Flow Battery Global Market Report 2024

Description

A flow battery is a rechargeable battery type that stores energy in liquid electrolytes held in external tanks, enabling scalable energy storage solutions. These batteries function by circulating electrolytes through electrochemical cells to generate electricity, offering flexibility in capacity and power output suitable for diverse applications such as grid energy storage and renewable energy integration.

The main types of flow batteries are redox and hybrid. Redox flow batteries store electrical energy in chemical solutions housed in tanks and release it through a chemical reaction. Key components include membranes, power conditioning systems (PCS), heat exchangers, graphite felt, bipolar plates, among others. Materials used include vanadium redox flow batteries, zinc-bromine flow batteries, iron flow batteries, and zinc-iron flow batteries. These batteries support both compact and large-scale storage solutions and find applications across utility, automotive, residential, industrial, and energy storage sectors.

The flow battery market research report is one of a series of new reports from The Business Research Company that provides flow battery market statistics, including flow battery industry global market size, regional shares, competitors with a flow battery market share, detailed flow battery market segments, market trends and opportunities, and any further data you may need to thrive in the flow battery industry. This flow battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The flow battery market size has grown rapidly in recent years. It will grow from $0.66 billion in 2023 to $0.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth during the historic period can be attributed to several factors, including increasing demand for energy storage, growing awareness of climate change, scale-up and commercialization of technologies, supportive government policies, and the adoption of renewable energy sources.

The flow battery market size is expected to see rapid growth in the next few years. It will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The projected growth in the forecast period can be attributed to several factors, including the rise of decentralized energy systems, energy transition policies, increasing digitalization, growing demand for energy storage solutions, and the need for grid stabilization. Major trends expected in this period include heightened deployment in utility-scale projects, the emergence of hybrid energy storage systems, a strong focus on sustainability and environmental impact, innovations in software and control systems, efforts towards standardization, and the development of supportive regulatory frameworks.

The growth of the flow battery market is expected to be propelled by the increasing adoption of solar and wind power. This trend is driven by the global demand for sustainable energy solutions to combat climate change and reduce dependence on fossil fuels. Flow batteries offer significant advantages for storing solar and wind energy, including scalability, long cycle life, and the ability to store energy over extended periods, thereby supporting grid stability and efficient integration of renewable energy sources. For example, the Energy Information Administration reported in January 2024 that solar power generation in the United States is forecasted to increase by 75%, reaching 286 billion kilowatt hours (kWh) by 2025, up from 163 billion kWh in 2023. Thus, the rising adoption of solar and wind power is a key driver for the flow battery market.

Leading companies in the flow battery market are focused on developing large-scale storage solutions for renewable energy to meet growing demand for sustainable energy storage. Large-scale renewable energy storage systems are designed to store energy generated from sources such as solar and wind on a significant scale. For instance, in October 2021, Honeywell International Inc., a US-based technology company, introduced new flow battery technology characterized by high energy density and a scalable modular design, enabling flexible deployment across various applications. This technology incorporates advanced chemistry and materials to improve efficiency, longevity, and require minimal maintenance.

In December 2023, AMG Critical Materials, based in the Netherlands, acquired vanadium redox flow battery (VRFB) assets from the Voith Group, a German technology company, for an undisclosed sum. This acquisition positions AMG Critical Materials strategically by diversifying into energy storage solutions, enhancing its portfolio with innovative technology, and capitalizing on the growing market demand for grid-scale energy storage solutions.

Major companies operating in the flow battery market are Lockheed Martin Corporation, Sumitomo Electric Industries Ltd., Texas Instruments Incorporated, Stryten Energy, SCHMID Group, Imergy Power Systems, Largo Inc., Primus Power, Smart Energy International, VoltStorage, ViZn Energy Systems, VRB Energy, CellCube Energy Storage Systems Inc., nanoFlowcell Management AG., Kemiwatt, EnSync Energy Systems, Elestor, Enervault, H2 Inc., Invinity Energy Systems, JenaBatteries GmbH, Redflow Limited, ESS Inc., Prudent Energy

