Lewes, DE -- (SBWire) -- 02/18/2016 --Report forecast the global flow battery market to grow at a CAGR of 9.4% during the period 2016-2020.
A flow battery is basically an electrochemical energy storage system that is rechargeable. It converts the chemical energy stored in the battery into electrical energy, similar to fuel cells and conventional batteries. It is suitable for providing backup power to large-scale application systems such as grid scale power systems.
A typical flow battery consists of two compartments, known as tanks. These tanks contain electrodes and are separated by a membrane. The flow battery is charged and discharged by chemical reactions between the liquid electrolytes.
The report covers the present scenario and the growth prospects of the global flow battery market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market.
The market is divided into the following segments based on battery type:
- Redox battery system
- Hybrid battery systems
- others
According to the report, the government plays a crucial role in determining the rate of energy storage and energy usage. Governments of various countries such as Japan, the US, India, and South Korea support the use of renewable sources of energy by providing diverse incentives and financing options. With the growth in renewable sources, the need for energy storage is on the rise.
Further, the report states that flow batteries are associated with certain technical challenges, which affect the safety and cost of these batteries.
Global Flow Battery Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
key players in the Global Flow Battery Market: EnerVault, Imergy, Primus Power and Prudent Energy.
Other Prominent Vendors in the market are: Aquion Energy, EnSync Energy Systems, Redflow, Sumitomo Electric and UniEnergy Technologies.
Market driver
- Increased government support
- For a full, detailed list, view our report
Market challenge
- Competition from other energy storage technologies
- For a full, detailed list, view our report
Market trend
- Increased use of flow battery in electric vehicles
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Spanning over 50 pages and 27 Exhibit "Global Flow Battery Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market Overview, Market Landscape, Market segmentation by battery type, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.
For more information Visit at: http://www.marketresearchreports.com/technavio/global-flow-battery-market-2016-2020
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