Flow Battery Market Size, Share & Trends Analysis Report By Battery Type (Redox, Hybrid), Material (Vanadium, Zinc Bromine, Organic, Iron), By Ownership (Customer-owned, Third-party owned, Utility owned), Storage (Large-scale, Small-scale), Application (Utilities, Commercial & Industrial, EV Charging Stations), By Region, And By Segment Forecasts, 2024-2031

Report Id: 2408 Pages: 180 Last Updated: 22 March 2024 Format: PDF / PPT / Excel / Power BI
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Segmentation of Flow Battery Market-

Flow Battery Market By Battery Type-

  • Redox
  • Hybrid

Flow Battery Market seg

Flow Battery Market By Material-

  • Vanadium
  • Zinc Bromine
  • Others

Flow Battery Market By Ownership-

  • Customer-owned
  • Third-party owned
  • Utility owned

Flow Battery Market By Storage-

  • Small-scale
  • Large-scale

Flow Battery Market By Application-

  • Utilities
  • Commercial & Industrial
  • EV Charging Stations
  • Others

Flow Battery Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Flow Battery Market Snapshot

Chapter 4. Global Flow Battery Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Battery Type Estimates & Trend Analysis

5.1. by Battery Type & Market Share, 2019 & 2031

5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Battery Type:

5.2.1. Redox

5.2.2. Hybrid

Chapter 6. Market Segmentation 2: by Material Estimates & Trend Analysis

6.1. by Material & Market Share, 2019 & 2031

6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Material:

6.2.1. Vanadium

6.2.2. Zinc Bromine

6.2.3. Others

Chapter 7. Market Segmentation 3: by Ownership Range Estimates & Trend Analysis

7.1. by Ownership Range & Market Share, 2019 & 2031

7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Ownership Range:

7.2.1. Customer owned

7.2.2. Third-party owned

7.2.3. Utility owned

Chapter 8. Market Segmentation 4: by Storage Estimates & Trend Analysis

8.1. by Storage & Market Share, 2019 & 2031

8.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Storage:

8.2.1. Small-scale

8.2.2. Large-scale

Chapter 9. Market Segmentation 5: by Application Estimates & Trend Analysis

9.1. by Application & Market Share, 2019 & 2031

9.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:

9.2.1. Utilities

9.2.2. Commercial & Industrial

9.2.3. EV Charging Stations

9.2.4. Other Applications

Chapter 10. Flow Battery Market Segmentation 6: Regional Estimates & Trend Analysis

