A flow battery is an electrical storage device that is a cross between a fuel cell and a conventional battery. Most of the commercial flow batteries use vanadium salt with acid sulfur as electrolyte and these types of electrodes are made of graphite bipolar plates. Instant recharge capability, longer lifecycle, and longer discharge hours among other major factors is propelling the growth of the flow battery market. The need for large scale energy storage has become an import to integrate renewable energy sources into the electricity grid.
These types of batteries are best suited for renewable energy and micro grid applications. Most developing and underdeveloped countries are continuously focusing on investment in alternative power energy sources. Rising investment and growing focus on renewable energy is one of major factors expected to trigger the demand for flow batteries during the forecast period. Moreover, the market for flow batteries is anticipated to witness stable growth during the forecast period; this is mainly due to the increasing use of flow batteries in various electric vehicle applications.
The global flow battery market has been segmented based on product type, storage capability, materials, end use industry, and geography. Based on product type, the market has been segmented into hybrid flow battery, membrane less flow battery, and redox flow battery. In 2016, the redox flow battery type held the major share in the product type segment of the flow battery market. In addition, redox flow battery type is likely to expand at a high CAGR during the forecast period.
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On the basis of storage capability, the global flow battery market has been segregated into two types: compact and large scale. Based on materials, the global flow battery market has been bifurcated into zinc-bromine and vanadium. The zinc–bromine material segment is expected to register a significant CAGR during the forecast period. In terms of end use industry, the flow battery market is fragmented into various types which include telecommunication, automobile, military & defense, and industrial among others.
In 2016, telecommunication and automobile industry garnered major share in the end use industry segment of the global flow battery market. This is attributed to the rising telecommunication tower installations and growing adoption of hybrid vehicles which use flow battery as alternative power energy back up. Moreover, high demand from utility sectors and inherent advantages of flow battery in industrial applications is boosting the growth of the global flow battery market. Increasing investment in military & defense applications, and government support in the form of funding and investment in R&D is anticipated to drive the flow battery market. However, lack of proper standards for development of flow batteries is hindering the growth of the global market.