PUNE, India, January 31, 2018 /PRNewswire/ —
ReportsnReports.com adds Flow Battery Market Report is forecast to reach $946.3 million by 2023 from $230.2 million in 2018 at a CAGR of 32.7% during (2018-2023) driven by the increasing investment in renewable energy; renewable sources have become the preferred choice for expanding, upgrading, and modernizing power systems across the world. Redox held the largest share of the market in 2017, while North America expected to hold the largest size of the market during the forecast period.
Browse 64 Market Data Tables and 55 Figures spread through 165 Pages and in-depth TOC on “Flow Battery Market by Type (Redox, and Hybrid), Material (Vanadium, Zinc-Bromine), Storage (Compact and Large scale), Application (Utilities, Commercial & Industrial, Military, EV Charging Station), and Geography – Global Forecast to 2023” http://www.reportsnreports.com/reports/1305023-flow-battery-market-by-type-redox-and-hybrid-material-vanadium-zinc-bromine-storage-compact-and-large-scale-application-utilities-commercial-industrial-military-ev-charging-station-and-geography-st-to-2023.html .
The report profiles the key players in the flow battery market and analyzes their market ranking. The prominent players profiled in this report are ESS Inc. (US), GILDEMEISTER energy solutions (Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK), SCHMID (Germany), Sumitomo Electric (Japan), Uni Energy Technologies (US), ViZn Energy (US), and EnSync Energy Systems (US).
The flow battery market in APAC is expected to grow at the highest CAGR between 2018 and 2023. In recent years, many countries such as China, Japan, India, and Australia are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn, enhance electric stability.
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North America expected to hold the largest size of the flow battery market during the forecast period. In countries such as India, China, and Japan, respective governments have laid regulations and reforms as well as initiatives for modernizing the power sector. APAC has several operational flow battery installations with large power ratings. Also, the growth in micro grid projects in India and Japan encourages manufacturers to cater to the needs of potential customers in the region.
The growth of Flow Battery Market expected to be driven by the utilities application during the forecast period. The utilities application is expected to hold a significant share of the flow battery market during the forecast period. With electric infrastructure and the growing need for higher energy capacity and production, modernization of grid system has become essential worldwide. Also, increasing penetration of renewable energy across the grid has, in turn, increased the need for efficient, flexible, and long operating life energy storage solutions. A flow battery, with all its attractive features, has become the most preferred energy storage technology for utility-based storage, as large-sale utilities require technologies that can cost-effectively store renewable energy for future grid-use at any location. Among all the applications, flow batteries are the most widely commercialized for various applications the utilities sector.
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