According to the latest publication from Meticulous Research®, the flow battery market is projected to reach $885.3 million by 2030, at a CAGR of 17% during the forecast period of 2023 to 2030. The growth of this market is driven by the high demand for flow battery for utility applications and the increasing investments in renewable energy. However, the lack of standardization for the development of flow battery systems and the high initial costs of manufacturing flow battery restrain the growth of this market.
Furthermore, technological innovations with improved capabilities are expected to create significant growth opportunities for the players operating in this market. However, the decline in the deployment rate of flow battery and the supply chain disruption of raw materials for battery manufacturing pose challenges to the market’s growth. The flow battery market is segmented based on 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. Redox flow battery are economical and convenient sources of storing electrical energy at a grid scale and for various applications, which contributes to the large market share of this segment.
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. The large market share of this segment is attributed to the benefits offered by zinc-bromine flow battery, including relatively high energy density, deep discharge capability, and good reversibility.
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. The large market share of this segment is attributed to the increasing electrification initiatives by various governments and stakeholders to power distant and remote locations.
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. The adoption of flow battery is increasing in utilities due to the growing need for electrification. Furthermore, the growing use of renewable energy across grids has increased the demand for efficient, flexible, and long-lasting energy storage solutions.
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. In addition, the growing adoption of energy storage solutions for industrial, utilities, and other applications and the rising demand for flow battery for grid and microgrid applications contributes to the growth of this regional market.