The flow battery global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Flow Battery Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Flow Battery Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Flow Battery Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the flow battery market are focused on developing large-scale renewable energy storage to meet the demand for sustainable energy storage. Large-scale renewable energy storage refers to systems and technologies designed to store energy generated from renewable sources, such as solar and wind, on a large scale. For instance, in October 2021, Honeywell International Inc., a US-based technology company, launched the new flow battery technology with its high energy density and scalable modular design, allowing for flexible deployment in various applications. It incorporates advanced chemistry and materials to enhance efficiency and longevity, offering prolonged cycle life and minimal maintenance requirements.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
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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