Redox Battery Dominates the Global Flow Battery Market | Technavio
Global flow battery market segmentation by battery type and geography
Technavio’s report on the global flow battery market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by battery type, including redox battery and hybrid battery. As projected in 2016, approximately 72% of the market share originated from the redox battery segment. Scalability and
feasibility of integration are important attributes of redox flow batteries, which is because of independent power and energy output as the output depends on the size of fuel cell tank or stack.
Based on geography, the global flow battery market has been segmented into APAC, the Americas, and EMEA. As of 2016, the Americas had a market share of approximately 44%. The flow battery market in the Americas is expected to witness steady growth during the forecast period because of the increasing government support for energy storage
in electrical grids and intensive R&D activities in the battery technology. In the US and Canada, major contributions are expected to come from backup applications of small cell tower installations.
“There is a high tenancy rate for telecom towers in the US telecom sector. This drives the flow battery demand for each operator’s installations. By installing small cell towers,
which can achieve tele density with regular telecom tower installations, the country will overcome issues related to the cost of construction, operation, and maintenance in the telecom sector,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research.
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Flow battery market: competitive vendor landscape
There are several vendors present worldwide for the global flow battery market, which is still in its emerging stage. Small and medium enterprises and key players are competing in the market for a higher market share. Competition among players is expected to intensify with the introduction of new technologies and increased investments in
the market. Regional vendors dominate the market in several developing and underdeveloped countries.
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Other topics covered in the report:
Market drivers:
Increasing concerns for Li-ion battery recycling
Rise in green telecom tower installation
Market challenges:
Other energy storage technologies gaining momentum in the market
Declining Lithium-ion battery prices
Market trends:
Increasing shift toward renewable energy
Widening scope of vanadium redox battery use
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