The Asia Pacific Flow Battery Market would witness market growth of 20.1% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 34,087.2 Units, showcasing a growth of 16.7% (2019-2022).
The adoption rate of flow batteries will increase as they grow increasingly inexpensive with alternative storage technologies, allowing for integrating new solar and wind turbines while preserving grid resilience. Another element influencing the market's growth is the use of flow batteries in electric vehicle applications. The market is growing as more telecommunications tower installations shift to using flow batteries as a backup energy source.
Due to technological advancements, the market is anticipated to expand rapidly throughout the forecast period. Additionally, the focus on enhancing grid systems will further accelerate the market's growth. Furthermore, the safety features of flow batteries and their ability to store chemical activity far from reactive point sources will help the market grow.
In the region, a number of countries have made the decision to integrate sustainable mobility into their national public transportation systems. For instance, electric buses (or fleets) have been introduced in various Indian towns and by the State Road Transport Corporation of Maharashtra. The Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India II) Scheme intends to boost demand for electric vehicles (EVs) by utilizing upfront incentives and the creation of EV charging infrastructure. 7,090 electric buses would receive subsidies as part of FAME II, according to the Government of India. This will result in rising demand for EV charging stations, due to which the flow battery demand will rise, and the market will expand.
The China market dominated the Asia Pacific Flow Battery Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $103,106.2 Thousands by 2030. The Japan market is experiencing a CAGR of 19.3% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 20.8% during (2023 - 2030).
Based on Type, the market is segmented into Redox and Hybrid. Based on Material, the market is segmented into Vanadium, Zinc Bromine, and Others. Based on Storage, the market is segmented into Large Scale and Small Scale. Based on Application, the market is segmented into Utilities, Commercial & Industrial, EV Charging Stations and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Flow Battery Market is Projected to reach USD 1 Billion by 2030, at a CAGR of 19.9%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include VRB Energy, Inc. (Ivanhoe Electric Inc.), Invinity Energy Systems plc, Redflow Limited, ViZn Energy, Inc., Gebr. SCHMID GmbH, Elestor BV, Largo Inc., Stryten Energy LLC (Atlas Holdings LLC), Sumitomo Electric Industries, Ltd., Lockheed Martin Corporation.
By Type
By Material
By Storage (Volume, Units, USD Thousands, 2019-2030)
By Application (Volume, Units, USD Thousands, 2019-2030)
By Country (Volume, Units, USD Thousands, 2019-2030)
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