Iron Flow Battery Market Size Worth USD 15.24 Million, Globally, by 2028 at 29.3% CAGR

Pune, India, June 21, 2022 (GLOBE NEWSWIRE) -- The global iron flow battery market size is anticipated to hit USD 15.24 million by 2028 and exhibit a CAGR of 29.3% during the forecast period. Iron flow battery's inherent advantages over conventional batteries and the rising adoption of flow batteries in utility sectors are expected to be the key trends boosting the market growth. Fortune Business Insights^TM has presented this information in its report titled, "Iron Flow Battery Market, 2021-2028". The market size stood at USD 2.14 million in 2020 and USD 2.53 million in 2021.

Additionally, the increasing R&D activities for using iron flow batteries across energy storage devices are likely to fuel the market growth in the forthcoming years.

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Report Scope & Segmentation:

Market Drivers-

Growing Application Scope in Energy Storage Solutions to Support Growth

The globally increasing research and development activities to utilize iron flow battery for energy storage devices are likely to be a key factor boosting the global iron flow battery market growth. For instance, ESS Inc., a renowned iron flow battery manufacturer, is reportedly working on flow batteries for usage in virtual power plants, commercial & industrial projects, and other such applications.

The increasing number of data centers is escalating the demand for electricity. The rising power consumption across the growing number of data centers is likely to boost the market growth.

The rising adoption of flow batteries in utility sectors owing to growing electricity demand is also projected to favor the market growth.

Lastly, the inherent advantages of these batteries and their wide application in industrial, commercial, utility sectors are anticipated to stimulate market growth.

However, the high costs of these batteries incur high capital investments, which may hinder market growth.

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COVID-19 Impact

The coronavirus pandemic has significantly impacted the market for iron flow battery. The declined installations of flow batteries in several projects have affected the market growth. The battery and other critical components' supply disruptions have aggravated the situation. Furthermore, the closure of production plants due to strict curfews, lockdowns, and labor shortage, have negatively impacted the market growth. However, governments rising emphasis on modernizing the power industry is likely to amplify market growth in the coming years.

Regional Segmentation-

Presence of a Robust Manufacturing Sector to Fuel Growth in North America
North America is projected to dominate the global iron flow battery market share. The presence of a robust manufacturing sector and the developing power generation, oil & gas, and chemical industries contribute to the market growth significantly.
Asia Pacific is anticipated to witness substantial growth in the forthcoming years. The availability of cheap raw materials and labor is likely to be a major growth driver for the market. Additionally, the growing renewable energy projects are also anticipated to contribute to market growth.
Europe is likely to exhibit considerable growth. The increasing government focus on the reduction of greenhouse gases and renewable energy projects is anticipated to favor the market growth.
The Rest of the World is expected to register significant growth due to the increasing energy demand and new renewable energy projects.

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Competitive Landscape

Key Players Acquire Contracts to Amplify their Growth

The major market players adopt ingenious growth strategies such as contracts, mergers, acquisitions, and others to maximize their market presence. For instance, ESS Inc. signed a contract with GRUPO SAESA Company's Edelaysen in April 2021 to provide a sustainable, safe, and clean flow battery system for renewable energy.

List of Players Operating in the Iron Flow Battery Market are as follows:

• ESS Inc. (U.S.)
• Electric Fuel Limited (Israel)
• Australian Vanadium Limited (Australia)
• Bushveld Energy (South Africa)
• VRB Energy (Canada)
• Primus Power (U.S.)
• Redflow-Sustainable Energy Storage (Australia)
• UniEnergy Technologies (U.S.)
• Avalon Battery (U.S.)
• ViZn Energy Systems (U.S.)

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Iron Flow Battery Market Segmentation:

Application

• Utility
• Commercial & Industria
• lOff-grid & Microgrid

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