Large-scale stationary energy is key to a smarter power grid and for integration of intermittent renewables. Redox flow batteries are touted as an emerging option, but have been too expensive. Now, falling costs will carve out a 360 MWh market in 2020, worth $190 million, according to Lux Research.
Within the stationary energy storage market, four flow battery chemistries, led by vanadium-based systems, are gaining commercial traction. The vanadium redox flow battery (VRFB) is the most mature technology, and accounts for 75 MWh of deployed systems.
"VRFBs will remain the dominant system for the medium-term but bromine-based systems are cheaper and will eventually be better-performing on a 10-year horizon," said Dean Frankel, Lux Research Associate and the lead author of the report titled, "Flow Battery Cost Reduction: Exploring Strategies to Improve Market Adoption."
"However, flow batteries will remain limited to longer-duration applications, and are competing directly with fast-moving targets in Li-ion and other next-generation storage technologies," he added.
Lux Research analysts evaluated factors driving cost reduction in flow batteries, and market strategies. Among their findings:
The report, titled "Flow Battery Cost Reduction: Exploring Strategies to Improve Market Adoption," is part of the Lux Research Energy Storage Intelligence service.
Source: Market Wired
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