Flow Battery Market Growth, Analysis during the Forecast Period 2030
Market Analysis The global flow battery market size will grow at a whopping 30.68% CAGR between 2018- 2023, states the recent Market Research Future’s flow battery market forecast. A flow battery, simply put, is a form of a rechargeable battery or electrochemical cell. This is an electrical storage device that is connected between a conventional battery and a fuel cell. It offers two chemical components that are easily dissolved in liquids and contain two electrolyte solutions in two tanks that are connected with two independent loops. Various factors are propelling the global flow battery market share. According to the recent MRFR report, such factors include the growing demand for energy storage applications, long life span, instant recharge capability, easy replaceability of electrolytes, high construction price of flow batteries, growth in telecommunication tower installations, growing demand from the utility sector, rising investments in renewable energy, and inherent perks of a