The global flow battery market is likely to register strong growth in the near future, thanks to its renewable and sustainable application. The flow batteries are rechargeable in nature. This quality is embedded by its dual chemical component setup which in its liquid form is separated by a membrane. The liquid storage of chemicals drives creation of electricity, making flow batteries ideal for uses in smartphones and other devices. Additionally, in everyday commercial, household, and industrial applications, replacement flow battery cells make way for re-energization, longer use, and cost-efficiency in many applications. Hence, the rising sales of smartphones, widening industrial applications, and growing concerns regarding battery waste are expected to drive the flow battery market in the near future.
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Innovations and Alternative Energy Promises Major Growth
The flow battery market is expected to witness several positives in the near future. These include its recent viability for long duration applications. Additionally, turbo charging modes and more flexibility than solid batteries are also expected to drive growth of the flow battery market. Furthermore, today flow battery application has not remained limited to small-use like smartphones. The batteries are increasingly being tested in replacing energy sources for producing wind and solar energy. The advancements in flow battery products are expected to increase their storage capacities and expand their application in the production of alternative energy sources. The flow battery market was evaluated at US$235 mn in 2018. It is expected to register a robust CAGR in the near future, thanks to growing scrutiny of fossil fuel use. The flow cell market products display a tremendous potential to replace, expand, and modernize energy supply for a wide variety of applications.
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The relatively high costs of products in the short run in the flow battery market present a challenge to its expansion. However, the rising economies of scale can turn the tide in favor of the market in the long run.