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According to a report released by Markets and Markets, a global market research institution, the global flow battery market will reach $214 million in 2021, and it is expected to increase to $489 million by 2026, with a compound annual growth rate of 18%.
The growth of this market is mainly driven
by the inherent advantages of flow batteries, increasing investments in renewable energy, high demand for flow batteries from utilities, and increasing installation of telecom towers.
From the perspective of battery type, hybrid flow battery type will grow
at the highest CAGR during the forecast period.
Due to the advantages of high energy density, compact size, and low cost, the adoption rate of hybrid flow batteries is growing
at a considerable rate.
Zinc bromide, zinc cerium, and lead-acid are the most prominent hybrid flow battery types
.
Zinc-bromine hybrid batteries offer the highest energy density
compared to other flow batteries.
In recent years, several research initiatives have been undertaken in several countries to explore the potential of hybrid flow batteries and build more compact and lower-cost systems
.
From the perspective of application market, utility applications maintained the largest growth rate of the flow battery market in 2020, dominating the flow battery market, which is expected to remain unchanged
during the forecast period.
Due to the growing demand for electrification, the adoption of flow batteries in utilities is increasing
.
In addition, the increasing use of renewable energy across the grid, which in turn increases the demand
for energy storage solutions that are efficient, flexible and long-life.
From the perspective of regional markets, Asia Pacific is expected to grow
at the highest CAGR during the forecast period.
The growth of this region is attributed to the increasing
demand for flow batteries in major countries such as China, Japan, and Australia.
Australia has the largest number of flow battery projects for utility, residential, industrial and commercial applications from different players around the world, while China has the highest installed flow battery capacity project to date among other countries in the region
.
In addition, increasing adoption of energy storage solutions in industrial, utility, and other applications, increasing demand for flow batteries for grid and microgrid applications in India and China, and increasing number of operational projects installing flow batteries are expected to drive the growth of the regional market
during the forecast period.
According to a report released by Markets and Markets, a global market research institution, the global flow battery market will reach $214 million in 2021, and it is expected to increase to $489 million by 2026, with a compound annual growth rate of 18%.
The growth of this market is mainly driven
by the inherent advantages of flow batteries, increasing investments in renewable energy, high demand for flow batteries from utilities, and increasing installation of telecom towers.
From the perspective of battery type, hybrid flow battery type will grow
at the highest CAGR during the forecast period.
Due to the advantages of high energy density, compact size, and low cost, the adoption rate of hybrid flow batteries is growing
at a considerable rate.
Zinc bromide, zinc cerium, and lead-acid are the most prominent hybrid flow battery types
.
Zinc-bromine hybrid batteries offer the highest energy density
compared to other flow batteries.
In recent years, several research initiatives have been undertaken in several countries to explore the potential of hybrid flow batteries and build more compact and lower-cost systems
.
From the perspective of application market, utility applications maintained the largest growth rate of the flow battery market in 2020, dominating the flow battery market, which is expected to remain unchanged
during the forecast period.
Due to the growing demand for electrification, the adoption of flow batteries in utilities is increasing
.
In addition, the increasing use of renewable energy across the grid, which in turn increases the demand
for energy storage solutions that are efficient, flexible and long-life.
From the perspective of regional markets, Asia Pacific is expected to grow
at the highest CAGR during the forecast period.
The growth of this region is attributed to the increasing
demand for flow batteries in major countries such as China, Japan, and Australia.
Australia has the largest number of flow battery projects for utility, residential, industrial and commercial applications from different players around the world, while China has the highest installed flow battery capacity project to date among other countries in the region
.
In addition, increasing adoption of energy storage solutions in industrial, utility, and other applications, increasing demand for flow batteries for grid and microgrid applications in India and China, and increasing number of operational projects installing flow batteries are expected to drive the growth of the regional market
during the forecast period.