North America was the largest region in the flow battery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flow battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the flow battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The flow battery market consists of sales of polysulfide-bromide flow batteries, hydrogen-bromine flow batteries, sodium-sulfur flow batteries, lithium-ion flow batteries, and hybrid flow batteries. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Flow Battery Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on flow battery market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for flow battery ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The flow battery market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Type: Redox; Hybrid
2) By Component: Membrane; Power Conditioning System (PCS); Heat Exchanger; Graphite Felt; Bipolar Plate; Other Components
3) By Material: Vanadium Redox Flow Battery; Zinc Bromine Flow Battery; Iron Flow Battery; Zinc Iron Flow Battery
4) By Storage: Compact; Large Scale
5) By Application: Utility; Automotive; Residential; Industrial; Energy Storage; Other Applications
Companies Mentioned: Lockheed Martin Corporation; Sumitomo Electric Industries Ltd.; Texas Instruments Incorporated; Stryten Energy; SCHMID Group
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r19121

1. Executive Summary

2. Flow Battery Market Characteristics

3. Flow Battery Market Trends And Strategies

4. Flow Battery Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Flow Battery Market Size and Growth

5.1. Global Flow Battery Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Flow Battery Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Flow Battery Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Flow Battery Market Segmentation

6.1. Global Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Redox
Hybrid
6.2. Global Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Membrane
Power Conditioning System (PCS)
Heat Exchanger
Graphite Felt
Bipolar Plate
Other Components
6.3. Global Flow Battery Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Vanadium Redox Flow Battery
Zinc Bromine Flow Battery
Iron Flow Battery
Zinc Iron Flow Battery
6.4. Global Flow Battery Market, Segmentation By Storage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Compact
Large Scale
6.5. Global Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Utility
Automative
Residential
Industrial
Energy Storage
Other Applications

7. Flow Battery Market Regional And Country Analysis

7.1. Global Flow Battery Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Flow Battery Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Flow Battery Market

8.1. Asia-Pacific Flow Battery Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Flow Battery Market

9.1. China Flow Battery Market Overview
9.2. China Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Flow Battery Market

10.1. India Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Flow Battery Market

11.1. Japan Flow Battery Market Overview
11.2. Japan Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Flow Battery Market

12.1. Australia Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Flow Battery Market

13.1. Indonesia Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Flow Battery Market

14.1. South Korea Flow Battery Market Overview
14.2. South Korea Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Flow Battery Market

15.1. Western Europe Flow Battery Market Overview
15.2. Western Europe Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Flow Battery Market

16.1. UK Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Flow Battery Market

17.1. Germany Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Flow Battery Market

18.1. France Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Flow Battery Market

19.1. Italy Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Flow Battery Market

20.1. Spain Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Flow Battery Market

21.1. Eastern Europe Flow Battery Market Overview
21.2. Eastern Europe Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Flow Battery Market

22.1. Russia Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Flow Battery Market

23.1. North America Flow Battery Market Overview
23.2. North America Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Flow Battery Market

24.1. USA Flow Battery Market Overview
24.2. USA Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Flow Battery Market

25.1. Canada Flow Battery Market Overview
25.2. Canada Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Flow Battery Market

26.1. South America Flow Battery Market Overview
26.2. South America Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Flow Battery Market

27.1. Brazil Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Flow Battery Market

28.1. Middle East Flow Battery Market Overview
28.2. Middle East Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Flow Battery Market

29.1. Africa Flow Battery Market Overview
29.2. Africa Flow Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Flow Battery Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Flow Battery Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Flow Battery Market Competitive Landscape And Company Profiles

30.1. Flow Battery Market Competitive Landscape
30.2. Flow Battery Market Company Profiles
- 30.2.1. Lockheed Martin Corporation
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Sumitomo Electric Industries Ltd.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Texas Instruments Incorporated
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Stryten Energy
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. SCHMID Group
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Flow Battery Market Other Major And Innovative Companies

31.1. Imergy Power Systems
31.2. Largo Inc.
31.3. Primus Power
31.4. Smart Energy International
31.5. VoltStorage
31.6. ViZn Energy Systems
31.7. VRB Energy
31.8. CellCube Energy Storage Systems Inc.
31.9. nanoFlowcell Management AG.
31.10. Kemiwatt
31.11. EnSync Energy Systems
31.12. Elestor
31.13. Enervault
31.14. H2 Inc.
31.15. Invinity Energy Systems

32. Global Flow Battery Market Competitive Benchmarking

33. Global Flow Battery Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Flow Battery Market

35. Flow Battery Market Future Outlook and Potential Analysis

35.1 Flow Battery Market In 2028 - Countries Offering Most New Opportunities
35.2 Flow Battery Market In 2028 - Segments Offering Most New Opportunities
35.3 Flow Battery Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer