Flow Batteries Market to Gain from Need for Advanced Technologies in Long-Duration Energy Storages
The
global flow batteries market is expected to derive growth from the expansion in
the utility and other industries during the forecast period.
According to the TechSci
Research report, titled “Flow Batteries
Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018–2028,” the global flow batteries market is
anticipated to register robust growth during the forecast period.
Flow batteries, also known as
redox flow batteries, are liquid-based rechargeable cells inclusive of reduction
and oxidation processes. In a conventional battery, the electrolyte is the
medium through which electrons can move between the cathode and anode. In flow
batteries, the anode and cathode are themselves electrolyte solutions.
In the simplest iteration of
the flow battery, the electrochemical cell consists of two half-cells, each
connected to an electrolyte tank. The two tanks are each filled with a
negatively charged cathode and a positively charged anode. The half-cells are
separated by a porous membrane through which ions are exchanged. Each is also
fitted with a pantograph that connects the cells to the power load. Continuous
circulation of the electrolyte solution through the half-cell releases or
stores energy.
Common materials in flow
batteries include vanadium. Vanadium is preferred for its ability to exist in
four oxidation states that are important for reduction and oxidation processes.
Iron chromium, zinc-bromine, and zinc ions are also typical materials for flow
batteries. Flow batteries are still under study, but studies show that they do
not exhibit the degradation seen in lithium batteries. This means it can have a
much longer lifespan. Some believe that flow batteries can last up to 30 years.
This makes it suitable for large-scale, long-term applications. Flow batteries
are also easy to expand.
Larger tanks and more
concentrated electrolytes can be used. However, due to their higher mass, flow
batteries are not as portable as lithium-ion batteries and are more suitable
for stationary energy storage applications. Flow batteries do not use the same
flammable electrolyte materials as lithium-ion, eliminating the flammability
problem of battery cells, and are reported to be safer. It also reduces the
possibility of thermal runaway.
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The global
flow batteries market is bifurcated
based on type, material, storage, application, and region. Based on material, the
market is bifurcated into vanadium, zinc–bromine, and others. During the
projected period, the Vanadium segment is expected to be the dominating segment.
A vanadium redox flow battery (VRFB) is a redox flow battery (RFB) that stores
energy using the vanadium redox couples V2+/V3+ and V4+/V5+ in the negative and
positive half-cells, respectively.
The performance and energy
values of these batteries are independent, and each can be optimized for
different types of use. Many countries have always worked to increase energy
demand seamlessly. As a result, many energy storage systems are installed in
both independent power and renewable energy systems. Over the past decade,
renewable energy installed capacity and power generation have increased
steadily around the world. Renewable sources such as the sun and wind produce
power intermittently and at varying levels, so it is important to store that
energy when demand is high. This is why modern energy storage systems (ESS)
have become essential for renewable energy projects.
The rapid growth of the
renewable energy sector is expected to be one of the strongest drivers for the
growth of the ESS market globally. For example, Everdura, a Taiwanese
industrial technology company, placed an order for 15 MWh in December 2022 with
Invinity Energy Systems. This indicates an increase in demand for VRF
batteries, which is expected during the forecast period. With the development
of new and cheaper battery technologies, more and more residential, commercial,
and industrial photovoltaic rooftop PV systems are equipped with ESS. Such
developments are expected to boost the market during the forecast period.
Key market players in the Global
Flow Batteries Market are:
- Sumitomo Electric
Industries, Ltd.
- Ess Tech Inc.
- RedFlow Ltd.
- Primus Power Corporation
- Invinity Energy Systems Plc
- CellCube Energy Storage
Systems Inc.
- Schmid GmbH
- Stryten Energy Llc
- EnSync, Inc
- Largo Inc.
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“Asia-Pacific is expected to
dominate the global flow batteries market in the coming years, as countries,
such as China and Japan are contributing significantly to the development of
technologically advanced batteries. Another key driver for the region's flow
batteries market is the increasing investment in energy storage projects. Many
renewable energy and energy storage projects are expected to be announced over
the next few years,” said Mr. Karan Chechi, Research Director at TechSci
Research, a research-based global management consulting firm.
Flow Batteries Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Redox Flow Battery,
Hybrid Flow Battery), By Material (Vanadium, Zinc–Bromine, and Others), By
Storage (Compact Scale, Large Scale), By Application (Utilities, Commercial
& Industrial, Military, EV Charging Station, Others), By Region and Competition has evaluated the future
growth potential of Flow Batteries Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global flow batteries market.
Contact
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