The global flow battery market has been growing at a healthy pace in the last few years and is likely to witness a high growth in the near future. The development of the automobile and telecommunications industry, along with the rising adoption of the hybrid vehicles are some of the major factors that are projected to enhance the growth of the market in the next few years.
In addition to this, the rise in the research and development activities and the increasing government support are estimated to accelerate the growth of the overall market in the next few years.
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From a regional perspective, North America is expected to account for a large share of the market and is likely to grow at a healthy pace in the next few years. Asia Pacific, on the other hand, is projected to grow at a strong rate, thanks to the growing contribution from China and India.
In addition to this, the rise in the number of flow battery that are being used extensively for commercial and electric vehicle and data centers is expected to accelerate the growth of this region in the coming few years.
The global flow battery market is expected to witness a high level of fragmentation with an intense level of competition among the key players in the next few years. The rising focus of the key players on the research activities is likely to enhance the market growth in the near future. Some of the key players operating in the flow battery market across the globe are UniEnergy Technologies, LLC. (the U.S), Redflow Energy Storage Solutions (Australia), Sumitomo Electric Industries, Ltd (Japan), SCHMID (Germany), I-Pulse Inc. (the U.S), ESS, Inc. (the U.S), Vionx Energy Corporation (the U.S), Vanadis Power GmbH (Germany), EnerVault (the U.S.), and ViZn Energy, Inc. (the U.S).