The global flow battery market revenue was around US$ 229.31 million in 2022 and is estimated to reach US$ 845.3 million by 2031, growing at a compound annual growth rate (CAGR) of 15.6% during the forecast period from 2023 to 2031.
A flow battery is a type of rechargeable energy system where electrolyte from tanks or reservoirs passes through one or more electrochemical cells. These batteries are usually water-based and are designed primarily for stationary applications. Flow batteries are especially well adapted for storing energy produced by renewable sources like solar and wind power.
Market Driving Factors
Increasing adoption of renewable energy to boost the market expansion. The importance of energy storage is rapidly surging in the power industry majorly due to an increase in investments in the renewable energy sector. The utilization of lithium-ion batteries is widespread. Thus, the flow batteries have promising benefits for long-term utilization and applications that require regular cycles throughout the day. In addition, renewable energy such as solar and wind energy can be made accessible for longer periods to counter significant intermittency issues with flow batteries.
Natural resources are utilized in renewable technologies for generating electricity. Green energy needs novel technologies and the development of renewable energy sources is leading to increasing requirements for energy storage systems for storing the electricity generated through these sources. As a result, the need for energy storage systems such as flow batteries is increasing. Therefore, this trend is estimated to drive market growth.
Flow batteries are more costly compared to lithium-ion batteries and other energy storage technologies. Thus, this factor hampers the market growth.
Regional Analysis
Asia Pacific dominates the market in terms of the largest share. This is because broadly utilized in developed countries like Australia, China, and Japan. These batteries have gained popularity rapidly in many nations, especially in the industrial, utility, and commercial sectors. In addition, government funding and programs for flow batteries are also significantly contributing to the market expansion.
Segmentation Insights
Type Insight
Redox segment dominates the market in terms of the largest revenue share. This is due to the vast applications of redox flow batteries. In several industries, the predominant kind of flow batteries utilized is vanadium flow batteries, which drop under the category of redox flow batteries. Furthermore, the working of flow batteries revolves around redox reactions, which refer to lower oxidation reactions.
Storage Insight
Large scale storage segment dominates the market during the forecast period. This is due to the scalability of these batteries. Flow batteries become less expensive per unit of energy as they get bigger because of their economies of scale. As a result, they become more economically feasible for large installations, where the longer cycle life and higher capacity offset the initial expenditure. These batteries are widely used in the utility and grid sectors, offering advantages such as improved grid stability, control over energy fluctuations, and power supply during times of high demand.
Application Insight
The grid/utility segment dominates the market. This is mainly due to the important role of flow batteries in integrating with the grid, improving grid resilience, decreasing energy transmission prices, delivering environmental advantages, and demonstrating remarkable scalability. Furthermore, flow batteries serve as an effective solution for holding electrical energy. They can help stabilize the electrical grid by absorbing excess electricity during times of excess supply and releasing it when demand increases.
The EV charging stations segment is expected to increase rapidly in the market. This is because of the increasing worldwide production and adoption of electric vehicles. In addition, government support for electric vehicles and renewable resources is expected to increase demand and lead to an increase in the installation of EV charging stations. Flow batteries are well-suited for EV charging stations owing to their high scalability, compact size, and eco-friendly nature.
Prominent Companies
Segmentation Outline
The global flow battery market segmentation focuses on Type, Material, Storage, Application, and Region.
By Type
By Material
By Storage
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL FLOW BATTERY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: FLOW BATTERY MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL FLOW BATTERY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL FLOW BATTERY MARKET, BY TYPE
5.1 OVERVIEW
5.2 REDOX
5.3 HYBRID
6 GLOBAL FLOW BATTERY MARKET, BY MATERIAL
6.1 OVERVIEW
6.2 VANADIUM
6.3 ZINC BROMINE
6.4 IRON
6.5 OTHERS
7 GLOBAL FLOW BATTERY MARKET, BY STORAGE
7.1 OVERVIEW
7.2 LARGE SCALE
7.3 SMALL SCALE
8 GLOBAL FLOW BATTERY MARKET, BY APPLICATION
8.1 OVERVIEW
8.2 GRID/UTILITY
8.3 COMMERCIAL & INDUSTRIAL
8.4 EV CHARGING STATIONS
8.5 RESIDENTIAL
9 GLOBAL FLOW BATTERY MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL FLOW BATTERY MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 CELL CUBE
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 ELESTOR
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 ESS INC
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 EVERFLOW
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 INVINITY ENERGY SYSTEMS
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 JENABATTERIES GMBH
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 LARGO INC.
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. LOCKHEED MARTIN CORPORATION
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 PRIMUS POWER
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 REDFLOW LTD
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 REDOX ONE
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 STRYTEN ENERGY
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 SUMITOMO ELECTRIC INDUSTRIES
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 VIZN ENERGY SYSTEMS
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 VRB ENERGY
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 WATTJOULE CORPORATION
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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