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The Flow Battery market is expected to grow at a significant pace, report by IndustryARC.
HYDERABAD, TELANGANA, INDIA, November 7, 2022 / / -- IndustryARC, in its latest report, predicts that size is forecast to reach $1.2 billion by 2026, at a CAGR of 32.3% during 2021-2026. owing to the government investments in renewable energy to conserve the non-renewable energy resources like coal, oil, natural gas etc. Moreover, the growing technological advancements in the Telecom industry leading to increasing installation of towers coupled with the increasing adoption of flow batteries in electric vehicles will ensure robust growth of flow battery market in the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key Takeaways:
This IndustryARC report on the Flow Battery Market highlights the following areas -
•EV Charging Station are growing at highest CAGR of 36.2% in the forecast period as flow batteries enhance the fast charging tendency. In addition refueling is possible only in case of electrochemical cells in flow batteries among all electrical storage devices used in electric vehicles.
•All-Vanadium flow batteries are expected to witness a CAGR of 35.3% as they are considered as front runner technology for meeting the growing demand in the energy storage sector.
•The Flow Battery market in APAC region held significant market share of 34% in the forecast period as countries such as India, China, Japan are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn enhance electric storage devices through Zinc-Bromide and All-Vanadium redox flow batteries.
Segmental Analysis:
•EV Charging Stations are growing at highest CAGR of 36.2% in the forecast as flow batteries enhances the fast charging tendency. In addition refuelling is possible only in case of flow batteries among all energy storage devices used in electric vehicles.
•All-Vanadium flow batteries are expected to witness a CAGR of 35.3% as they are considered as front runner technology for meeting the growing demand in the energy storage sector. The demand for these batteries is high, especially in the utility, off-grid, and mini-grid markets.
•Flow Battery market in APAC region as held significant market share of 34% in 2020. In recent years, China, India, Japan 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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Competitive Landscape:
The top 5 players in the Large Flow Battery Industry are -
1.VRB Energy
2.ESS Inc.
3.Vanadis Power GmbH
4.Primus Power Corporation
5.RedFlow Ltd
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