Flow Battery Market 2021: Segmentation, Growth Potential Development

0
0

Market Scope

The flow battery market 2020 can attain an outstanding growth rate of 30.68% between 2018 and 2023 (assessment period), says Market Research Future (MRFR). We will provide covid-19 impact analysis with the report. The report offers the latest developments in the flow battery market induced by the novel coronavirus outbreak in the early half of 2020.

Growth Inducers and Key Deterrents 

The impact analysis on COVID-19 has been performed by MRFR, which reveals that the oil and gas industry can be profoundly affected by the plummeting demand and the crashing prices of power worldwide. Taking into account the long-term impact of COVID-19, most of the leading companies are presently working on bringing down the costs of protecting their assets, and are also putting in efforts to ensure uninterrupted operations to control the revenue loss. While the world is busy trying to achieve a COVID-19 breakthrough, the lockdown situation has managed to restrain the movement of materials across energy and power plants. The short term impact in line with the current lockdown situation has led to a massive decline in the investment capacity along with a drop in power prices in the face of political uncertainty, suggests the COVID-19 analysis by MRFR.

Flow batteries are reliable components that are extensively used to store energy. In the wake of increasing technological innovations, there has been a notable shift towards renewable energy as well as its storage devices. The trends are projected to favor the flow battery market in the coming years. Also, economic growth in conjunction with the rising number of infrastructure projects could boost the demand for storage devices, leading to better market growth flow batteries in the approaching years.

The ongoing research and development activities to facilitate technical development are expected to bring down the cost and also address the needs of various other industries. This could mean excellent business prospects for the flow batteries market, with the increasing preference for storage systems like lithium-ion batteries. The demand for flow batteries can also surge since electrolyte accounts for close to one-third of the total battery cost. Further, partnerships between renowned companies can also be instrumental in facilitating production scalability and boosting consumer reach within the flow batteries industry. Players are constantly entering into supply chain agreements in an attempt to develop a highly integrated supply chain network with respect to distribution, sale as well as manufacturing of flow batteries.

 

Regional Study 

The study comprises estimation of the flow battery market size across primary regions of Europe, MEA or the Middle East and Africa, North America and APAC or Asia Pacific.

As of 2017, the most successful market for flow battery had been North America and it is expected that the region can very well maintain its winning streak throughout the conjectured period. More and more private customers are striving to curb energy costs, which has resulted in the introduction of a number of residential storage solutions. Commercial and residential properties are increasingly deploying energy storage within their building plans, which can induce growth of the flow battery market. The rising energy cost is also leading to higher spending on technologies that are more affordable and efficient; as a result of which the energy storage technology is now a sought after commodity in the residential sector. This factor can be an emerging opportunity that can boost the flow battery market share across North America. Post SARS-CoV-2 outbreak, the regional market has faced a mild roadblock. But, given the expansive industrial base and strong financial status, there is a strong possibility of rapid recovery in the coming years.

Emerging countries such as India, Japan and China in the APAC market are constantly modifying their energy policies to ensure that a substantial portion of the energy generated comes from renewable energy resources like solar and wind. The growing interest in renewable energy sources in light of the deteriorating environmental health is a prevalent trend that can benefit the glow battery market. Financial backing from the government and rising investments in development of flow battery can be a notable growth inducer in the regional market, despite the economic loss induced by the corona pandemic.

Prominent Competitors 

Prominent competitors in the flow battery industry include Redflow Limited (Australia), Schmid (Germany), ViZn Energy Systems. (US), EnSync Energy Systems (US), Primus Power (US), Elestor (Europe), redT energy plc. (UK), Gildemeister Energy Solutions (Austria), ESS Inc. (US), Sumitomo Electric Industries, Ltd. (Japan), to list a few.

Latest News

May 2020 

Schmid JV is all set to start the construction of the 3GWh Saudi Arabia flow battery factory in 2020, following the partnership with Nusaned, a Saudi Arabian investment company. The focus will be mostly on the development of the vanadium redox flow battery technology and its manufacturing across the country. 