10.1. North America

10.1.1. North America Flow Battery Market Revenue (US$ Million) Estimates and Forecasts by Battery Type, 2019-2031

10.1.2. North America Flow Battery Market Revenue (US$ Million) Estimates and Forecasts by Material, 2019-2031

10.1.3. North America Flow Battery Market revenue (US$ Million) by Ownership Range, 2019-2031

10.1.4. North America Flow Battery Market revenue (US$ Million) by Storage, 2019-2031

10.1.5. North America Flow Battery Market revenue (US$ Million) by Application, 2019-2031

10.1.6. North America Flow Battery Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

10.2. Europe

10.2.1. Europe Flow Battery Market revenue (US$ Million) by Battery Type, 2019-2031

10.2.2. Europe Flow Battery Market revenue (US$ Million) by Material, 2019-2031

10.2.3. Europe Flow Battery Market revenue (US$ Million) by Ownership Range, 2019-2031

10.2.4. Europe Flow Battery Market revenue (US$ Million) by Storage, 2019-2031

10.2.5. Europe Flow Battery Market revenue (US$ Million) by Application, 2019-2031

10.2.6. Europe Flow Battery Market revenue (US$ Million) by country, 2019-2031

10.3. Asia Pacific

10.3.1. Asia Pacific Flow Battery Market revenue (US$ Million) by Battery Type, 2019-2031

10.3.2. Asia Pacific Flow Battery Market revenue (US$ Million) by Material, 2019-2031

10.3.3. Asia-Pacific Flow Battery Market revenue (US$ Million) by Ownership Range, 2019-2031

10.3.4. Asia Pacific Flow Battery Market revenue (US$ Million) by Storage, 2019-2031

10.3.5. Asia Pacific Flow Battery Market revenue (US$ Million) by Application, 2019-2031

10.3.6. Asia Pacific Flow Battery Market revenue (US$ Million) by country, 2019-2031

10.4. Latin America

10.4.1. Latin America Flow Battery Market revenue (US$ Million) by Battery Type, 2019-2031

10.4.2. Latin America Flow Battery Market revenue (US$ Million) by Material, 2019-2031

10.4.3. Latin America Flow Battery Market revenue (US$ Million) by Ownership Range, 2019-2031

10.4.4. Latin America Flow Battery Market revenue (US$ Million) by Storage, 2019-2031

10.4.5. Latin America Flow Battery Market revenue (US$ Million) by Application, 2019-2031

10.4.6. Latin America Flow Battery Market revenue (US$ Million) by country, 2019-2031

10.5. Middle East & Africa

10.5.1. Middle East & Africa Flow Battery Market revenue (US$ Million) by Battery Type, 2019-2031

10.5.2. Middle East & Africa Flow Battery Market revenue (US$ Million) by Material, 2019-2031

10.5.3. Middle East & Africa Flow Battery Market revenue (US$ Million) by Ownership Range, 2019-2031

10.5.4. Middle East & Africa Flow Battery Market revenue (US$ Million) by Storage, 2019-2031

10.5.5. Middle East & Africa Flow Battery Market revenue (US$ Million) by Application, 2019-2031

10.5.6. Middle East & Africa Flow Battery Market revenue (US$ Million) by country, 2019-2031

Chapter 11. Competitive Landscape

11.1. Major Mergers and Acquisitions/Strategic Alliances

11.2. Company Profiles

11.2.1. Sumitomo Electric Industries, Ltd.

11.2.2. VRB Energy

11.2.3. Invinity Energy Systems

11.2.4. Largo Inc.

11.2.5. Enerox GmbH

11.2.6. Redflow Limited

11.2.7. Stryten Energy

11.2.8. ViZn Energy Systems

11.2.9. Lockheed Martin Corporation

11.2.10. Jenabatteries GmbH

11.2.11. SCHMID Group

11.2.12. Elestor BV

11.2.13. Primus Power Solutions

11.2.14. ESS Inc.

11.2.15. H2, Inc.

11.2.16. Kemiwatt

11.2.17. Le System Co., Ltd.

11.2.18. Nanoflowcell Holdings Plc

11.2.19. Storen Technologies

11.2.20. Vanadis Power Gmbh

11.2.21. Vflowtech Pte Ltd.

11.2.22. Other Prominent Players

Research Design and Approach

This study employed a multi-step, mixed-method research approach that integrates:

  • Secondary research
  • Primary research
  • Data triangulation
  • Hybrid top-down and bottom-up modelling
  • Forecasting and scenario analysis

This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.

Secondary Research

Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.

Sources Consulted

Secondary data for the market study was gathered from multiple credible sources, including:

  • Government databases, regulatory bodies, and public institutions
  • International organizations (WHO, OECD, IMF, World Bank, etc.)
  • Commercial and paid databases
  • Industry associations, trade publications, and technical journals
  • Company annual reports, investor presentations, press releases, and SEC filings
  • Academic research papers, patents, and scientific literature
  • Previous market research publications and syndicated reports

These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.

Secondary Research

Primary Research

Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.

Stakeholders Interviewed

Primary interviews for this study involved:

  • Manufacturers and suppliers in the market value chain
  • Distributors, channel partners, and integrators
  • End-users / customers (e.g., hospitals, labs, enterprises, consumers, etc., depending on the market)
  • Industry experts, technology specialists, consultants, and regulatory professionals
  • Senior executives (CEOs, CTOs, VPs, Directors) and product managers

Interview Process

Interviews were conducted via:

  • Structured and semi-structured questionnaires
  • Telephonic and video interactions
  • Email correspondences
  • Expert consultation sessions

Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.

Data Processing, Normalization, and Validation

All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.

The data validation process included:

  • Standardization of units (currency conversions, volume units, inflation adjustments)
  • Cross-verification of data points across multiple secondary sources
  • Normalization of inconsistent datasets
  • Identification and resolution of data gaps
  • Outlier detection and removal through algorithmic and manual checks
  • Plausibility and coherence checks across segments and geographies

This ensured that the dataset used for modelling was clean, robust, and reliable.

Market Size Estimation and Data Triangulation

Bottom-Up Approach

The bottom-up approach involved aggregating segment-level data, such as:

  • Company revenues
  • Product-level sales
  • Installed base/usage volumes
  • Adoption and penetration rates
  • Pricing analysis

This method was primarily used when detailed micro-level market data were available.

Bottom Up Approach

Top-Down Approach

The top-down approach used macro-level indicators:

  • Parent market benchmarks
  • Global/regional industry trends
  • Economic indicators (GDP, demographics, spending patterns)
  • Penetration and usage ratios

This approach was used for segments where granular data were limited or inconsistent.

Hybrid Triangulation Approach

To ensure accuracy, a triangulated hybrid model was used. This included:

  • Reconciling top-down and bottom-up estimates
  • Cross-checking revenues, volumes, and pricing assumptions
  • Incorporating expert insights to validate segment splits and adoption rates

This multi-angle validation yielded the final market size.

Forecasting Framework and Scenario Modelling

Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.

Forecasting Methods

  • Time-series modelling
  • S-curve and diffusion models (for emerging technologies)
  • Driver-based forecasting (GDP, disposable income, adoption rates, regulatory changes)
  • Price elasticity models
  • Market maturity and lifecycle-based projections

Scenario Analysis

Given inherent uncertainties, three scenarios were constructed:

  • Base-Case Scenario: Expected trajectory under current conditions
  • Optimistic Scenario: High adoption, favourable regulation, strong economic tailwinds
  • Conservative Scenario: Slow adoption, regulatory delays, economic constraints

Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.

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Frequently Asked Questions

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

Flow Battery Market is expected to grow at a 21.3% CAGR during the forecast period for 2024-2031.

Primus Power Solutions, and ESS Inc., ESS Inc., H2, Inc., Kemiwatt, Le System Co., Ltd., Nanoflowcell Holdings Plc, Storen Technologies, Vanadis Power

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