Overview and Scope
A flow battery is a type of rechargeable battery where energy is stored in liquid electrolytes contained in external tanks, enabling scalable energy storage solutions. These batteries operate by flowing electrolytes through electrochemical cells to produce electricity, offering flexibility in capacity and power output for various applications such as grid energy storage and renewable energy integration.
Sizing and Forecast
The flow battery market size has grown rapidly in recent years. It will grow from $0.66 billion in 2023 to $0.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to energy storage demand, increasing awareness of climate change, scale-up and commercialization, supportive government policies, and renewable energy adoption.
The flow battery market size is expected to see rapid growth in the next few years. It will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to the rise of decentralized energy systems, energy transition policies, rising digitalization, increasing demand for energy storage solutions, and rising demand for grid stabilization. Major trends in the forecast period include increased deployment in utility-scale projects, hybrid energy storage systems, a focus on sustainability and environmental impact, software and control innovation, standardization, and regulatory frameworks.
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Segmentation & Regional Insights
The flow battery market covered in this report is segmented –
1) By Type: Redox, Hybrid
2) By Component: Membrane, Power Conditioning System (PCS), Heat Exchanger, Graphite Felt, Bipolar Plate, Other Components
3) By Material: Vanadium Redox Flow Battery, Zinc Bromine Flow Battery, Iron Flow Battery, Zinc Iron Flow Battery
4) By Storage: Compact, Large Scale
5) By Application: Utility, Automotive, Residential, Industrial, Energy Storage, Other Applications
North America was the largest region in the flow battery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flow battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of solar and wind power is expected to propel the growth of the flow battery market going forward. The increasing adoption of solar and wind power is driven by the need for sustainable energy solutions to combat climate change and reduce reliance on fossil fuels. Flow batteries are advantageous for storing solar and wind power due to their scalability, long cycle life, and ability to store energy for extended durations, supporting grid stability and renewable energy integration efficiently. For instance, in January 2024, according to the Energy Information Administration, a US-based government agency, solar power generation in the United States is projected to surge by 75%, reaching 286 billion kilowatt hours (kWh) by 2025, up from 163 billion kWh in 2023. Therefore, the increasing adoption of solar and wind power is driving the flow battery market.
Key Industry Players
Major companies operating in the flow battery market are Lockheed Martin Corporation, Sumitomo Electric Industries Ltd., Texas Instruments Incorporated, Stryten Energy, SCHMID Group, Imergy Power Systems, Largo Inc., Primus Power, Smart Energy International, VoltStorage, ViZn Energy Systems, VRB Energy, CellCube Energy Storage Systems Inc., nanoFlowcell Management AG., Kemiwatt, EnSync Energy Systems, Elestor, Enervault, H2 Inc., Invinity Energy Systems, JenaBatteries GmbH, Redflow Limited, ESS Inc., Prudent Energy
The flow battery market report table of contents includes:
1. Executive Summary
2. Flow Battery Market Characteristics
3. Flow Battery Market Trends And Strategies
4. Flow Battery Market – Macro Economic Scenario
5. Global Flow Battery Market Size and Growth
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32. Global Flow Battery Market Competitive Benchmarking
33. Global Flow Battery Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Flow Battery Market
35. Flow Battery Market Future Outlook and Potential Analysis
36. Appendix
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