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Utility-scale Projects by Vanadium Redox Chemistry Dominate the Market Accounting for Over 80% of Revenue
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The importance of utility-based energy storage is driving demand for multiple options of efficient, cost-effective, and long standing storage solutions. The flow battery, with all its attractive features, is to become the most preferred chemistry for utility-based storage. Thus, the global flow battery market will witness a steady growth in unit volume and revenue till 2023. The market is mainly driven by utility-scale energy storage systems, followed by commercial and industrial units that are remote off-grid or grid-connected microgrid installations. Supportive regulatory policies aiding energy storage in the United States, Europe, and Asia (mainly China, India, Japan, and Australia) drive market growth. The need for ramping up to mass volume production and the stringent competition from lithium-ion solutions are challenging market growth. However, increasing investments to raise unit volume production and affordability with low OPEX make this chemistry capable of facing these challenges successfully. This market is likely to generate more than a billion in revenue in 2023. The market trends have been analyzed for the study period of 2015–2023, with the base year being 2016. The study covers all of North America, Europe, Asia-Pacific, and the Rest of the World. Vanadium redoxide is likely to continue its domination in the number of installations throughout the forecast period. The study assesses flow battery manufacturers globally and discusses the various market shares held by the companies in this market. Asian companies are focusing on this chemistry by direct participation in this market, in addition to acquiring start-ups with strong growth potential. Companies that are listed in this study include Sumitomo Electric, Primus Power, Rongke Power, UniEnergy Technologies, Vanadis, RedT, Glidemeister, ViZn, Redflow, and Pu Neng. Key questions this study will answer. • Is the market growing, how long will it continue to grow, and at what rate?• Which are the key end-user applications that use this battery extensively? • What are the key industries supporting growth? Is there a difference in demand patterns across different countries?• How will the structure of the market change with time? Is the market ripe for acquisitions?• How does the demand pattern for different flow battery chemistries vary globally according to end-user applications?• Are the vendors in this space ready to manage alone, or do they need partnerships to take their businesses to the next level?
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