The flow battery market is expected to grow significantly over the next decade, reaching $885.3 million by 2030, with a compound annual growth rate (CAGR) of 17%. The high demand for flow batteries for utility applications and the rising investments in renewable energy are driving this growth. However, the lack of standardization for flow battery systems and the high initial costs of manufacturing are hindering market growth.
Technological advancements with improved capabilities are expected to offer growth opportunities, but the decline in deployment rate and supply chain disruptions of raw materials may pose challenges. The flow battery market is divided into different segments, including type, material, ownership, application, and geography.
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Based on type, the flow battery market is segmented into redox flow battery and hybrid flow battery. In 2022, the redox flow battery segment accounted for the larger share of the flow battery market.
Based on material, the flow battery market is segmented into zinc-bromine, vanadium, hydrogen-bromine, polysulfide bromine, and other materials. In 2022, the zinc-bromine segment accounted for the largest share of the flow battery market.
Based on ownership, the flow battery market is segmented into customer-owned, third-party-owned, and utility-owned. In 2022, the utility-owned segment accounted for the largest share of the flow battery market.
Based on application, the flow battery market is segmented into utilities, commercial & industrial, EV charging stations, off-grid & micro-grid power, and other applications. In 2022, the utilities segment accounted for the largest share of the flow battery market.
Based on geography, in 2022, Asia-Pacific (APAC) accounted for the largest share of the flow battery market. Asia-Pacific’s major market share is attributed to the increasing demand for flow battery from countries such as Japan and Australia.
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Scope of the Report:
Flow Battery Market, by Type
• Redox Flow Battery
• Hybrid Flow Battery
Flow Battery Market, by Material
• Zinc-bromine
• Vanadium
• Hydrogen-bromine
• Polysulfide Bromine
• Other Materials
Flow Battery Market, by Ownership
• Customer-owned
• Third party-owned
• Utility-owned
Flow Battery Market, by Application
• Utilities
• Commercial & Industrial
• EV Charging Stations
• Off-grid & Micro-grid Power
• Other Applications
Flow Battery Market, by Geography
• North America
o U.S.
o Canada
• Asia-Pacific
o China
o Japan
o South Korea
o India
o Singapore
o Thailand
o Australia
o Taiwan
o Rest of Asia-Pacific
• Europe
o Germany
o U.K.
o France
o Netherlands
o Norway
o Italy
o Spain
o Switzerland
o Sweden
o Denmark
o Rest of Europe
• Latin America
• Middle East & Africa
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