Austin, July 30, 2024 (GLOBE NEWSWIRE) -- The Flow Battery Market Size was valued at USD 300.00 million in 2023. It is expected to reach USD 1796.22 million by 2032 and grow at a CAGR of 22.00% over the forecast period 2024-2032.
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The flow battery market is experiencing growth, which can be attributed to the rising need for large-scale energy storage solutions. Flow batteries have distinct advantages over alternative types, including decoupled power/energy capacity, long lifespan, and scalability. The growing number of electric vehicles necessitates energy storage systems that are both efficient and effective, which raises the demand for flow batteries. EVs made up 7.6% of the overall U.S. vehicle demand in 2023. The expanding market possibilities for flow batteries are fueled by many sectors seeking low-cost and sustainable energy sources. The latest advancements in flow battery technology are expecting batteries to become smaller, with fewer cell stacks and ancillary items at construction and operational sites. The new flow battery systems would be more effective, dependable, and long-lasting as a result of this.
Flow Battery Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 300 million |
| Market Size by 2032 | USD 1796.22 million |
| CAGR | 22% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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KEY PLAYERS
Some of key players of Flow Battery Market are Primus Power (Us), Ess Inc. (Us), Gildemeister Energy Solutions (Austrial), Vizn Energy Systems. (Us), Redflow Limited. (Australia), Redt Energy Ple. (Uk), Sumitomo Electric Industries, Ltd. (Japan), Elestor (Europe), Ensync Energy Systems (Us), Schmid (Germany), VRB Energy, Gen3, and other players are listed in a final report.
Key Segments
By Battery Type
- Redox
- Hybrid
By Material
- Vanadium
- Zinc Bromine
- Others
By Ownership
- Customer owned
- Third-party owned
- Utility owned
By Storage
- Small-scale
- Large-scale
By Application
- Utilities
- Commercial & Industrial
- EV Charging Stations
- Other Applications
“Redox segment leads the market”
The redox segment captured the largest market share of over 53% in 2023. Redox flow batteries are popular as they are more cost-effective and can store energy on a grid scale. It stores energy in liquid electrolytes which are kept in separate external tanks, for its easy manageability of energy and the increment in its scale.
“Vanadium segment captures the major market share in 2023”
The Vanadium Segment led the market with a market share of over 41% in 2023. Its dominance is attributed to the suitability of vanadium flow batteries for large-scale grid energy storage because of its scalability and long lifespan. Nonetheless, although the higher production cost and low energy density need to be addressed, the growth of the vanadium segment is likely to remain stable.
“Large-scale segment held the biggest market share”
The large-scale segment dominated the global market with a share of more than 58% in 2023. Increasing usage of large-scale flow batteries for grid-scale energy storage applications, because of the high efficiency and reliability of energy storage solutions for renewable energy integration, is expected to fuel the segment's growth.
“North America leads the Market, and Asia-Pacific is growing fast”
North America dominates the flow battery market with a market share of over 40% in 2023. The strong economy, advanced technology, and massive investments in renewable energy sources contribute to the region’s growth. Additionally, a large part of the United States' emphasis on enhancing grid stability and incorporating renewable energy is attributed to energy storage. Numerous energy storage projects and research in the U.S. and Canada are directly supporting the market growth.
Asia-Pacific has the fastest CAGR from 2024-2032, as the region is seeing a growing rate of energy storage solution applications across sectors. China has the largest market share, and India has the highest growth in the region as well. Increased operation projects and flow battery installations are driving market expansion.
Recent Developments
- In February 2024, Queensland, Australia revealed a battery strategy that includes investments of AU USD 570 million in energy storage technologies such as flow batteries. They can help to promote growth opportunities throughout the state.
- In October 2022, Quino Energy was founded by Harvard researchers, offering a grid-scale flow battery solution designed to increase the adoption of renewable energy sources. It aims to overcome the cost-efficiency challenges of large-scale energy storage that provide an opportunity to reduce emissions.
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Key Takeaways from the report
- Comprehensive insights into market trends, drivers, and opportunities provide a clear understanding of the Flow Battery Market dynamics.
- Identifies key growth areas and potential challenges, aiding in strategic decision-making.
- Detailed market sizing and growth projections help stakeholders plan future investments.
- Analysis of recent developments and company strategies offers a competitive edge.
- Highlights key regional developments and growth areas, enabling targeted market expansion strategies.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Flow Battery Market Segmentation, By Battery Type
8. Flow Battery Market Segmentation, By Material
10. Flow Battery Market Segmentation, By Ownership
11. Flow Battery Market Segmentation, By Storage
12. Flow Battery Market Segmentation, By Application
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Use Case and Best Practices
17. Conclusion
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