
Global Flow Battery Market - Segmented by Type, Material, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023) Flow batteries are rechargeable batteries, which employ two liquid electrolytes instead of electrolyte plates, which are separated using an ion-selective membrane, which under charging and discharging conditions allow selected ions to pass and complete chemical reactions. Factors, such as easy replaceability of electrolyte have placed flow batteries as a potentially better substitute for lead-acid, lithium-ion, or solid-state batteries. The accelerating growth of renewable intermittent electricity supplies (solar, wind, tidal, etc.), which reached a cumulative installed capacity of 2179.09 GW across the globe in 2017, has also supplemented the requirement of energy storage installations, which are at present majorly fulfilled by lithium-ion batteries. Despite the higher initial investment, demand for flow batteries are growing at a significant rate across the globe and are expected to have the capability to surpass lithium-ion batteries, in applications that demand long-duration power stability, such as grid-scale usage. Furthermore, factors such as longer lifetimes, reduced fire risk, and their recyclable nature, is expected to supplement the demand for flow batteries during the forecast period. As the demand-supply gap is expected to improve in 2018, Vanadium is expected to be the largest market among all other material types during the forecast period, particularly owing to increasing demand for energy storage applications