Global flow battery market to grow at 22.8% annually
The market for flow batteries worldwide is expected to grow significantly from 289 million US dollars in 2023 to 805 million US dollars by 2028 due to the rising investments in renewable energy and the advantages that flow batteries offer over traditional products. Additionally, a recently published report highlighted that there are several flow battery projects for different purposes taking place in Australia.
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One option for energy storage is a type of battery called a vanadium redox flow battery, which has a capacity of 10 kW.
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Rewritten: The following news piece has been sourced from pv magazine Global.
A recent study by ResearchAndMarkets.com has suggested that the worldwide market for flow batteries will experience significant growth over the next few years. In 2023, the market is expected to be worth $453 million, rising to $1.26 billion by 2028. The annual rate of growth during this period is forecast to be approximately 22.8%.
According to the report, the market is set to grow because more money is being invested in the development of renewable energy sources. Additionally, the advantages of flow batteries make them a more enticing option than traditional products. These batteries are becoming increasingly popular in numerous industries due to their distinct benefits.
The study predicts that the hybrid flow battery sector will experience substantial growth in the future. The zinc-bromine hybrid battery is noteworthy because it has a greater energy density than other types of flow batteries. As a result of the high cost of extracting vanadium material, hybrid designs are becoming more popular. Researchers are now concentrating on creating hybrid systems that are more compact and affordable. A number of firms have begun to sell these batteries for various uses, including utilities, businesses, households, and other applications.
Throughout the predicted timeframe, it is expected that the utilities app will be the most dominant in the market. When it comes to storing energy for grid usage, flow batteries are the preferred choice in utility-based storage owing to their ability to store renewable energy in a cost-effective manner. Globally, the utility sector is the top performer in implementing flow battery projects.
The Asia Pacific market is predicted to have the swiftest expansion over the upcoming period. Countries including China, Japan, India, and Australia are making efforts to increase their capacity for storing energy on a large scale, which is improving electric stability. Modernisation schemes, reforms in regulatory measures, and a high demand for effective battery technologies are fuelling this development.
The report affirmed that there are many flow battery projects in Australia, intended for different purposes.
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