Renewable energy sources, encompassing solar, wind, hydro, and geothermal power, play a pivotal role in generating electricity with minimal-to-zero greenhouse gas emissions. This not only aids in reducing air pollution but also contributes to mitigating climate change, thereby safeguarding the environment and human health. The utilization of renewable energy sources helps diversify the energy mix, diminishing dependence on fossil fuels and foreign energy sources. This diversification enhances energy security, making countries less susceptible to supply disruptions and price fluctuations. Flow batteries, renowned for their substantial storage capacities, grid stability support, and extended cycle lives, emerge as fitting solutions for renewable energy applications. Consequently, the escalating emphasis on renewable energy is propelling the global demand for flow batteries.
According to the 2023 Global Landscape of Renewable Energy Finance report, global investment in energy transition technologies, including energy efficiency, reached USD 1.3 trillion in 2022. This marked a new record high, representing a 19% increase over 2021 investment levels and a 70% surge compared to the pre-pandemic period in 2019. In 2022, renewable energy sources constituted approximately 13.1% of the United States' total primary energy consumption and about 21.5% of total utility-scale electricity generation. Heightened investments in renewable energy have the potential to drive economies of scale in manufacturing and installation processes. Furthermore, substantial investments attract new players and companies to the renewable energy sector, fostering competition, spurring innovation, reducing costs, generating job opportunities, and stimulating economic growth.
Additionally, supportive government policies such as subsidies, tax-related incentives, reduced customs duties, and pricing incentives are expected to boost investments in renewable energy projects during the forecast period. For instance, in April 2023, the Government of Austria launched a new subsidy scheme for residential batteries. The Ministry of Climate Action and Energy plans to provide a total of USD 16.1 million (EUR 15 million) to support the installation of new storage systems and the expansion of existing systems combined with renewable energy. In October 2022, the Government of China announced plans to increase the country's energy storage capacity by 2030 under the government plan for net-zero emissions by 2060. According to the China Energy Storage Alliance, the Chinese government plans to increase the country’s battery storage system by more than 100 GW and pumped hydro by 100 GW. In July 2022, Public Sector Undertakings (PSUs) under the Government of India invested in Energy Storage Technologies, including Solar PV projects. The Solar Energy Corporation of India (SECI), a CPSE under the Ministry of New and Renewable Energy, has undertaken the implementation of the following three projects:
• 1.4 MW Solar PV Project with 1.4 MWh Battery Energy Storage System in Kavaratti Island, UT of Lakshadweep (supported through MNRE Grant)
• 50 MWp SPV Project with 20 MW/50 MWh BESS at Phyang, Leh, UT of Ladakh (supported by GoI Grant under the PMDP 2015)
• 100 MW SPV Project with 40 MW/120 MWh BESS at Rajnandgaon, State of Chhattisgarh
The growing investment in renewable energy sources is fueling the demand for energy storage solutions powered by flow batteries. These batteries play a crucial role in storing surplus energy produced during peak periods, offering a dependable power source during periods of low production or high demand. This surge in demand and investments within the renewable energy sector is consequently propelling the flow battery market.
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