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Flow Battery Market Size, Share & Industry Trends Analysis Report By Type (Redox and Hybrid), By Material (Vanadium, Zinc Bromine), By Storage (Large Scale and Small Scale), By Application, By Regional Outlook and Forecast, 2023 - 2030

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    Report

  • 360 Pages
  • August 2023
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5887099
The Global Flow Battery Market size is expected to reach $1 billion by 2030, rising at a market growth of 19.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,14,059.6 Units, experiencing a growth of 16.6% (2019-2022).

Due to their widespread use in developed nations like Japan and Australia, flow batteries are in great demand throughout the region. Therefore, the Asia Pacific region generated $92,427.3 Thousands revenue in the market in 2022. In these nations, the use of flow batteries in industrial, commercial, and utility applications is expanding quickly. Furthermore, the expansion is being fueled by the region's rapid industrial development in developing nations like China and India. Some of the factors impacting the market are investments in renewable energy are rising, an increase in the need for backup power in data centers, and low development requirements and large investment costs.



One of the main applications of flow battery is to store renewable energy. Industrialized and emerging nations have been updating their energy policies to accommodate a sizeable amount of energy generated from renewable energy resources, such as wind and solar. These nations include the US, India, China, Australia, and Japan. Investments in renewable energy are rising globally due to governmental financial support and related long-term benefits. Developers are now evaluating these technologies for their capacity to provide electricity for longer periods and to ramp up and down without degradation. Data centers need a consistent and dependable power source to minimize data loss and sustain uninterrupted operations. The rise in cloud computing and digital services has increased the need for data centers, increasing demand for flow batteries to ensure continuous availability. The beneficial features of flow batteries, such as their high energy capacity and storage capacities, make them suitable for data center applications. Additionally, because flow batteries have a longer minimum lifespan of 20 years and are frequently changed every four years under normal circumstances, there is an expected requirement for them. Thus, the market for flow batteries is anticipated to expand due to the growing requirement for power backup in data centers.

However, flow batteries are manufactured by several companies, and they differ in terms of their functional design, technical specifications, components, energy storage capacity, etc. It has become difficult for end users to compare the performance of two flow battery systems or to use two distinct devices. It necessitates the creation of specific standards for the advancement of flow batteries. Costs for materials, components, installations, maintenance, and repairs are included in the overall cost. For SMEs, this may need substantial expenditure. Therefore, in the coming years, this factor is anticipated to restrain the growth of the market.

Type Outlook

Based on type, the market is segmented into redox and hybrid. The hybrid segment acquired a substantial revenue share in the market in 2022. The most recent and non-pure variety of flow batteries are hybrid ones. Hybrid flow batteries have recently become increasingly popular for large-scale energy storage applications. They are ideal for grid-scale energy storage, the integration of renewable energy sources, and backup power systems due to their potential to efficiently store and rapidly release large amounts of energy. Hybrid flow batteries differ from other energy storage technologies because their architecture enables simple maintenance and offers the possibility of longer operational human life.

Material Outlook


Based on material, the market is fragmented into vanadium, zinc bromine, and others. In 2022, the vanadium segment held the highest revenue share in the market. Most flow batteries use vanadium electrolytes, which may provide stable charging and discharge for numerous cycles without degradation. It is made possible by the electrochemical properties of vanadium, which make it simple to remove electrons from the element and then add them back. The vanadium redox flow battery (VRFB), a suitable redox flow battery (RFB), uses vanadium redox couplings (V2+/V3+ in the negative and V4+/V5+ in the positive half-cells) to store energy.



Application Outlook

Based on application, the market is segmented into utilities, commercial & industrial, EV charging stations, and other applications. In 2022, the utilities segment witnessed the largest revenue share in the market. Utility applications normally use flow batteries to function as a balancing act between the supply of energy from the electric grid and the demand for electricity. Due to flow batteries' consistent ability to store and discharge power, utility owners may be able to reduce the quantity of excess electricity generated.

