Flow Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Type (Redox Flow Battery and Hybrid Flow Battery), By Material (Vanadium, Zinc–Bromine and Others), By Storage (Compact and Large Scale), By Application (Utilities, Commercial & Industrial, Military, EV Charging Station and Others), By Region, Competition

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Summary

Report Description

Global Flow Battery Market is predicted to proliferate during the forecast period. The growth of the market can be attributed to rising urbanization requiring more energy demand, growing demand for power supply which results in rising the number of data centers, high demand for flow batteries in utilities among others across the globe. A flow battery, or redox flow battery, is a type of electrochemical element in which chemical energy is produced by two chemical components dissolved in liquids, which are pumped through the membrane to different sides of the system. Ion transfer occurs across the membrane as both fluids circulate in their space. The cell voltage is determined chemically by the Nernst equation, and in practical applications, it ranges from 1.0 to 2.43 volts. The energy capacity depends on the volume of the electrolyte and the capacity is a function of the surface area of ​​the electrodes. There is a growing requirement for energy backup due to the rising demand for uninterrupted power supply in all major countries such as India, Saudi Arabia, Vietnam, Singapore, the United States, among others. In the case of power outages, flow batteries serve as a backup power source. Lithium-ion batteries and fuel cells can be used as substitutes to flow batteries. The rechargeable and scalability feature of the flow batteries are the two major advantages.

The need for a reliable supply has increased, necessitating a growing need for energy backup in all major countries. Flow batteries provide as a backup power source during power interruptions or periods of heavy demand. Lithium-ion batteries and fuel cells are thought to be replaced by the flow batteries. Flow batteries have the unique ability to be scaled up and recharged by adding the required amount of electrolyte, which distinguishes them from other options. The extended operating life and low maintenance needs of flow batteries are other advantages.

Several developed and emerging countries have established green energy objectives; therefore this trend is anticipated to continue on a global level. Flow batteries are generally used for energy storage by utility corporations. This serves as a market driver for the global flow battery market, coupled with the additional benefits of longer operation time and longer life. Global installations of flow batteries have increased as a result of the rising usage of solar and wind energy.

Use of Flow Batteries in Residential Applications is Expanding

Solar PV systems’ popularity in residential applications has significantly increased over the past several years as a result of their capacity to reduce greenhouse gas emissions and electricity prices. Solar PV systems are not ideal for grid integration because of the unexpected changes in the energy that are produced by the sun’s intermittent irradiance. A battery energy storage system is utilized because homes and small businesses can require the maximum amount of energy, reduce their energy expenses, and avoid blackouts which is driven by the flow batteries. The flow batteries' inherent qualities, such as a high life cycle count, versatility, and enormous storage capacity, make them especially well-suited for residential and commercial applications. Therefore, various developed and developing countries are rising their investment in the residential and commercial sectors. For instance, in Canada, in March 2023, investment in residential building construction increased to 1.9% to USD14.9 billion after posting four consecutive monthly declines at the end of 2022. Additionally, single-family investment in homes increased up to 2.4% to USD8 billion and multi-unit construction increased by 1.3% to USD6.8 billion.

Increasing Number of Renewable Energy Projects Across the Globe

Natural resources are used in the renewable technologies to generate electricity. New technologies are needed for green energy. The development of renewable energy sources has driven the need for energy storage systems to store the generated electricity. Therefore, the demand for energy storage systems such as redox flow batteries is high. Ongoing renewable energy generation projects across the globe, are expected to positively impact the market of flow batteries across the globe during the forecast period. In September 2022, the U.S. Department of Energy (DOE) allocated USD17.9 million for four research and development initiatives to expand American production of flow batteries and long-duration storage systems. This financing assists in providing the resources required to build out the system with new, clean energy sources, supply cheap power to underserved populations, and contribute to the Biden Administration’s objective of net-zero carbon emissions by 2050.   Furthermore, as of January 31, 2023, the Essar Group, headquartered in Mumbai, established the Essar Energy Transition (EET), and invested a total of USD 3.6 billion in the development of a variety of low-carbon energy transition projects over the course of the upcoming years. Thus, increasing renewable projects has led to a rise in the demand for flow batteries for the forecast period.

