Flow Battery Market Size to Reach USD 2,208.9 Million by 2032 | CAGR: 20.2% | DataHorizzon Research

Fort Collins, Colorado, Sept. 20, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Flow Battery Market Size, Growth, Share, Statistics Report, By Type (Hybrid and Redox), By Material (Vanadium, Iron, Zinc–Bromine, Hydrogen-Bromine, Polysulfide Bromine, Organic, And Others), By End-use (Utility, Automotive, Residential, Industrial, And Others), By Region And Segment Forecasts, 2023-2032.” 

According to DataHorizzon Research, The flow battery market size was estimated to be valued at USD 354.4 Million in 2022 and is anticipated to reach USD 2,208.9 Million to exhibit a CAGR of 20.2%. Flow batteries have emerged as a promising player for large-scale energy storage solutions. Despite being under research and development for several decades, this technology has now found practical applications in the real world. 

Flow battery technology stands out with its innovative design. It differs from traditional battery cells in that it has two separate tanks for the fluid instead of the electrolyte mixing with conductors in one enclosure. The electrons flow through electrochemical cells and a membrane separating them, making for a remarkable process. A major benefit of flow batteries is that the solar energy recharges the electrolytes in each tank as they pass the electrodes. Additionally, these batteries can be quickly replenished by replacing the depleted liquids in the tank with energized liquid. 

The rising need for energy storage devices is a major factor contributing to the market growth. Energy storage devices are essential to remove the intermittency and variability in the energy supply. The energy storage devices store electricity produced from various sources and supply it back to the grid in cases of high electricity demand in peak hours when the grids do not have enough power to fulfill the demand. Additionally, these batteries provide constant energy output for a longer duration with very low degradation of components for utility applications and have an estimated life span of around 30 years. 

These factors lead to the rising adoption of flow batteries, thereby contributing to market growth. The scalability of flow batteries is another factor leading to their high adoption and promoting market growth. In flow batteries, the reactors where the electrochemical reaction occurs and the tanks where the energy is stored are separated. This provides the flexibility to adjust the capacity of the battery and its power separately. Bigger tanks are required to scale up the batteries to store more power. For instance, in September 2022, China connected the world’s largest redox flow battery system to the grid. Dalian Rongke Power connected a 100MW redox flow battery system to the Dalian grid in the project's first phase. The capacity is expected to be scaled up to 200MW for the second phase. 

These batteries have a unique characteristic that enables the flow of electrolyte liquid through the central unit from two external tanks. Flow batteries are known for storing significant amounts of energy for extended periods, making them an excellent option for renewable energy storage. Additionally, unlike other battery technologies, they do not self-discharge during inactivity and do not degrade over time.

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Report Snapshot:

Segmentation Overview:

The flow battery market is segmented by type, material, end-use, and region. Based on type, the redox sector has a significant market share due to the use of redox flow batteries. These batteries offer an economical and practical solution for storing electrical energy on a grid scale and for various applications. They are critical for storing large amounts of energy, thanks to their scalability, flexibility in design, and the ability to separate energy and power.

Based on material, the vanadium segment is the leading player in the flow battery market. Vanadium is a durable, flexible transition metal commonly known for its steel-making properties. The vanadium electrolyte has been demonstrated to provide dependable charging and discharging abilities for numerous cycles, with minimal degradation in most flow batteries.

Asia Pacific holds significant importance in the global manufacturing of batteries, with the highest volumes produced. Countries such as China and Japan have played a vital role in the development of batteries in the region.

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Key Developments in the Flow Battery Market:

• Redflow Limited, a prominent player in the global market, announced its selection by Energy Queensland to provide 4 MWh of energy storage as part of a $12 million network battery project to promote clean energy solutions.

• Sumitomo companies and LanzaTech collaborated to promote circular economy practices and develop waste recycling solutions for sustainability and reduced environmental impact.

Flow Battery Market Report Highlights:

• Unlike traditional batteries, flow batteries provide a means of achieving large-scale energy storage by using two separate tanks for fluids. The depletion of these liquids can be quickly remedied by replacing them, allowing for significant energy storage over long periods without degradation.

• Redox flow batteries are economical and practical for storing electrical energy on a grid scale. Vanadium is the leading player in the flow battery market due to its durable and dependable charging and discharging abilities. Flow batteries utilizing vanadium are the most reliable and cost-efficient method for storing substantial electrical energy.

• Asia Pacific is a significant battery manufacturing hub led by China and Japan.

• Some of the key players in the global flow battery market research report include ESS Inc., GILDEMEISTER Energy Solutions, VRB Energy, Primus Power, RedFlow, redT Energy, SCHMID, ViZn Energy, Sumitomo Electric., Lockheed Martin Corporation,  UniEnergy Technologies, EnSync Energy Systems, and Invinity Energy Systems. 

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Flow Battery Market Report Segmentation:

Flow Battery Market, By Type (2023-2032)

• Hybrid
• Redox

Flow Battery Market, By Material (2023-2032)

• Vanadium
• Iron
• Zinc–Bromine
• Hydrogen-Bromine
• Polysulfide Bromine
• Organic
• Others

Flow Battery Market, By End-use (2023-2032)

• Utility
• Automotive
• Residential
• Industrial
• Others

Flow Battery Market, By Region (2023-2032)

• North America
  • U.S.
  • Canada

• Europe
  • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of The Middle East & Africa

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