The global market for zinc-bromine batteries should grow from $37.0 billion in 2021 to $115.9 billion by 2026, at a compound annual growth rate (CAGR) of 25.6% for the period of 2021-2026.
The Asia-Pacific for zinc-bromine batteries should grow from $31.9 billion in 2021 to $98.6 billion by 2026, at a CAGR of 25.3% for the period of 2021-2026.
North America for zinc-bromine batteries should grow from $2.1 billion in 2021 to $7.1 billion by 2026, at a CAGR of 27.4% for the period of 2021-2026.
The global zinc-bromine battery market is consolidated, and manufacturers are focusing on expansion and acquisition activities to gain their competitive edge and to satisfy the increased demand. Many key players are focusing on significant investments in research and development (R&D) to introduce new compounding technologies that can increase production efficiency.
Based on storage, the global zinc-bromine battery market is segmented into large-scale zinc-bromine batteries and compact zinc-bromine batteries. In 2020, the large-scale segment held a greater share of the global zinc-bromine battery market, and it is anticipated to follow the same trend throughout the forecast period. Large-scale zinc-bromine batteries are often used in power utility applications in various end-user sectors.
Thus, the global popularity of large-scale zinc-bromine batteries is increasing on a daily basis. The compact zinc-bromine battery segment is projected to grow at a healthy compound annual growth rate (CAGR) during the forecast period due to the increasing number of compact zinc-bromine battery applications. Compact zinc-bromine batteries are used in electronic devices and electric vehicles, as well as in residential applications.
Large global sites are currently using bromine flow batteries to balance energy deficiency. The U.S. Department of Defense uses zinc-bromine batteries for its military microgrid at the Marine Corps Air Station in Miramar, Calif.Primus Power's bromine-based technology was chosen for its extended duration, reliability and low cost, and it has helped to improve energy security, promote energy efficiency and reduce reliance on fossil fuels.
Based on application, the global zinc-bromine battery market is segmented into utilities, commercial and industrial, residential, electric vehicle charging grid, military and others (e.g., telecommunication, marine). In 2020, the utility segment dominated the global zinc-bromine battery market. In this segment, zinc-bromine flow batteries are used in special power utility applications to support huge infrastructures.
The global commercial and industrial sector is growing due to the advancement in technology and continuous expenditure and investments by different government bodies in the research and development sector. This is expected to have a positive impact on the commercial and industrial application segment. The electric vehicle application segment is also anticipated to grow at a rapid rate during the forecast period due to the increased global adoption of electric vehicles to curb air pollution.
The report includes a separate section highlighting the impact of COVID-19 on the zinc-bromine battery market at the global level. The section will include the COVID-19 impact on supply and demand of zinc-bromine batteries, price impact and various strategic decisions taken by governments to boost the market.
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Technology Background
Brief History of Battery Technology
General Battery Characteristics
Utility-Scale Electricity Storage
Battery Energy Storage: Technology Comparison
Chapter 4 Market Overview
Rise in the Global Building and Construction Sector
Lack of Research and Development Activities
Changing National Policies
Chapter 5 Strategic Management Insight
Value Chain Analysis
Porter's Five Forces Analysis
Impact on Demand
Impact on Supply
Chapter 6 Market for Zinc-Bromine Batteries by Storage
Chapter 7 Market for Zinc-Bromine Batteries by Application
Commercial and Industrial
Chapter 8 Market for Zinc-Bromine Batteries by Region