Regional Outlook

Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region procured a promising growth rate in the market in 2022. The growth of the regional market is owed to the greater usage of more sophisticated ticketing technology, boosting the overall passenger experience. Additionally, numerous operational flow battery installations in North America have high power ratings. The region's growing efforts in promoting the use of renewable energy are also creating the potential for the market to grow rapidly throughout the forecast year.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include VRB Energy, Inc. (Ivanhoe Electric Inc.), Invinity Energy Systems plc, Redflow Limited, ViZn Energy, Inc., Gebr. SCHMID GmbH, Elestor BV, Largo Inc., Stryten Energy LLC (Atlas Holdings LLC), Sumitomo Electric Industries, Ltd., Lockheed Martin Corporation.

Strategies Deployed in the Market

  • 2023-Apr: Redflow Limited received approval from California Public Utilities Commission (CPUC) for its zinc-bromine flow battery solution.
  • 2023-Mar: Invinity Energy Systems plc signed a distribution partnership with STS Group, an electronic equipment supplier. The partnership would strengthen Invinity's position as a provider of energy storage solutions within the Hungarian market.
  • 2023-Jan: Stryten Energy signed a partnership with Snapping Shoals EMC, a residential and commercial security solutions provider, to test its vanadium redox flow battery (VRFB) technology in a variety of cases. The partnership would allow Stryten to gain insights into the usage of its VFRB technology in various cases.
  • 2022-Sep: Redflow Limited came into partnership with Empower Energies, a solar energy solutions provider, to provide flow battery and solar energy solutions for North American markets. The solutions developed in the course of the partnership would allow the two companies to provide North American customers with safe and sustainable renewable energy solutions.
  • 2022-Aug: Largo Inc. signed an agreement with Ansaldo Green Tech S.P.A., a renewable energy solutions provider, to deploy flow battery solutions in European, Middle Eastern, and African regions. The partnership would position the two companies to address the demand for renewable energy needs within the mentioned regions.
  • 2022-Jan: Stryten Energy announced the acquisition of Storion Energy Inc., a commercial vanadium redox flow battery (VRFB) technology provider. Through the acquisition, Stryten would be better positioned to serve the North American market with innovative energy solutions.
  • 2021-Nov: Stryten Energy announced the acquisition of Galvion Vehicle Power, a protective equipment manufacturer. The acquisition strengthens Stryten's capability in providing customers with clean energy solutions.

Scope of the Study

Market Segments Covered in the Report:

By Type

  • Redox
  • Hybrid

By Material

  • Vanadium
  • Zinc Bromine
  • Others

By Storage (Volume, Units, USD Thousands, 2019-2030)

  • Large Scale
  • Small Scale

By Application (Volume, Units, USD Thousands, 2019-2030)

  • Utilities
  • Commercial & Industrial
  • EV Charging Stations
  • Others

By Geography (Volume, Units, USD Thousands, 2019-2030)

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • VRB Energy, Inc. (Ivanhoe Electric Inc.),
  • Invinity Energy Systems plc
  • Redflow Limited
  • ViZn Energy, Inc.
  • Gebr. SCHMID GmbH
  • Elestor BV
  • Largo Inc.
  • Stryten Energy LLC (Atlas Holdings LLC)
  • Sumitomo Electric Industries, Ltd.
  • Lockheed Martin Corporation

