REDDING, Calif., May 9, 2024 /PRNewswire/ -- According to a
new market research report titled, 'Flow Battery
Market by Offering (Energy Storage Systems), Battery Type
(Vanadium Redox Flow Batteries, Zinc-bromine Flow Batteries),
Material, Ownership, Application, End User (Utilities, Commercial
& Industrial), and Geography—Global Forecast to
2031,' the flow battery market is projected to
reach $1.03 billion by 2031, at a
CAGR of 16.5% from 2024–2031.
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A flow battery is an electrochemical device that converts the
chemical energy from electro-active materials directly into
electrical energy. Flow batteries have emerged as a promising
energy storage solution, offering efficiency and flexibility for a
wide range of applications. These advanced batteries utilize
chemical reactions to store and release energy, making them ideal
for renewable energy integration, grid-scale storage, and load
management.
The growth of the flow batteries market is mainly driven by the
high demand for flow batteries in utility applications and
increasing investments in renewable energy. However, the lack of
standardization in the development of flow battery systems and the
high initial costs of flow battery manufacturing restrain the
growth of this market.
Furthermore, technological innovation and the growing demand for
backup power among data centers are expected to offer significant
growth opportunities for players operating in the flow batteries
market. However, the declining rate of flow battery deployment and
disruptions in the supply of raw materials for battery
manufacturing may hinder the growth of this market. Additionally,
advancements in flow batteries and energy storage as a service are
prominent trends in the flow batteries market.
The global flow battery market is segmented by offering
(batteries, energy storage systems, and services), battery type
(vanadium redox flow batteries, zinc-bromine flow batteries,
all-iron flow batteries, and other flow batteries), material
(zinc-bromine, vanadium, hydrogen-bromine, and other materials),
ownership (customer-owned, third-party-owned, and utility-owned),
application (peak shaving, load shifting, transmission &
distribution, frequency regulation, commercial, EV charging,
residential, and other applications), and end user (utilities,
commercial & industrial, EV charging stations, off-grid &
micro-grid power, residential, and other end users). The study also
evaluates industry competitors and analyzes the market at
geographical levels.
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Based on offering, the global flow batteries market is
segmented into batteries, energy storage systems, and services. In
2024, the energy storage systems segment is expected to account for
the largest share of 47% of the flow battery market.
The large market share of this segment is attributed to various
factors as redox flow batteries are a relatively new advanced
technology for storing large quantities of energy. These batteries
enhance flexibility, reduce environmental risks, and improve
response times to energy demands.
However, the battery segment is projected to register the
highest CAGR during the forecast period due to the various benefits
offered by flow batteries, such as scalability, long cycle life,
durability, and rapid response. Also, flow batteries can be used
for storing energy from intermittent renewable sources like wind
and solar power, enabling grid stabilization.
Based on battery type, the global flow batteries market
is segmented into vanadium redox flow batteries, zinc-bromine flow
batteries, all-iron flow batteries, and other flow batteries. In
2024, the vanadium redox flow batteries segment is expected to
account for the largest share of 50% of the flow battery
market. The large market share of this segment is attributed to
various factors as vanadium redox flow batteries are considered
promising electrochemical energy storage systems due to their
efficiency, flexibility, and scalability. Moreover, VRFBs have a
long cycle life and can store large amounts of energy, making them
suitable for grid energy storage and renewable energy
integration.
Additionally, the same segment is projected to register the
highest CAGR during the forecast period.
Based on material, the global flow batteries market is
segmented into zinc-bromine, vanadium, hydrogen-bromine, and other
materials. In 2024, the vanadium segment is expected to account for
the largest share of the global flow battery market. The large
market share of this segment is attributed to various factors as
vanadium in the flow batteries allows for efficient and reversible
electrochemical reactions, making it a key component of this energy
storage technology.
Additionally, the same segment is projected to register the
highest CAGR during the forecast period.
