‘Flow Battery Market by Type (redox flow batteries, and hybrid flow batteries), Material (zinc-bromine, vanadium, hydrogen-bromine), Ownership, Application (utilities, commercial & industrial), and Geography - Global Forecast to 2030,’ the global flow batteries market is expected to reach $885.3 million by 2030, at a CAGR of 17.0% during the forecast period.
The market for flow battery is experiencing significant growth, driven by the high demand from utilities and the increasing investments in renewable energy. With its ability to store large amounts of energy and discharge it for long durations, flow battery is considered an effective alternative to conventional batteries. However, the growth of this market is constrained by the lack of standardization for flow battery systems development and the high initial costs of manufacturing these batteries.
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Despite these challenges, technological innovations are expected to create substantial growth opportunities for players operating in this market. Innovations such as improved efficiency, longer cycle life, and increased capacity are expected to boost the demand for flow batteries.
However, the COVID-19 pandemic has led to a decline in the deployment rate of flow batteries and has caused significant disruptions in the supply chain of raw materials for battery manufacturing. These challenges have created uncertainties and pose challenges to the market's growth.
Overall, the market for flow batteries has significant potential for growth, and with ongoing technological advancements, it is expected to experience a surge in demand in the coming years.
Key Findings in the Flow Battery Market Study:
Redox Flow Battery Segment to Register the Highest CAGR During Forecast Period
Based on type, the flow battery market is segmented into redox flow battery and hybrid flow battery. In 2022, the redox flow battery segment is slated to register the highest CAGR during the forecast period. 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.
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Zinc-bromine Segment to Register the Highest CAGR During Forecast Period
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 is slated to register the highest CAGR during the forecast period. The growth 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.
Customer-owned Segment to Register the Highest CAGR During Forecast Period
Based on ownership, the flow battery market is segmented into customer-owned, third-party-owned, and utility-owned. In 2022, the customer-owned segment is slated to register the highest CAGR during the forecast period. The growth of this segment is attributed to the wide usage of flow battery for EV charging and commercial & industrial applications.
Utilities Segment to Register the Highest CAGR During Forecast Period
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 is slated to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increased adoption of flow battery for utility applications to meet the growing need for electrification.
Asia-Pacific to be the Fastest-growing Regional Market
Based on geography, the flow battery market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is slated to register the highest CAGR during the forecast period. The growing adoption of energy storage solutions for industrial and utility applications and the increasing number of operational projects with flow battery installations are expected to fuel the growth of this regional market during the forecast period.
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Key Players
The key players operating in the flow battery market are Invinity Energy Systems PLC (Europe), ESS Inc. (U.S.), Primus Power Corporation (U.S.), ViZn Energy Systems (U.S.), EnSync Energy Systems (U.S.), Sumitomo Electric Industries, Ltd. (Japan), UniEnergy Technologies, LLC (U.S), Dalian Rongke Power Co. Ltd. (China), Redflow Limited (Australia), Elestor BV (Netherlands), Enerox GmbH (Austria), Largo Inc. (U.S.), RFC Power Ltd (Europe), H2, Inc. (South Korea), CellCube Energy Storage Systems Inc. (U.S.), Voltstorage GmbH (Germany), Vanadis Power GmbH (Germany), and LE SYSTEM CO., Ltd (Japan).
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