Impact of COVID-19 on the Global Flow Battery Market

One of the major impacts of COVID-19 on the global flow battery market has been the disruption of supply chains. The pandemic has caused significant disruptions in the global supply chain, leading to shortages of raw materials, components, and finished goods. This has resulted in delayed delivery of materials, increased lead times, and higher prices due to increased transportation and logistics costs. The COVID-19 pandemic has disrupted the supply chain of the flow battery market across the globe, causing delays in production and transportation, oversupply of inventory, and price volatility. As the world continues to grapple with the pandemic, it is essential for manufacturers and suppliers to adapt to the new normal and find innovative solutions to overcome the challenges caused by the pandemic.

Recent Developments

  • On 13th February 2023, Sumitomo Electric Industries, Ltd. planned to grow its redox flow battery business in the United States and the announcement was made at the DISTRIBUTECH International 2023 Technical Conference. The company has studied the viability of setting up a redox flow battery production line in North America. The company invested approximately USD7.6 million in North America in order to set up a local infrastructure for the manufacturing and installation of redox flow batteries.
  • In Feb 2023, a Singapore-based company named VFlowTech announced that it successfully completed a Series A investment round and raised the equivalent of USD10 million. The company intends to use this funding to expand its production of modular, vanadium-based long-term energy storage systems and set up a manufacturing line with a 2 MWh capacity.
  • On 1st August 2022, Cummins Inc, an American MNC involved in designing, manufacturing, & distributing engines, filtration, and power generation products, invested around USD24 million in Germany-based VoltStorage, which was the developer of stationary flow batteries. The funds invested by Cummins were used to create more substantial redox flow storage systems for commercial, agricultural, and residential areas.
  • In 2022, Jiajun Cen, a graduate of Imperial College London, launched AquaBattery with USD 2.69 million grant money from the European Innovation Council. In order to achieve a global transition to net-zero renewable energy, the team build a low-cost, long-lasting, sustainable energy storage system. The deep-tech company’s invention employs seawater as the energy storage medium and has various benefits. The flow battery, which utilizes AquaBattery and stores energy in electrolyte liquids, can independently increase power and energy capacity.

Market Segmentation

The Global Flow Battery market is divided into type, material, storage, application, region and competitive landscape. Based on type, the market is segmented into redox flow battery and hybrid flow battery. Based on material, the market is segmented into vanadium, zinc–bromine and others. Based on storage, the market is segmented into Compact and Large Scale. Based on application, the market is segmented into utilities, commercial & industrial, military, EV charging station and others.

Company Profiles

VRB Energy, ESS Tech Inc, Primus Power Corporation, RedFlow Limited, Invinity Energy Systems PLC, Iqony Solar Energy Solutions GmbH, Sumitomo Electric Industries Ltd, SCHMID Group among others are the major players that are driving the growth of the global flow battery market.


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Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type

Material

Storage

Application

Region

Regional Scope

Asia-Pacific, North America, Europe, Middle East & Africa and South America.

Country Scope

China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Turkey, Saudi Arabia, UAE, Brazil, Argentina, Colombia

Key Companies Profiled

VRB Energy, ESS Tech Inc, Primus Power Corporation, RedFlow Limited, Invinity Energy Systems PLC, Iqony Solar Energy Solutions GmbH, Sumitomo Electric Industries Ltd, SCHMID Group

