New York, NY, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Flow Battery Market Share, Size, Trends, Industry Analysis Report, By Type (Redox, Hybrid), By Material (Vanadium, Zink Bromine, Iron, Others), By Application (Commercial & Industrial, EV Charging Stations, Residential), By Storage (Large, Small), By Region, And Segment Forecasts, 2023 - 2032" in its research database.
As per the recent [110+ Pages] analysis by Polaris Market Research, the global flow battery market size and share was valued at USD 299.31 million in 2022 and is predicted to reach USD 1272.22 million by 2032. Also, the study states that the market reveals a robust 15.6% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is Meant by Flow Battery? How Big is Flow Battery Market Size and Share?
- Overview
Redox flow batteries, also known as flow batteries (derived from the terms reduction and oxidation), are rechargeable energy systems in which electrolytes from tanks or reservoirs pass through one or more electrochemical cells. These batteries are usually water-based and are designed primarily for stationary applications.
For storing energy produced by renewable sources like solar and wind power, flow batteries are especially well adapted. They make it possible to store excess energy generated during high-generation periods efficiently, enabling its utilization during periods of low output or high demand. This ability improves the dependability of renewable energy sources and helps stabilize the system. These batteries also function as backup power sources in the event of a power outage. Also, the flow battery market demand is expanding as they are essential to grid operators and critical infrastructures since they can be quickly deployed and deliver continuous power for lengthy periods.
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What are the Key Findings of the Report?
- The increasing demand for energy storage systems across the globe is the main factor propelling the market's expansion. Also, the market is expanding due to the widespread availability of electric vehicle (EV) charging stations across the globe.
- The flow battery market segmentation is mainly based on material, type, application, storage, and region.
- Asia Pacific dominated the market in 2022.
What Companies Make Flow Batteries?
- Cell Cube
- Elestor
- ESS Inc.
- EverFlow
- Invinity Energy Systems
- Jenabatteries GmbH
- Largo Inc.
- Lockheed Martin Corporation
- Primus Power
- Redflow Ltd.
- Redox One
- Stryten Energy
- Sumitomo Electric Industries
- ViZn Energy Systems
- VRB Energy
- WattJoule Corporation
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Market Dynamics
- Which Factors are Driving the Market Growth?
Energy storage technologies like flow batteries are becoming more and more necessary as renewable energy sources like solar and wind power become more widely used. They can assist in stabilizing the grid by storing extra energy during periods of high generation and releasing it when needed.
Moreover, the flow battery market size is growing due to their unique benefits over conventional batteries. Scalability, low maintenance, longer cycle life, environmental friendliness, peak load management, energy optimization, and other advantages are among the key advantages. Flow batteries are becoming more and more well-liked in the world of electric vehicle (EV) charging stations because of their capacity for rapid charging, scalability, economical energy use, and environmentally beneficial attributes.
- What are the Latest Market Trends and Opportunities?
The investigation of substitute materials for electrolytes and electrodes, as well as creative flow cell and membrane designs, are at the core of the developing field of redox flow batteries (RFBs). These inventions aim to improve cost-effectiveness and energy efficiency. It is being researched whether organic substances like quinones can replace expensive metal ions in the electrolyte solution, offering a more affordable and environmentally friendly option.
Additionally, power density and efficiency can be increased by optimizing the architecture of the flow cell; additional performance gains can be achieved by using particular membranes that have lower resistance and better selectivity.
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Overview of the Top Segments
- Redox Sector Accounts for the Largest Market Share
Rodex sector holds the largest flow battery market share. The wide-ranging uses of redox flow batteries are responsible for this sizeable portion. Vanadium flow batteries, which are classified as redox flow batteries, are the most common type of flow batteries utilized in a variety of sectors.
Moreover, two different materials are combined into one battery system to create hybrid batteries. Zinc-Br, Zn-Ce, Fe-Cr, bromine-polysulfide, and manganese-hydrogen peroxide batteries are a few types of these batteries. The anode and cathode in these hybrid systems are made of different materials.
- Grid/Utility Sector Holds the Largest Share
This is mostly because flow batteries play a critical role in grid integration, improving grid resilience, lowering the cost of energy transmission, benefiting the environment, and exhibiting exceptional scalability. An efficient and trustworthy way to store electrical energy is with flow batteries.
Furthermore, the market for EV charging stations will expand quickly. This increase is related to the growing number of electric vehicles being produced and used worldwide. Moreover, demand is anticipated to soar due to government support for renewable energy sources and electric cars, which will accelerate the construction of EV charging stations. Because of its small size, great scalability, and environmentally benign characteristics, flow batteries are a good fit for EV charging stations.
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Flow Battery Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 1272.22 Million |
| Market size value in 2023 | USD 345.10 Million |
| Expected CAGR Growth | 15.6% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Type, By Material, By Storage, By Application, and Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Landscape
Asia Pacific: Asia Pacific has been the largest region. This robust presence is explained by the fact that flow batteries are widely used in developed nations like Australia, China, and Japan. Many batteries have gained popularity quickly in many nations, especially in the utility, industrial, and commercial sectors. Government programs and funding for flow batteries are also significantly contributing to the flow battery market growth.
Europe: According to the European Commission, the region is placing a higher priority on renewable energy with the goal of being the first climate-neutral region in history by 2050. Furthermore, according to data from the European Environment Agency (EEA), 22% of the energy consumed by the European Union in 2021 came from renewable sources. Interestingly, from 2% in 2005 to almost 10.2% in 2020, the share of renewable energy used in EU transportation increased dramatically. In the next years, it is projected that these factors will increase the demand for the flow battery market in Europe.
Browse the Detail Report “Flow Battery Market Share, Size, Trends, Industry Analysis Report, By Type (Redox, Hybrid), By Material (Vanadium, Zink Bromine, Iron, Others), By Application (Commercial & Industrial, EV Charging Stations, Residential), By Storage (Large, Small), By Region, And Segment Forecasts, 2023 - 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/flow-battery-market
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Current Progresses
- Enerox (CellCube) and North Harbour Clean Energy PTY (NHCE), an Australian business that specializes in clean energy storage, collaborated in December 2022.
Report Answers to the Following Questions
- What is the current flow battery market size?
- What will be the CAGR of the market during the forecast period?
- Which region is expected to drive the market?
- What is the study period of the flow battery market?
- Which type of segment holds the major share of the market?
Polaris Market Research has segmented the flow battery market report based on type, material, storage, application, and region:
By Type Outlook
- Redox
- Hybrid
By Material Outlook
- Vanadium
- Zinc Bromine
- Iron
- Others
By Storage Outlook
- Large Scale
- Small Scale
By Application Outlook
- Grid/Utility
- Commercial & Industrial
- EV Charging Stations
- Residential
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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