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Flow Battery Market Research Report Information By Product Type (Redox, Hybrid), By Material Type (Vanadium, Zinc-Bromine), By Storage Type (Compact, Large Scale), By Application (Industrial & Commercial, Defense, Utilities And Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“Market Forecast Till 2032

ID: MRFR/E&P/5157-HCR | 111 Pages | Author: Snehal Singh| May 2024

Global Flow Battery Market Overview:

Flow Battery Market Size was valued at USD 0.2 Billion in 2022. The Flow Battery Market industry is projected to grow from USD 0.26 Billion in 2023 to USD 2.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 30.68% during the forecast period (2024 - 2032). Growing demand for renewable energy integration and grid stabilization, as well as  increasing demand for reliable and efficient energy storage technologies are the key market drivers enhancing the market growth.

Flow Battery Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Flow Battery Market Trends

  • Renewable energy adoption is expected to drive market growth

Renewable energy adoption is driving the market CAGR for Flow Battery. The relevance of energy storage in the power business is quickly growing, owing mostly to increased investment in the renewable energy sector. Although lithium-ion batteries are widely used, flow batteries provide promise advantages for long-term use and in applications that require a consistent cycle throughout the day. Renewable energy, such as wind and solar energy, can be made available for longer periods of time using flow batteries, thereby mitigating major intermittency difficulties. Developers are actively evaluating these technologies for their potential to provide power for longer periods of time as well as for ramping up and down with no degradation.

One of the most important applications of flow batteries is the storage of renewable energy. Countries such as the United States, India, China, and Japan have revised their energy policy to include a significant part of energy generation coming from renewable energy resources such as wind and solar. Government financial support and accompanying returns are expanding investments in renewable energy around the world. Renewable energy is now the preferred alternative for expanding, updating, and modernizing power infrastructure around the world. The Indian government promised to investing more than $25 billion in 2021 to meet an ambitious target of 175 GW of renewable energy generation by 2022. Renewable energy sources such as wind, solar, biomass and waste, geothermal, small hydro, and marine accounted for 55.3% of new power generation last year. As a result, the worldwide flow battery market is predicted to develop throughout the forecast period.

Utilities are an early application area for flow batteries since they deal with renewable energy grid penetration. Flow batteries are used in utility applications to function as a buffer between electricity demand and available energy from the grid. Flow batteries are ideal for long discharge times in MW scale power increases in utilities. Furthermore, these batteries supply and transfer energy during grid outages.

To present, the majority of flow battery installation projects globally have been designed to meet the needs of utilities. Because of the increased need for electrification in rural and urban regions, government and commercial entities have been working to improve electric grid infrastructure in recent years.

The United States Department of Energy (DOE) proposed $13 billion in new financing opportunities for the development and upgrading of the nation's electric grid in August 2022. The Grid Resilience Innovative Partnership (GRIP) program and the Transmission Facilitation Program, both funded by the President's Bipartisan Infrastructure Law, represent the largest single direct federal investment in critical transmission and distribution infrastructure, as well as one of the first down payments on an over $20 billion investment under the Administration's Building a Better Grid Initiative.

Such initiatives and substantial investments in grid construction by various governments to fulfill rising power demand are projected to fuel the growth of the flow battery market over the forecast period.

Flow Battery Market Segment Insights:

Flow Battery Product Type Insights

The Flow Battery Market segmentation, based on Product Type includes redox, hybrid. The redox segment is expected to dominate the market in 2022. Redox flow batteries are inexpensive and convenient ways of storing electrical energy on a grid scale and for a variety of applications, which contributes to this segment's substantial market share.

Flow Battery Material Type Insights

The Flow Battery Market segmentation, based on Material Type, includes vanadium, zinc-bromine. The zinc-bromine category is expected to have the greatest CAGR over the projection period in 2022. The benefits provided by zinc-bromine flow batteries, such as relatively high energy density, deep discharge capabilities, and superior reversibility, are credited to the segment's rise. 

Flow Battery Storage Type Insights

The Flow Battery Market segmentation, based on storage Type, includes compact, large scale. The flow battery market is dominated by the large scale segment. This is because large-scale flow batteries are increasingly being employed for grid-scale energy storage applications such as renewable energy integration, peak shaving, and load levelling. Furthermore, the growing demand for dependable and efficient energy storage solutions is likely to boost the expansion of the large-scale flow battery market in the coming years.

Figure 1: Flow Battery Market, by Storage Type, 2024 & 2032 (USD Billion)

Flow Battery Market, by Storage Type,

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Flow Battery Application Insights

The Flow Battery Market segmentation, based on application, includes industrial & commercial, defense, utilities and others. The utilities segment is expected to have the greatest share over the projection period in 2022. The rising adoption of flow batteries for utility applications to address the growing requirement for electrification is contributed to the segment's rise.