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, the global flow battery market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Flow Battery Market, By Type:
    • Redox Flow Battery
    • Hybrid Flow Battery  
  • Flow Battery Market, By Material:
    • Vanadium
    • Zinc–Bromine
    • Others
  • Flow Battery Market, By Storage:
    • Compact
    • Large Scale
  • Flow Battery Market, By Application:
    • Utilities
    • Commercial & Industrial
    • Military
    • EV Charging Station
    • Others
  • Flow Battery Market, By Region:
    • Asia-Pacific
      • China
      • Japan
      • India
      • Australia
      • South Korea
    • North America
      • United States
      • Canada
      • Mexico
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Italy
    • Middle East & Africa
      • Israel
      • Turkey
      • Saudi Arabia
      • UAE
    • South America
      • Brazil
      • Argentina
      • Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global flow battery market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Flow Battery Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]               

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customer

5.    Global Flow Battery Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Type (Redox Flow Battery and Hybrid Flow Battery)

5.2.2.    By Material (Vanadium, Zinc–Bromine and Others)

5.2.3.    By Storage (Compact and Large Scale)

5.2.4.    By Application (Utilities, Commercial & Industrial, Military, EV Charging Station and Others)

5.2.5.    By Region (Asia-Pacific, North America, Europe, Middle East & Africa, and South America)

5.2.6.    By Company

5.3.  Market Map

6.    Asia-Pacific Flow Battery Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type

6.2.2.    By Material

6.2.3.    By Storage

6.2.4.    By Application

6.2.5.    By Country

6.3.  Asia-Pacific: Country Analysis

6.3.1.    China Flow Battery Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value 

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Type

6.3.1.2.2.           By Material

6.3.1.2.3.           By Application

6.3.2.    Japan Flow Battery Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value 

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Type

6.3.2.2.2.           By Material

6.3.2.2.3.           By Application

6.3.3.    South Korea Flow Battery Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value 

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Type

6.3.3.2.2.           By Material

6.3.3.2.3.           By Application

6.3.4.    India Flow Battery Market Outlook

6.3.4.1.        Market Size & Forecast

6.3.4.1.1.           By Value 

6.3.4.2.        Market Share & Forecast

6.3.4.2.1.           By Type

6.3.4.2.2.           By Material

6.3.4.2.3.           By Application

6.3.5.    Australia Flow Battery Market Outlook

6.3.5.1.        Market Size & Forecast

6.3.5.1.1.           By Value 

6.3.5.2.        Market Share & Forecast

6.3.5.2.1.           By Type

6.3.5.2.2.           By Material

6.3.5.2.3.           By Application

7.    North America Flow Battery Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Material

7.2.3.    By Storage

7.2.4.    By Application

7.2.5.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Flow Battery Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Type

7.3.1.2.2.           By Material

7.3.1.2.3.           By Application

7.3.2.    Canada Flow Battery Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Type

7.3.2.2.2.           By Material

7.3.2.2.3.           By Application

7.3.3.    Mexico Flow Battery Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Type

7.3.3.2.2.           By Material

7.3.3.2.3.           By Application

8.    Europe Flow Battery Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Material

8.2.3.    By Storage

8.2.4.    By Application

8.2.5.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Flow Battery Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Type

8.3.1.2.2.           By Material

8.3.1.2.3.           By Application

8.3.2.    United Kingdom Flow Battery Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Type

8.3.2.2.2.           By Material

8.3.2.2.3.           By Application

8.3.3.    France Flow Battery Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Type

8.3.3.2.2.           By Material

8.3.3.2.3.           By Application

8.3.4.    Italy Flow Battery Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Type

8.3.4.2.2.           By Material

8.3.4.2.3.           By Application

8.3.5.    Spain Flow Battery Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Type

8.3.5.2.2.           By Material

8.3.5.2.3.           By Application

9.    Middle East & Africa Flow Battery Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Material

9.2.3.    By Storage

9.2.4.    By Application

9.2.5.    By Country

9.3.  Middle East & Africa: Country Analysis

9.3.1.    Israel Flow Battery Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Type

9.3.1.2.2.           By Material

9.3.1.2.3.           By Application

9.3.2.    Turkey Flow Battery Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Type

9.3.2.2.2.           By Material

9.3.2.2.3.           By Application

9.3.3.    UAE Flow Battery Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Type

9.3.3.2.2.           By Material

9.3.3.2.3.           By Application

9.3.4.    Saudi Arabia Flow Battery Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Type

9.3.4.2.2.           By Material

9.3.4.2.3.           By Application

10. South America Flow Battery Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Type

10.2.2. By Material

10.2.3. By Storage

10.2.4. By Application

10.2.5. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Flow Battery Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Type

