Richmond, Dec. 14, 2023 (GLOBE NEWSWIRE) -- According to a research report "Flow Battery Market”, by Type (Hybrid and Redox), Material (Vanadium, Iron, Zinc-bromine, Zinc-iron, Hydrogen-bromine, Polysulfide-bromine and Organic), Application (Utilities, Commercial & Industrial, Military, EV Charging Stations and Off Grid & Micro Grid Power), Storage (Compact and Large Scale), and Region - Global Forecast to 2030.
Global Flow Battery Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 297.0 Million |
| Market size value in 2030 | USD 1,467.2 Million |
| CAGR (2023-2030) | 22.1% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Material, Application, Storage and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Flow Battery Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
A flow battery is a rechargeable battery that utilizes liquid electrolyte solutions for storing and releasing electrical energy. These batteries find applications across various industries, including utility-scale power grids, microgrids, renewable energy integrations, electric vehicle (EV) charging infrastructure, and industrial backup power supply. The global adoption of flow batteries is influenced by factors such as the growing demand for renewable energy sources and advancements in energy grid infrastructure. Additionally, government policies and incentives supporting clean energy contribute to the increased demand for flow batteries. Despite these positive aspects, the high initial costs of flow battery installations, compared to conventional storage technologies, pose a challenge to their widespread adoption. Competition from alternative energy storage technologies also limits the scope of flow battery products. Nevertheless, major manufacturers are actively working on developing battery technologies, upgrading existing flow batteries, and exploring cost-effective materials or alternatives to expensive metals to enhance competitiveness in the market.
Major vendors in the global Flow Battery market:
- CellCube Energy Storage Systems Inc.
- Elestor BV
- ESS Tech Inc.
- Invinity Energy Systems
- Jenabatteries GmbH
- Largo Inc.
- Lockheed Martin Corporation
- Primus Power Corporation
- Redflow Limited
- Stryten Energy
- Sumitomo Electric Industries, Ltd.
- ViZn Energy Systems
- VRB Energy
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Growing investments in renewable energy
The renewable energy flow battery market is experiencing a surge in investments as the global focus on sustainable energy intensifies. Investors are increasingly drawn to the potential of flow batteries in addressing the challenges of renewable energy storage. The growing demand for clean and reliable energy sources, coupled with advancements in flow battery technology, has created a favorable environment for increased funding. Governments and private entities alike are recognizing the pivotal role that renewable energy flow batteries can play in enhancing the efficiency and stability of power grids. This influx of investments is driving innovation, research, and development in the sector, with a shared goal of advancing the capabilities and cost-effectiveness of flow battery solutions for a more sustainable energy future.
Market Dynamics
Drivers:
- Growing adoption of renewable energy sources
- Increasing demand for energy storage solutions
Opportunities:
- Rising adoption of flow batteries in residential applications
- Increasing focus on grid modernization
- Rising focus on developing efficient and sustainable batteries
Growing demand for backup power in data centers
The Flow Battery Market is witnessing a surge in demand driven by the increasing need for reliable backup power solutions in data centers. As data centers continue to play a pivotal role in various industries, the demand for uninterrupted operations has intensified. Flow batteries have emerged as a compelling choice for addressing this demand, offering high energy capacity and storage capabilities. The shift towards constructing more efficient and cost-effective data center infrastructure further propels the adoption of flow batteries, as they provide a dependable backup solution during power outages. With the added advantage of an extended minimum lifespan, surpassing the typical battery replacement cycle in data centers, flow batteries are positioned to meet the growing requirements for backup power in this critical sector.
The market for Flow Battery is led by Asia Pacific.
In 2022, the market was largely dominated by Asia Pacific, securing a significant market share. This dominance can be attributed to the widespread adoption of flow batteries in key economies such as China, Australia, and Japan. The utilization of these batteries is experiencing a rapid upswing in these economies, particularly in utility, industrial, and commercial applications. Furthermore, government initiatives and investments in the field of flow batteries are anticipated to drive market growth. An illustrative example is the Australian government's substantial investment of USD 24 million in the local flow battery industry in August 2023. This investment, directed towards locally manufactured flow batteries, aims to bolster Queensland's domestic battery capacity, supporting the state in meeting its renewable energy commitments.
The Hybrid flow batteries Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on type the flow battery market is segmented into Hybrid and Redox. Among these two the hybrid flow batteries segment dominate the market. Hybrid flow batteries represent the latest evolution and non-purist variants of traditional flow batteries. Over the recent years, these hybrid counterparts have garnered attention, particularly in the realm of large-scale energy storage applications. Their ability to effectively store significant amounts of energy and release it rapidly makes them particularly suitable for grid-scale energy storage, the seamless integration of renewable energy sources, and reliable backup power systems. Furthermore, the design of hybrid flow batteries allows for convenient maintenance, and their potential for extended operational lifetimes sets them apart from other existing energy storage technologies.
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