Flow Battery Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Flow Battery Market area will dominate this market, owing to the increasing usage of advanced ticketing technology, and the growing focus on improving the overall passenger experience.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Flow Battery Market Share By Region 2022 (USD Billion)

Flow Battery Market Share By Region

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Flow Battery Market accounts for the second-largest market share due to growing focus on sustainable transport systems. Further, the German Flow Battery Market held the largest market share, and the UK Flow Battery Market was the fastest growing market in the European region

The Asia-Pacific Flow Battery Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to Growing use of energy storage solutions for industrial and utility applications, as well as an increase in the number of operational projects incorporating flow battery installations, are likely to drive growth in this regional market during the forecast period.  Moreover, China’s Flow Battery Market held the largest market share, and the Indian Flow Battery Market was the fastest growing market in the Asia-Pacific region.

Flow Battery Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Flow Battery Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Flow Batteryindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Flow Battery industry to benefit clients and increase the market sector. In recent years, the Flow Battery industry has offered some of the most significant advantages to medicine. Major players in the Flow Battery Market, including Sumitomo Electric Industries, Ltd. (Japan), ViZn Energy Systems. (US), EnSync Energy Systems (US), Schmid (Germany), and Elestor (Europe) and others, are attempting to increase market demand by investing in research and development operations.

Sumitomo Electric Industries, Ltd. produces electrical wire and optical fibre cables. Its headquarters are in Osaka, Japan, in Ch-ku. The shares of the corporation are listed in the first section of the Tokyo, Nagoya, and Fukuoka Stock Exchanges. The company reported combined revenues of US$26,5 billion (2,918,580 million Japanese yen) in the fiscal year. In August 2020, Sumitomo Electric Industries announced the development of a new vanadium redox flow battery with a novel electrolyte solution that is intended to considerably increase the battery's performance and durability.

ESS Technology Incorporated is a private manufacturer of computer multimedia devices, audio DACs, and ADCs based in Fremont, California, with research and development centres in Kelowna, BC, Canada, and Beijing, China. Forrest Mozer started it in 1983. The company's CEO and President is Robert L. Blair. In June 2021, ESS Inc. announced the receipt of $20 million in investment to assist the development and commercialization of their iron flow battery technology, which is intended to enable long-duration energy storage for utility-scale applications.

Key Companies in the Flow Battery market include

  • Ess Inc. (Us)

  • Gildemeister Energy Solutions (Austria)

  • Redflow Limited. (Australia)

  • Primus Power (Us)

  • Redt Energy Plc. (Uk)

  • Sumitomo Electric Industries, Ltd. (Japan)

  • Vizn Energy Systems. (Us)

  • Ensync Energy Systems (Us)

  • Schmid (Germany)

  • Elestor (Europe)

Flow Battery Industry Developments

In July 2022,VRB Energy announces the completion of the first stage of an 800 MWh flow battery project in China. This project's initial stage contains a 100MW/400MWh vanadium redox flow battery energy storage technology.

In January 2022,SDG&E (San Diego Gas & Electric) commissioned ESS Tech Inc. to deploy its long-duration batteries for commercial and utility-scale energy storage applications. This will provide backup resources in California to the SDG&E microgrid project.

In July 2022,Redflow Limited made its first prospective commercial sale of Gen3 batteries. As part of the unique hybrid renewable energy system, the business was awarded a contract to supply 56 Gen3 zinc-bromine flow batteries.

Flow Battery Market Segmentation:

Flow Battery Market By Product Type Outlook

  • Redox

  • Hybrid

Flow Battery Market By Material Type Outlook

  • Vanadium

  • Zinc-Bromine

Flow Battery Market By Storage Type Outlook

  • Compact

  • Large Scale

Flow Battery Market By Application Outlook

  • Industrial & Commercial

  • Defense

  • Utilities

  • Others

Flow Battery Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 0.2 Billion
Market Size 2023 USD 0.26 Billion
Market Size 2032 USD 2.2 Billion
Compound Annual Growth Rate (CAGR) 30.68% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, Material Type, Storage Type, Application and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled ESS Inc. (US), Gildemeister energy solutions (Austria), Redflow Limited. (Australia), Primus Power (US), redT energy plc. (UK), Sumitomo Electric Industries, Ltd. (Japan), ViZn Energy Systems. (US), EnSync Energy Systems (US), Schmid (Germany), and Elestor (Europe).
Key Market Opportunities The growing popularity of contactless payment technologies.
Key Market Dynamics Smart transportation systems are becoming more popular.

Frequently Asked Questions (FAQ) :

The global Flow Battery Market size was valued at USD 0.2 Billion in 2022.

The global market is projected to grow at a CAGR of 30.68% during the forecast period, 2024-2032.

North America had the largest share in the global market

The key players in the market are Sumitomo Electric Industries, Ltd. (Japan), ViZn Energy Systems. (US), EnSync Energy Systems (US), Schmid (Germany), and Elestor (Europe).

The redox category dominated the market in 2022.

The utilities had the largest share in the global market.

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