PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1630477
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1630477
The global flow battery market is valued at USD 0.34 billion in 2024 and is projected to reach USD 1.18 billion by 2030; it is expected to register a CAGR of 23.0% during the forecast period. Renewable energy storage is a key use of flow batteries. Many nations, including the US, India, China, and Japan, are revising their energy policies to incorporate a significant portion of renewable energy, such as wind and solar. Government support and resulting profits are driving increased investment in renewable energy. Renewable sources are now preferred for expanding and modernizing power systems worldwide. Initiatives like net zero emissions, carbon neutrality, and sustainable transportation are attracting investments in renewable energy generation.
Scope of the Report | |
---|---|
Years Considered for the Study | 2020-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD Billion) |
Segments | By battery type, storage, ownership, material, application, and region |
Regions covered | North America, Europe, APAC, RoW |
"Zinc bromine segment is expected to grow at the impressive CAGR during the forecast period."
Zinc-bromine flow batteries are perfect for energy storage in view of the multiple benefits. Their circulating electrolyte simplifies thermal control and the distribution of reactants throughout the cell. Also, they have wellsuit to specific energy and efficiency energy and can store and transform energy. These batteries are also made of cheap and easily available and those recyclable components are manufactured by means of standard practice. It can run under ambient temperature and have the benefits in the system configuration. Also they possesses satisfactory power density and could charge quickly and can endure deep discharge without getting ailing. Zinc-bromine flow batteries are already on the market so zinc-bromine flow batteries for energy storage solutions are feasible.
"Commercial & industrial segment is likely to hold the second largest market in 2024."
Commercial & industrial sectors are impacted by the interrupted power supply, machine downtime, and blackouts. These power outages can severely hinder businesses, causing damage to the production lines and products, as well as delaying deliveries. Commercial & industrial energy storage prioritizes safety and cost-effectiveness and often finds flow batteries suitable. Flow batteries offer long cycle life, minimal environmental impact, high energy recovery rate, and large capacity, making them well-suited for extreme environments. Flow battery energy storage is highly suitable for industrial and commercial applications because it facilitates peak-valley spread arbitrage, provides intrinsic safety, and handles large capacity requirements. Flow batteries align well with the pursuit of secure and economical energy storage in industrial and commercial sectors.
"The North America segment is likely to grow at the second highest CAGR during the forecast period."
The North American flow battery market has been thoroughly researched in regions, including the US, Canada, and Mexico. The US is one of the major contributors to the regional market growth. The regional market growth is owed to the significant presence of industry participants, such as ESS Tech, Inc. (US),
ESS Tech, Inc. (US), Primus Power (US), and Lockheed Martin Corporation (US) are expected to create growth opportunities in the coming years. The companies majorly focus on strategic partnerships, product launches, and continuous developments to increase their product portfolio and fulfill the requirements of various applications.
Breakdown of primaries
The flow battery market is dominated by a few globally established players such as Invinity Energy Systems (UK), Sumitomo Electric Industries, Ltd. (Japan), VRB Energy (Canada), Enerox GmbH (Austria), Elestor (The Netherlands), ESS Tech, Inc. (US), Largo Inc. (Canada), Lockheed Martin Corporation (US), and Primus Power (US). The study includes an in-depth competitive analysis of these key players in the flow battery market, with their company profiles, recent developments, and key market strategies.
The report segments the flow battery market and forecasts its size by battery type, storage, material, ownership, application, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions-North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the flow battery ecosystem.