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)
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