The Europe Flow Battery Market would witness market growth of 19.7% CAGR during the forecast period (2023-2030).In the year 2020, the Europe market's volume surged to 20,247.3 Units, showcasing a growth of 16.4% (2019-2022).
The demand for a reliable supply has increased, necessitating an increasing demand for energy backup in all major countries. Flow batteries are a backup power source during power interruptions or periods of heavy demand. Lithium-ion batteries and fuel cells are thought to be replaced by the flow. Flow batteries can be scaled up and recharged by adding the required amount of electrolyte, which distinguishes them from choices. The capacity to recycle used electrolytes in storage tanks enables the operation of flow batteries to be more versatile. The low maintenance needs and long operational life are additional benefits extended by these types of batteries.
The emergence of renewable energy sources like solar and wind has increased the demand for these batteries, which has a positive effect on the market. Several developed and emerging countries have set green energy targets. Therefore, this trend is anticipated to continue on a worldwide scale. Flow batteries are generally used for energy storage by utility corporations. The scalability of the flow batteries, which may increase their capacity by using greater amounts of electrolyte, is another advantage for utility-scale grid operations. It serves as a market driver for the market and the additional benefits of longer operation time and longer life.
According to International Trade Administration, Germany continues to be at the forefront of using environmental and renewable energy technologies. In 2019, hydroelectric, solar, wind, and biomass sources comprised about 46% of the nation’s electricity mix. That represents a 5.6% increase from 2018. Solar energy (9%), biomass (8.7%), onshore and offshore wind capacity (24.4%), and hydropower made up the remainder of the clean energy mix. Renewable energy sources produced 238.37 terawatt hours of electricity. The market is anticipated to grow as the use of renewable energy expands in the European nations.
The Germany market dominated the Europe Flow Battery Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $62,414.7 Thousands by 2030. The UK market is registering a CAGR of 18.7% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 20.6% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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.
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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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