India Flow Battery Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

Page: 215 | Report Code: EP240829 | Research Suite: Report (PDF) & Market Data (Excel)

NOTE: Due to exhaustive nature of content, full ToC can't be uploaded. Please request Sample Pages to receive full table of content. 

An electrochemical system that stores energy in liquid electrolytes with dissolved active species is called a flow battery. They are well suited for applications in which energy is needed to be released during low generation periods and held at peak generation times because of their capacity to hold huge amounts of energy for extended periods of time.

MARKET OVERVIEW

The India flow battery market is valued at approximately USD xx billion in 2023 and is projected to reach USD xx billion by 2034 exhibiting a compound annual growth rate (CAGR) of xx% during the forecast period of 2024-2034. They are extremely beneficial for large-scale energy storage applications due to their ability to separate power (determined by the size of the electrochemical cells) and energy capacities (determined by the size of the electrolyte tanks). They have the potential to store an extensive amount of energy for a long time, which is crucial for maintaining the balance between demand and supply over several hours or days. This capability is particularly important considering the global shift towards decarburization and increased reliance on renewable energy sources.


GROWTH DRIVERS

In India, the country's rapid industrialization and urbanization have raised the demand for a reliable power supply. Stable electricity becomes increasingly important as cities and industry grow. Flow batteries are a desirable option for industrial and urban applications since they are capable of handling peak demand and act as a power backup during outages.

According to the report of ‘Ministry of New and Renewable Energy (MNRE), the Indian government has set ambitious targets to produce renewable energy, with plans to reach 450 GW by 2030. The shift toward renewable energy sources like solar and wind power requires effective energy storage options, which is increasing the demand for flow batteries as they are an ideal option because of their scalability and extended lifespan.

The importance of energy storage solutions, such as flow batteries, is becoming more widely recognized among industries with the growing emphasis on sustainability and reducing carbon footprints. As companies strive to implement eco-friendly practices while maintaining operational reliability, awareness is driving demand for the flow battery market in the country.

The Indian government has been actively promoting the use of renewable energy by offering financial incentives and several laws. For example, the "National Clean Energy Fund (NCEF)" provides tax and non-tax benefits to encourage the use of renewable energy technologies. Initiatives to upgrade grid infrastructure and increase the share of renewable energy in the overall electricity supply further boost the adoption of flow batteries.

MARKET SEGMENTATION:

By Battery Type -

·         Redox

·         Hybrid

By Material –

·         Vanadium

·         Zinc Bromine

·         Other Materials

By Storage –

·         Small Scale

·         Large Scale

By Application –

·         Utilities

·         Commercial & Industrial

·         EV Charging Station

·         Defense

·         Other Applications

India Flow Battery Market By Battery Type Segment Review:

There is an increasing requirement for dependable backup solutions as the grid infrastructure of the country is upgrading. The demand for redox flow batteries is increasing as it assists in maintaining grid stability by offering auxiliary functions like load shifting and frequency management.

Since hybrid flow batteries combine solid-state components and liquid electrolytes, they have a higher energy density than conventional redox systems. Because of this improvement, they have grown more popularity for applications that demand small designs without compromising functionality.


India Flow Battery Market By Material Segment Review:

The vanadium segment is anticipated to hold a significant share of the overall flow battery market in India. Vanadium redox flow batteries, or VRFBs, are becoming increasingly popular because of their extended cycle life, high energy density, and scalability for large applications. Zinc bromine flow batteries (ZBFBs) are a desirable alternative for commercial applications where cost considerations are crucial since they typically have lower material cost than VRFBs.

India Flow Battery Market By Storage Segment Review:

Small-scale flow batteries are usually employed in residential or small-scale commercial settings where space is limited but off-grid or dependable backup power is required. The growing popularity of distributed generation (DG) systems in urban areas is further driving the market for small-scale flow batteries.

The primary purpose of large-scale flow battery installations is to serve utility companies or large industrial users that require significant amounts of stored energy.

India Flow Battery Market By Application Segment Review:

In India, the market for flow batteries is mainly dominated by the utility sector. The need for energy storage solutions to support renewable energy integration, especially solar and wind power, is increasing. In both commercial and industrial sectors, businesses are increasingly utilizing flow batteries to handle peak load demands and reduce electricity expenses.

They are appropriate for locations with significant electric vehicle (EV) traffic because of their capacity to store huge amounts of energy, guaranteeing that charging stations fulfill demand without straining the grid. With the increasing popularity of EVs in the country, there is a corresponding need for robust charging infrastructure, which is expected to raise the demand for flow battery market in EV charging station.

India Flow Battery Market Key Challenges:

Flow batteries, as compared to other energy storage technologies such as lithium-ion batteries, often require a substantial initial investment. Businesses and utilities are anticipated to get discouraged from implementing flow battery systems due to the high upfront costs involved in producing and installing them, particularly in a price-sensitive market such as India.

Potential users in India are not fully aware of the benefits and applications of flow batteries. Several stakeholders lack a complete understanding of the way that flow batteries function or their advantages over traditional battery technologies, which is likely to hinder their adoption rates.

India Flow Battery Market Competitive Landscape:

India's flow battery market is highly competitive, with both well-established organizations and emerging businesses actively involved in the advancement and application of flow battery. Companies are concentrating on research and development to advance and enhance their flow battery technologies. This involves improving the batteries' longevity, energy density, and efficiency. In July 2021, VRB Energy has received a US$24 million investment from BCPG, a company that is one of the largest renewable energy companies in Asia-Pacific. In order to satisfy rising global demand, this investment is expected to support the vertical integration of vanadium processing, the launch of VRB Energy's Gen3 VRB-ESS® product, and expanded production capacity.

Companies are collaborating with manufacturers, technology providers, and research institutions to leverage each other's strengths. Collaborations like this are likely to enhance supply chain efficiency, access to cutting-edge technology, and facilitate knowledge sharing.

India Flow Battery Key Players:

·         Delectrik Systems

·         VRB Energy

·         E22

·         NTPC Limited

·         VFlowTech

·         Enel Green Power

·         High Energy Batteries (India) Ltd

·         Tata Power Company Ltd.

·         Other Key & Niche Players

Buy Report

  • $499
  • $699