Flow Battery Market Size is valued at USD 293.1 Mn in 2023 and is predicted to reach USD 1,335.0 Mn by the year 2031 at a 21.3% CAGR during the forecast period for 2024-2031.
Flow batteries show great potential as a technology suitable for storing vast amounts of energy, especially for applications employing renewable energy sources such as solar and wind power. Due to their extended lifespan, ability to be scaled up, and high level of safety, they are highly suitable for grid storage applications. With ongoing technological advancements, flow batteries are anticipated to become increasingly cost-competitive and play a substantial part in the future of energy storage.
The electrochemical energy storage method, flow batteries, uses electrolytes and liquids in different containers. Innovations in technology and the introduction of new products are driving the worldwide flow battery market’s anticipated rapid expansion over the next several years. Many national governments offer subsidies and other forms of support to encourage using renewable energy sources and energy storage devices. Thus, the need for flow batteries is increasing. In addition, improvements to grid infrastructure are also expected to contribute to the market’s expansion. In addition, the market growth will be accelerated by the safety features of flow batteries, which allow them to store active materials away from the reactive point source worldwide, driving market expansion.
However, the flow battery market slows down market growth due to various factors such as their high cost, the development of flow battery systems needing to be standardized, and the manufacture of flow batteries being initially expensive, which limits the growth of this sector. Moreover, the market is expected to experience growth throughout the projected time frame due to technological innovations, rising government support, rising industrialization, and an increase in urbanization.
Competitive Landscape
Some Major Key Players In The Flow Battery Market:
- Sumitomo Electric Industries, Ltd.
- VRB Energy
- Invinity Energy Systems
- Largo Inc.
- Enerox GmbH
- Redflow Limited
- Stryten Energy
- ViZn Energy Systems
- Lockheed Martin Corporation
- Jenabatteries GmbH
- SCHMID Group
- Elestor BV
- Primus Power Solutions
- ESS Inc.
- H2, Inc.
- Kemiwatt
- Le System Co., Ltd.
- Nanoflowcell Holdings Plc
- Storen Technologies
- Vanadis Power Gmbh
- Vflowtech Pte Ltd.
- Other Prominent Players
Market Segmentation:
The flow battery market is segmented according to battery type, material, ownership, storage, and application. As per the battery type, the market is segmented into redox and hybrid. By material, the market is segmented into vanadium, zinc-bromine, and others. By ownership, the market is segmented into customer-owned, third-party owned, and utility owned. By storage, the market is segmented into small-scale and large-scale. By application, the market is segmented into utilities, commercial & industrial, EV charging stations, and others.
Based On Battery Type, The Hybrid Segment Accounts For A Major Contributor To The Flow Battery Market.
The hybrid category will hold a major share of the global flow battery market 2022. This is because hybrid flow batteries have become more popular in large-scale energy storage systems. They are ideal for grid-scale energy storage, renewable energy source integration, and backup power systems due to their large energy storage capacity and rapid energy release capabilities. In addition, unlike other energy storage technologies, hybrid flow batteries are designed to be easily maintained and have the potential for longer operational lifetimes, driving market expansion.
The Small-Scale Storage Segment Witnessed Growth At A Rapid Rate.
The small-scale storage segment is projected to grow rapidly in the global flow battery market because small-scale flow batteries are more convenient for on-the-go use. They are a relatively new invention, and most hybrid flow batteries are constructed with a small storage type. These batteries have many potential uses, including EV charging stations, homes, telecommunications, and businesses. Developing small-scale flow batteries for residential uses is a major priority for many companies and is projected to drive growth in this segment.
In The Region, The Asia Pacific Flow Battery Market Holds A Significant Revenue Share.
The Asia Pacific flow battery market is expected to record the maximum market revenue share in the near future. Rapid industrialization, urbanization, government incentives, and support fuel the region’s flow battery. The region’s flow battery market, is experiencing expansion due to the large-scale industrial development in developing economies like India and China. There will be lots of potential for the flow battery market to grow throughout the projected period, owing to the region’s expanding investments in renewable energy.
Recent Developments:
- In March 2024, Largo recently disclosed a proposed collaboration with Stryten Energy to introduce innovation and expand the North American vanadium flow battery market. A proposed partnership aims to create a unified supply chain for the production of vanadium and vanadium electrolyte. This caters to the increasing need for long-duration energy storage solutions.
- In January 2024, Invinity Energy Systems is pleased to announce that it has partnered with Everdura, a strategic partner based in Taiwan, to manufacture its next-generation vanadium flow battery product, code-named "Mistral.
Flow Battery Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 293.1 Mn |
|
Revenue Forecast In 2031 |
USD 1,335.0 Mn |
|
Growth Rate CAGR |
CAGR of 21.3% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Battery Type, Material, Ownership, Storage, and Application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Sumitomo Electric Industries, Ltd., VRB Energy, Invinity Energy Systems, Largo Inc., Enerox GmbH, Redflow Limited, Stryten Energy, ViZn Energy Systems, Lockheed Martin Corporation, Jenabatteries GmbH, SCHMID Group, Elestor BV, Primus Power Solutions, and ESS Inc., ESS Inc., H2, Inc., Kemiwatt, Le System Co., Ltd., Nanoflowcell Holdings Plc, Storen Technologies, Vanadis Power Gmbh, Vflowtech Pte Ltd. and Other market players. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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