CHICAGO, June 16, 2021 /PRNewswire/ — According to a research report “Flow Battery Market with COVID-19 Impact, by Type (Redox Flow Battery, Hybrid Flow Battery), Material, Storage (Compact and Large scale), Application (Utilities, Commercial & Industrial, EV Charging Station), and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the global Flow Battery Market size is expected to grow from USD 214 million in 2021 to USD 489 million by 2026, at a CAGR of 18.0%. The growth of this market is driven mainly by inherent advantages of flow batteries, increasing investments in renewable energy, high demand for flow batteries in utilities, and increase in telecommunication tower installations.
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Hybrid flow battery type to grow at highest CAGR from 2021 to 2026
The adoption of hybrid flow batteries is increasing at a substantial rate attributed to their benefits, such as high energy density, compact size, and low cost. Zinc-bromine, zinc-cerium, and lead-acid are the most prominent types of hybrid flow battery types. The zinc–bromine hybrid battery offers the highest energy density as compared to other flow batteries. In recent years, several research programs have been conducted in several countries to explore the potential of hybrid flow batteries and build more compact and low-cost systems.
Utilities application to hold the largest growth rate of the flow battery…