Market Segmentation 

As per the flow battery market forecast by MRFR, the primary segments listed in the report are product type, material type, storage type and application. 

Redox and hybrid are the primary product types discussed in the market review. Redox is the dominant segment in the market, given its reliability and flexibility in energy storage applications across grid operations and power stations.

The material types covered in the study include vanadium as well as zinc-bromine. 

Storage types analyzed in the report are large scale and compact. Industrial and commercial utilities make extensive use of large-scale storage devices as they are highly efficient when used in a variety of operations. 

The applications of flow batteries include utilities, defense, industrial & commercial segments, and others. The lead has been claimed by the commercial segment and can even attain the fastest expansion rate in the years to come. 

Browse Complete Report @ https://www.marketresearchfuture.com/reports/flow-battery-market-6620

About Market Research Future:

Market Research Future (MRFR) has created a niche in the world of market research. It is counted among the top market research companies that offer well-researched and updated market research reports and insights to businesses of all sizes. What sets us apart is our super-responsive team that offers quality work keeping clients abridged of the prospective challenges and opportunities in various markets. Our team is adept in their space as well as patiently listens to every client.

The best part is they know their work inside out and possess the expertise to guide the client in the right direction and achieve results on a tight deadline. We are a one-stop solution for all your data research needs. Our team does not believe in the “one size fits all” approach to creating a report that is detailed and concise. We handle 13 industry verticals including Healthcare, Chemicals and Materials, Information and Communications Technology, Semiconductor and Electronics, Energy and Power, Food, Beverages Nutrition, Automobile, Consumer and Retail, Aerospace and Defense, Industrial Automation and Equipment, Packaging Transport, Construction, and Agriculture. With our unique approach for every market report, we aim to reach the zenith in qualitative business intelligence and syndicated market research. 

Our Forte 

  • Strong industry focus
  • Robust methodology
  • Tailor-made solutions
  • Disruptive research
  • Cutting-edge detailed reports
  • Competitive pricing
  • Domain expert researchers
  • Timely delivery
  • Ground-breaking approach
  • Advanced and transparent research methodology
  • Cover latest trends and innovations 

Read more related insights:

https://www.marketwatch.com/press-release/global-oilfield-equipment-rental-services-market-driven-by-the-growing-offshore-activity-2021-05-06?tesla=y

https://www.marketwatch.com/press-release/heat-transfer-fluids-market-driven-by-growing-demand-from-oil-and-gas-industry-2021-05-06?tesla=y

Contact Us:

Market Research Future

Office No. 528, Amanora Chambers

Magarpatta Road, Hadapsar,

Pune - 411028

Maharashtra, India

+1 646 845 9312

Email: sales@marketresearchfuture.com

البحث
الأقسام
إقرأ المزيد
Health
Renown CBD Oil® - Scam or Legit Truth
It was only a matter of time before someone came up with the idea of mixing vodka with cannabis....
بواسطة Carolynonolly Carolynonolly 2021-08-27 08:34:36 0 0
أخرى
Top Tips For Dealing With Any Cat
There are some purchases that justify spending the extra dollar and what your cat eats is...
بواسطة Currin Cervantes 2021-09-16 14:26:30 0 0
Networking
How to Learn SEO from an SEO Company In 2021?
How to learn SEO in 2021 starts with learning the various concepts that are involved in search...
بواسطة Iqra Iqbal 2021-07-07 11:14:52 0 0
أخرى
Industrial control transformers - Market Trends, Industry Forecast, Applications, Growth Drivers, Trends & Demands
  Overview: Industrial control transformers are built for use in relays, solenoids, and...
بواسطة Kiran Magdum 2021-08-13 12:18:19 0 0
أخرى
Overweight Charity Theme Doernbecher x Air Jordan 1 "What The" Revealed!
New Jordan 2020,The Nike Charity Series (Doernbecher Freestyle Project), launched in 2003, has...
بواسطة Wyx1991 Wyx1991 2021-02-27 09:46:37 0 0