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Based on ownership, the global flow batteries market is
segmented into customer-owned, third-party-owned, and
utility-owned. In 2024, the utility-owned segment is expected to
account for the largest share of the global flow battery market.
The growth of this segment is driven by the increasing demand for
utility-scale ancillary services and the growing need to deliver
peak loads to consumers through flow battery-powered ESS instead of
extending power lines and transformers.
Additionally, the same segment is projected to register the
highest CAGR during the forecast period.
Based on application, the global flow batteries market is
segmented into peak shaving, load shifting, transmission &
distribution, frequency regulation, commercial, EV charging,
residential, and other applications. In 2024, the load shifting
segment is expected to account for the largest share of 44%
of the flow battery market. The growth of this segment is driven by
various factors, as flow batteries can be easily scaled up or down
to meet specific energy storage needs. This makes them suitable for
a wide range of applications, from residential to utility-scale
projects. Also, flow batteries have a longer cycle life compared to
many other energy storage technologies, such as lithium-ion
batteries.
Additionally, the same segment is projected to register the
highest CAGR during the forecast period.
Based on end user, the global flow batteries market is
segmented into utilities, commercial & industrial, EV charging
stations, off-grid & micro-grid power, residential, and other
end users. In 2024, the utilities segment is expected to account
for the largest share of 40% of the flow battery market. The
growth of this segment is attributed to the increasing efforts by
market players to launch flow batteries that align with the
environmental, longevity, and safety goals of the utility industry
and the growing usage of BESS for various applications.
Additionally, the same segment is projected to register the
highest CAGR during the forecast period.
Based on geography, the flow battery market is segmented
into North America, Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2023,
Asia-Pacific is expected to
account for the largest share of 41% of the flow battery
market. The growth of the flow battery market in Asia-Pacific is attributed to increased energy
storage investments within the APAC region as the governments in
growing economies are making new policies to improve the
reliability and quality of the power distribution facilities to
residential customers.
Additionally, Asia-Pacific flow
battery market is projected to projected to reach USD 439.0 million by 2031, with the highest
CAGR during the forecast period.
The key players operating in the global flow batteries
market include Invinity Energy Systems PLC (Jersey), Sumitomo
Electric Industries, Ltd. (Japan),
ESS Tech, Inc. (U.S.), Redflow Limited (Japan), StorEn Technologies, Inc. (U.S.), LION
Alternative Energy PLC (England),
CEC Science & Technology Co.,
Ltd. (China), StorTera Ltd (U.K.),
Largo Inc. (U.S.), ViZn Energy, Inc. (U.S.), VRB ENERGY (U.S.),
Primus Power Solutions (U.S.), SCHMID Energy Systems GmbH
(Germany), Stryten Energy
(Georgia), and Delectrik Systems
Pvt. Ltd (India).
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Scope of the Report:
Flow Battery Market Assessment—by Offering
- Energy Storage Systems
- Batteries
- Services
Flow Battery Market Assessment—by Battery Type
- Vanadium Redox Flow Batteries
- Zinc-bromine Flow Batteries
- All-iron Flow Batteries
- Other Flow Batteries
Flow Battery Market Assessment—by Material
- Vanadium
- Zinc-bromine
- Hydrogen-bromine
- Other Materials
Flow Battery Market Assessment—by Ownership
- Utility-owned
- Third-party-owned
- Customer-owned
Flow Battery Market Assessment—by Application
- Load Shifting
- Peak Shaving
- Commercial
- Transmission & Distribution
- EV Charging
- Residential
- Frequency Regulation
- Other Applications
Flow Battery Market Assessment—by End User
- Utilities
- Commercial & Industrial
- Off-grid & Micro-grid Power
- EV Charging Station
- Residential
- Other End Users
Flow Battery Market Assessment—by
Geography
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Europe
- U.K.
- Germany
- Italy
- France
- Spain
- Rest of Europe
- Latin America
- Middle East & Africa
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