Global Flow Battery Market – Industry Trends and Forecast to 2030

Global Flow Battery Market, By Type (Redox, Hybrid), Material (Vanadium, Zinc–Bromine), Storage (Compact, Large Scale), Application (Utilities, Commercial and Industrial, Military, EV Charging Station), Component (Membrane, Power Conditioning System (PCS), Heat Exchanger, Graphite Felt, Bipolar Plate, Other), Ownership (Customer-Owned, Third-party Owned, Utility Owned) - Industry Trends and Forecast to 2030.

Flow Battery Market Analysis and Size

Flow battery basically refers to is an electrical storage device that is connected between a fuel cell and a conventional battery. It is a type of rechargeable battery or electrochemical cell and can generally be characterized by power/energy density, efficiency, and many more. Flow battery delivers two chemical components that is easily dissolved in liquids and have two electrolyte solutions in two separate tanks connected through two independent loops.

Data Bridge Market Research analyses that the global flow battery market which was USD 296.6 million in 2022, would rocket up to USD 2,500.36 million by 2030, and is expected to undergo a CAGR of 28.60% during the forecast period. This indicates the market value. “Redox” dominates the type segment of the global flow battery market due to redox flow batteries are known for their scalability. They can be designed with a wide range of power and energy capacities, making them suitable for various applications, from small-scale residential systems to large-scale grid energy storage projects. This flexibility makes them appealing for both commercial and utility-scale applications. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Flow Battery Market Scope and Segmentation

Market Definition

Flow battery encompasses the production, distribution, and utilization of flow battery systems designed to store and release electrical energy. Flow batteries are a type of electrochemical energy storage technology that employs liquid electrolytes contained in separate tanks. During charging and discharging cycles, these electrolytes flow through electrochemical cells to store and release electricity. Flow batteries are characterized by their ability to scale energy and power independently, making them suitable for various applications, from grid-scale energy storage to residential and commercial use.

Global Flow Battery Market Dynamics

Drivers

• Advancements in Flow Battery Technology

Ongoing research and development efforts have led to improvements in flow battery technology. These advancements include enhanced electrode materials, optimized electrolyte chemistries, and improved system designs, resulting in increased energy density, efficiency, and cost-effectiveness

• Increased Investment in Renewable Energy

Flow batteries are well-suited for storing renewable energy such as solar and wind power, which are intermittent and variable in nature. They can provide long-duration storage, which is essential for integrating renewable energy into the grid

• Rising Government Support

Governments around the world are providing financial incentives and other support to promote the adoption of renewable energy and energy storage technologies. This is driving demand for flow batteries in a number of applications

Opportunity

• Increasing Demand for Renewable Energy Storage

Flow batteries are well-suited for storing renewable energy, such as solar and wind power, which are intermittent and variable in nature. As the penetration of renewable energy into the grid increases, so too will the demand for flow batteries

Restraints/Challenges

• High Upfront Costs

Flow batteries are more expensive than some other energy storage technologies, such as lithium-ion batteries. This could deter some potential customers from adopting flow batteries

• Lack of Standardization

There is currently no standard for flow battery systems. This makes it difficult for customers to compare different products and services, and it can also increase the cost of system integration.

This global flow battery market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the variable frequency drive market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth

Recent Developments

• In March 2023, Sumitomo Electric Industries, Ltd. received orders for redox flow batteries. The company is expanding its redox flow battery business in the U.S. Sumitomo Electric has received orders for A 250 kW x 3-hour system to be installed at Nippon P.S. Co., Ltd.'s head office and factory, An 8-hour duration vanadium redox flow battery (VRFB) for a municipal power company in Niigata, Japan. Sumitomo Electric has also started a project in California to demonstrate the use of redox flow batteries in the wholesale power market. The project aims to verify the most profitable operation techniques
• Lockheed Martin, a defense and aerospace company, announced in November 2019 that it would launch a flow battery in 2020. The company's GridStar Flow battery is a redox flow battery that stores power from renewable energy sources and can provide backup power during grid outages. The battery is designed for large-capacity storage applications

Global Flow Battery Market Scope

The global flow battery market is segmented on the basis of type, material, storage, application, component and ownership. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Redox
• Hybrid

Material

• Vanadium
• Zinc–Bromine

Storage

• Compact
• Large Scale

Application

• Utilities
• Commercial and Industrial
• Military
• EV Charging Station

Component

• Membrane
• Power Conditioning System (PCS)
• Heat Exchanger
• Graphite Felt
• Bipolar Plate
• Other

Ownership

• Customer-Owned
• Third-party Owned
• Utility Owned

Global Flow Battery Market Region Analysis/Insights

The global flow battery market is analyzed and market size insights and trends are provided by type, material, storage, application, component, and ownership, as referenced above.

The regions covered in the global flow battery market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the global flow battery market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa

North America dominates the global flow battery market due to various operational flow battery installations with large power ratings in the region.

Asia-Pacific region is projected to undergo substantial during the forecast period of 2023 to 2030 owing to the rising demand for flow batteries from the grid and microgrid applications in India and China, high investments in infrastructural projects and commercial applications.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Flow Battery Market Share Analysis

The global flow battery market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the company’s focus related to the global flow battery market.

Some of the major players operating in the global flow battery market are:

• Lockheed Martin Corporation. (U.S.)
• ViZn Energy Systems (U.S.)
• UniEnergy Technologies.(U.S.)
• Sumitomo Electric Industries, Ltd. (Japan)
• Invinity Energy Systems. (U.S.)
• STEAG Solar Energy Solutions. (Germany)
• ESS, Inc (U.S.)
• Primus Power (U.S.)
• nanoFlowcell Management AG. (Switzerland)
• Primus Power (U.S.)
• Gelion Technologies (Australia)
• redT energy plc (U.K.)
• UniEnergy Technologies. (U.S.)
• Redflow Limited (Australia)
• ELESTOR (Netherland)
• JenaBatteries GmbH (Germany)
• Volterion Dortmund (Germany)
• VoltStorage GmbH (Germany)
• H2, Inc. (South Korea)
• KEMIWATT (France)