10.3.1.2.2.         By Material

10.3.1.2.3.         By Application

10.3.2. Argentina Flow Battery Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Type

10.3.2.2.2.         By Material

10.3.2.2.3.         By Application

10.3.3. Colombia Flow Battery Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Type

10.3.3.2.2.         By Material

10.3.3.2.3.         By Application

11. Market Dynamics

11.1.             Drivers

11.2.             Challenges

12. Market Trends & Developments

13. Company Profiles

13.1.                VRB Energy

13.1.1.    Business Overview

13.1.2.    Key Revenue

13.1.3.    Recent Developments

13.1.4.    Key Personnel

13.1.5.    Key Product/Service Offered

13.2.                ESS Tech Inc

13.2.1.    Business Overview

13.2.2.    Key Revenue

13.2.3.    Recent Developments

13.2.4.    Key Personnel

13.2.5.    Key Product/Service Offered

13.3.                Primus Power Corporation

13.3.1.    Business Overview

13.3.2.    Key Revenue

13.3.3.    Recent Developments

13.3.4.    Key Personnel

13.3.5.    Key Product/Service Offered

13.4.                RedFlow Limited

13.4.1.    Business Overview

13.4.2.    Key Revenue  

13.4.3.    Recent Developments

13.4.4.    Key Personnel

13.4.5.    Key Product/Service Offered

13.5.                Invinity Energy Systems PLC

13.5.1.    Business Overview

13.5.2.    Key Revenue

13.5.3.    Recent Developments

13.5.4.    Key Personnel

13.5.5.    Key Product/Service Offered

13.6.                Iqony Solar Energy Solutions GmbH

13.6.1.    Business Overview

13.6.2.    Key Revenue  

13.6.3.    Recent Developments

13.6.4.    Key Personnel

13.6.5.    Key Product/Service Offered

13.7.                Sumitomo Electric Industries Ltd

13.7.1.    Business Overview

13.7.2.    Key Revenue  

13.7.3.    Recent Developments

13.7.4.    Key Personnel

13.7.5.    Key Product/Service Offered

13.8.                SCHMID Group

13.8.1.    Business Overview

13.8.2.    Key Revenue

13.8.3.    Recent Developments

13.8.4.    Key Personnel

13.8.5.    Key Product/Service Offered

14. Strategic Recommendations

15. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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Key players in the global flow battery market are VRB Energy, ESS Tech Inc, Primus Power Corporation, RedFlow Limited, Invinity Energy Systems PLC, Iqony Solar Energy Solutions GmbH, Sumitomo Electric Industries Ltd, SCHMID Group.

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The redox flow battery segment held the largest market share in 2022 and is expected to have the largest market share during the forecast period owing to increasing demand for redox flow batteries in the various verticals that include commercial, industrial, military and utilities. The advantages of the redox flow battery, such as its extended operating life with almost no electrode and electrolyte degradation, high safety due to the absence of flammable elements, and ability to function in harsh environments, make it ideal for use in big applications.

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Rising demand for continuous power supply and increasing installation of telecommunication towers are the major drivers for the global flow battery market.

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High maintenance cost and volatility in raw materials prices are the major challenges faced by global flow battery market.

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Parvati Sharma

Account Manager BD
Press Release

Flow Battery Market to be Dominated by the Redox Flow Battery Segment in the Forecast Period

Oct, 2023

Rising demand for continuous power supply and increasing installation of telecommunication towers are likely to propel the global flow battery market during, 2024-2028F.

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