The Latin America, Middle East and Africa Flow Battery Market would witness market growth of 22.8% CAGR during the forecast period (2023-2030).In the year 2026, the LAMEA market's volume is expected to surge to 14,896.2 Units, showcasing a growth of 30.1% (2023-2030).
Longer operational duration and longer life are additional benefits of flow batteries that make them ideal for utility-scale grid operations. These factors and their scalability and suitability for utility-scale grid operations serve as market drivers for the market. Flow battery installations have increased regionally due to the expanding use of solar and wind energy.
A battery is a group of cells that can store energy and release it as needed. In an electrochemical cell known as a redox flow battery, two chemical components that are dissolved in a liquid-contained system and kept apart by a membrane supply chemical energy. This system is called a stack as it has two electrical components—anode and cathode, each with a separate tank. The bipolar plate and membrane are additional battery components.
According to the International Energy Agency (IEA), Sub-Saharan Africa (SSA) has 596 million individuals who do not have access to electricity. Even in cities where most reside, only one-third of people have access to energy. Additionally, this shortage of power is inhibiting advancements in health, education, and the economy. However, there are several obstacles to connecting African cities, towns, and villages, and poor infrastructure makes it impossible for many nations to extend grid networks both financially and logistically. As a result, the region’s requirement for reliable off-grid electricity options will increase demand for flow batteries for backup power in the upcoming years, which will boost the market in this region.
The Brazil market dominated the LAMEA Flow Battery Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $16,006.1 Thousands by 2030. The Argentina market is exhibiting a CAGR of 23.4% during (2023 - 2030). Additionally, The UAE market would experience a CAGR of 22.4% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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