flow battery market during the forecast period. APAC has several operational flow battery installations with large power ratings. Australia has the most flow battery projects for utilities, residential, industrial, and commercial applications from various players across the world, whereas China holds the highest capacity of flow batteries installed to date among other countries in the region. The growth of the region is attributed to the increasing demand for flow batteries in major countries such as Japan and Australia. Besides, the growing adoption of energy storage solutions in industrial, utilities, and other applications, rising demand for flow batteries from the grid and microgrid applications in India and China, and increasing number of operational projects with flow battery installations are expected to fuel the growth of the regional market during the forecast period.
Major companies operating in this flow battery market include Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), ViZn Energy Systems (US), Primus Power (US), ESS, Inc. (US), Redflow Limited (Australia), and Invinity Energy Systems (UK).
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