Presence of Well-Established Industries in North America will Create Growth Opportunities for the Iron Flow Battery Market

Pune, Feb. 09, 2021 (GLOBE NEWSWIRE) — The high productivity of iron flow battery is a key factor contributing growth to the global iron flow battery market size, says Fortune Business Insights , in a report, titled “ Iron Flow Battery Market Size, Share and Global Trend by Application (Utility, Microgrid, Off-grid, Industrial), By Capacity (50KW/400KWh, 100KW/400KWh) and Geography Forecast till 2026.” The recycling and reuse aspect of iron flow batteries will enable the growth of the market.

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According to the report, the 50KW/400KWh capacity batteries will account for a maximum share during the forecast period owing to the low penetration of the iron flow batteries.  Furthermore, the utility segment is expected to witness high growth during the forecast period owing to its increasing applications in the industry.  The utility applications include storage of energy produced from the renewables, and industrial applications include storage of energy for peak load applications, the off-grid, and microgrid applications include energy storage for the continually fluctuating loads.

The report analyses the market opportunities to benefit the shareholders as well as the investors. Furthermore, it provides detailed statistics, growth drivers, key market developments, current trends, and market restraints. It also tactically studies the immunology market analysis on the basis of influences, future expansions, and detailed growth trends.

Higher efficiency of Lion-Flow Batteries will Fuel Demand

The iron flow batteries can be reused and recycled whereas Li-ion batteries cannot be recycled due to technical complications. This will be an adhering factor for the iron flow battery market growth. Furthermore, the collaboration of ESS Inc. with CleanSpark will have a positive impact on the market.  For instance, ESS Inc. has collaborated with CleanSpark to deploy the long-duration flow storage battery system for an energy warehouse in San Diego. The battery system is a solar plus storage system that uses an iron flow battery. Moreover, the agreement between BASF and ESS Inc. will create growth opportunities for the market. For instance, ESS Inc. entered into an agreement with BASF in Germany for delivering two energy warehouse units of capacities 50KW/400 KWh. ESS Inc. will use its iron flow battery system for meeting the energy demands of the warehouse. In addition, the iron flow battery market trend involves the collaboration of ESS Inc. with the Pacto Energia Group. For instance, ESS Inc. has set its footprints in the Brazilian Energy Storage Market through a collaboration with the Pacto Energia Group of Brazil for the installation of an energy warehouse. The project is estimated to cost around US$ 1.3 million.

However, the high cost of iron flow batteries is high as compared to other substitutes such as lead-acid and Li-ion batteries. This factor is predicted to restrict the growth of the iron flow batteries during the forecast period.

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Presence of Well-Established Industries will Enable Growth in North America

North America is expected to dominate the market during the forecast period owing to the presence of a well-established manufacturing unit. Chemical, oil and gas, and power generation industries are growing at a significant rate in the region. The growth in the industries will aid the market in North America. Latin America has witnessed a rising inclination toward renewable energy sources. Local governments of Brazil, Chile, and Mexico are focused on adding new renewable capacities in order to cater to the energy demand.
The surge in renewable energy installations in Latin America is expected to accelerate market sales in the region. Europe is among the key regions with high growth opportunities for the manufacturing sector and the renewable energy sector in the coming years. The chemical, steel and other industries in Europe hold a prominent share in the global market and are growing steadily. Countries such as Spain, Germany, Norway, and Denmark among others are focused on increasing their renewable capacities.

Some of The Major Companies that Are Present in the Global Fuel Cell Stack Market are:

• Solvay
• Dana Incorporated
• Freudenberg Group
• TOTO Ltd
• Commonwealth Automation Technologies, Inc
• Robert Bosch GmbH
• Horizon Fuel Cell Technologies
• Ballard Power Systems
• Nedstack
• ElringKlinger AG
• Pragama Industries
• FuelCell Energy Solutions GmbH
• Nuvera Fuel Cells, LLC
• Nissan Motor Corporation
• and Palcan Energy Corporation among others.

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The other highlights of the report include:

• Detailed individual and collective study of all the market segments;
• Thorough analysis of the factors driving and retarding market growth;
• Comprehensive assessment of the regional developments influencing the market; and
• In-depth profiling and examination of the key market players and their dominant strategies.

Some of the Key Questions Answered in this Report:

• Detailed Overview of Iron Flow Battery Market will help deliver clients and businesses making strategies.
• Influencing factors that are thriving demand and latest trends running in the market.
• Iron Flow Battery Market forecast for global market split into segments like region, product, applications, end-user, technology, etc.
• What trends, challenges and barriers will impact the development and sizing of the Global Iron Flow Battery Market?
• SWOT Analysis of each defined key player along with its profile and Porter’s five forces analysis to complement the same.
• What is the Iron Flow Battery Market growth momentum or market carries during the forecast period?
• Which region may tap the highest market share in the coming era?
• Which application/end-user category or Product Type may seek incremental growth prospects?
• What focused approach and constraints are holding the Iron Flow Battery Market demand?

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