Burlingame, July 28, 2023 (GLOBE NEWSWIRE) -- The Flow Battery Market is approximated to be USD 736.8 million in 2022, and it is projected to reach USD 1,931.5 million by 2030 at a CAGR of 12.8%., as per the recent study by Coherent Market Insights, Inc. The flow battery market is expected to gain significant growth in the near future owing to the increasing replacement of fossil fuels with renewable energy sources such as wind and solar. The ability of flow battery to store energy for long durations is perfect for addressing gap in demand and supply. These batteries offer advantages such as long maintenance-free lifecycles, safety, and intrinsic modularity in which power and energy are separated and allowing for flexibility.
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Key Trends and Analysis of the Global Flow Battery Market:
Growing popualirty of redox flow batteries is expected to positively impact the market growth. The redox flow batteries are widely used for energy storage applications. For instance, In October 2021, Honeywell announced a new flow battery technology that works with renewable generation sources such as wind and solar to meet the demand for sustainable energy storage.
Global Flow Battery Market - Drivers
Growing adoption of renewable source of energy to foster market growth
Increasing adoption of renewable source of energy due to the growing environmental concerns and depleting fossil fuels are expected to foster flow battery market growth. According to the International Energy Agency, renewables made up 29 percent of global electricity generation by the end of 2020. Led by wind power and solar PV, more than 256 GW of capacity was added in 2020, an increase of nearly 10 percent in total installed renewable power capacity.
Increasing use of solar PV in residential sector is expected to propel market growth
The use of solar PV systems in residential has increased in the recent years owing to their capability to reduce electricity cost and greenhouse emissions. According to the International Energy Agency, the number of households relying on solar PV grows from 25 million today to more than 100 million by 2030 in the Net Zero Emissions by 2050 Scenario (NZE Scenario). At least 190 GW will be installed from 2022 each year and this number will continue to rise due to increased competitiveness of PV and the growing appetite for clean energy sources.
Flow Battery Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 736.8 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 12.8% | 2030 Value Projection: | US$ 1,931.5 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | VRB Energy, H2 Inc., ESS Tech Inc., Stryten Energy, Vanadis Power GmbH, CellCube Energy Storage Systems Inc., Primus Power Corporation, Dalian Rongke Power Co. Ltd., RedFlow Ltd., and Invinity Energy Systems PLC. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Flow Battery Market – Restrain
High cost and availability of substitute is expected to hamper the market growth
Flow battery are more expensive than lithium-ion batteries and have a lower energy density than other technologies. The cost of materials and components, installation costs, maintenance expenses, and other related fees lead to the high price of flow battery. Lihtium-ion battery is inexpensive than flow battery, thus the demand for lithium-ion battery is increasing, this in turn, hampering the flow battery market growth.
Global Flow Battery Market – Opportunities
Increasing investment in flow batteries is expected to present lucrative market growth opportunities
Key players are heavily investing in flow batteries market in order to develop novel solutions. For instance, in August 2022, Cummins has invested $24 million in Germany-based VoltStorage, a developer of stationary flow batteries. The international research and development team is working on the low-cost iron-salt battery, the properties of which make it particularly suitable for ensuring base load capability for wind and solar farms.
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Global Flow Battery Market - Key Developments
In Febuary 2023, Sumitomo Electric Industries, Ltd. has announced that it will expand its redox flow battery business in the United States.
In October 2021, Honeywell announced a new flow battery technology that works with renewable generation sources such as wind and solar to meet the demand for sustainable energy storage.
In October 2022, University of Wisconsin-Madison researchers have developed a new “flow battery” technology that stores energy in organic salts dissolved in benign water. The research team has founded a startup company, Flux XII LLC, in Madison to commercialize their long-duration grid energy storage solution with the help of the University’s technology transfer office, the Wisconsin Alumni Research Foundation (WARF).
Key Market Takeaways:
Global flow battery market is expected to exhibit a CAGR of 12.8% during the forecast period, owing to growing adoption of renewable source of energy coupled with the increasing deployment of solar PV in residential sector.
On the basis of Type, Vanadium Redox Flow Battery segment is expected to hold a dominant position, owing to growing demand for vanadium redox flow batteries (VRFB), especially in the off-grid, mini-gridand utility sectors.
On the basis of region, Asia Pacific is expected to dominate the global market over the forecast period owing to the increasing government initiatives to encourage the use of renweable source of energy and the growth of industrial sector which require reliable and uninterrupted power supply.
Competitive Landscape:
Key players operating in the global flow battery market include VRB Energy, H2 Inc., ESS Tech Inc., Stryten Energy, Vanadis Power GmbH, CellCube Energy Storage Systems Inc., Primus Power Corporation, Dalian Rongke Power Co. Ltd., RedFlow Ltd., and Invinity Energy Systems PLC.
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Detailed Segmentation:
- Global Flow Battery Market, By Type:
- Vanadium Redox Flow Battery
- Zinc Bromine Flow Battery
- Iron Flow Battery
- Zinc Iron Flow Battery
- Global Flow Battery Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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