Unique Offerings

  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Flow Battery Market, by Type
1.4.2 Global Flow Battery Market, by Material
1.4.3 Global Flow Battery Market, by Storage
1.4.4 Global Flow Battery Market, by Application
1.4.5 Global Flow Battery Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.3 Porter Five Forces Analysis
Chapter 4. Strategies Deployed in Flow Battery Market
Chapter 5. Global Flow Battery Market by Type
5.1 Global Redox Market by Region
5.2 Global Hybrid Market by Region
Chapter 6. Global Flow Battery Market by Material
6.1 Global Vanadium Market by Region
6.2 Global Zinc Bromine Market by Region
6.3 Global Others Market by Region
Chapter 7. Global Flow Battery Market by Storage
7.1 Global Large Scale Market by Region
7.2 Global Small Scale Market by Region
Chapter 8. Global Flow Battery Market by Application
8.1 Global Utilities Market by Region
8.2 Global Commercial & Industrial Market by Region
8.3 Global EV Charging Stations Market by Region
8.4 Global Others Market by Region
Chapter 9. Global Flow Battery Market by Region
9.1 North America Flow Battery Market
9.1.1 North America Flow Battery Market by Type
9.1.1.1 North America Redox Market by Country
9.1.1.2 North America Hybrid Market by Country
9.1.2 North America Flow Battery Market by Material
9.1.2.1 North America Vanadium Market by Country
9.1.2.2 North America Zinc Bromine Market by Country
9.1.2.3 North America Others Market by Country
9.1.3 North America Flow Battery Market by Storage
9.1.3.1 North America Large Scale Market by Country
9.1.3.2 North America Small Scale Market by Country
9.1.4 North America Flow Battery Market by Application
9.1.4.1 North America Utilities Market by Country
9.1.4.2 North America Commercial & Industrial Market by Country
9.1.4.3 North America EV Charging Stations Market by Country
9.1.4.4 North America Others Market by Country
9.1.5 North America Flow Battery Market by Country
9.1.5.1 US Flow Battery Market
9.1.5.1.1 US Flow Battery Market by Type
9.1.5.1.2 US Flow Battery Market by Material
9.1.5.1.3 US Flow Battery Market by Storage
9.1.5.1.4 US Flow Battery Market by Application
9.1.5.2 Canada Flow Battery Market
9.1.5.2.1 Canada Flow Battery Market by Type
9.1.5.2.2 Canada Flow Battery Market by Material
9.1.5.2.3 Canada Flow Battery Market by Storage
9.1.5.2.4 Canada Flow Battery Market by Application
9.1.5.3 Mexico Flow Battery Market
9.1.5.3.1 Mexico Flow Battery Market by Type
9.1.5.3.2 Mexico Flow Battery Market by Material
9.1.5.3.3 Mexico Flow Battery Market by Storage
9.1.5.3.4 Mexico Flow Battery Market by Application
9.1.5.4 Rest of North America Flow Battery Market
9.1.5.4.1 Rest of North America Flow Battery Market by Type
9.1.5.4.2 Rest of North America Flow Battery Market by Material
9.1.5.4.3 Rest of North America Flow Battery Market by Storage
9.1.5.4.4 Rest of North America Flow Battery Market by Application
9.2 Europe Flow Battery Market
9.2.1 Europe Flow Battery Market by Type
9.2.1.1 Europe Redox Market by Country
9.2.1.2 Europe Hybrid Market by Country
9.2.2 Europe Flow Battery Market by Material
9.2.2.1 Europe Vanadium Market by Country
9.2.2.2 Europe Zinc Bromine Market by Country
9.2.2.3 Europe Others Market by Country
9.2.3 Europe Flow Battery Market by Storage
9.2.3.1 Europe Large Scale Market by Country
9.2.3.2 Europe Small Scale Market by Country
9.2.4 Europe Flow Battery Market by Application
9.2.4.1 Europe Utilities Market by Country
9.2.4.2 Europe Commercial & Industrial Market by Country
9.2.4.3 Europe EV Charging Stations Market by Country
9.2.4.4 Europe Others Market by Country
9.2.5 Europe Flow Battery Market by Country
9.2.5.1 Germany Flow Battery Market
9.2.5.1.1 Germany Flow Battery Market by Type
9.2.5.1.2 Germany Flow Battery Market by Material
9.2.5.1.3 Germany Flow Battery Market by Storage
9.2.5.1.4 Germany Flow Battery Market by Application
9.2.5.2 UK Flow Battery Market
9.2.5.2.1 UK Flow Battery Market by Type
9.2.5.2.2 UK Flow Battery Market by Material
9.2.5.2.3 UK Flow Battery Market by Storage
9.2.5.2.4 UK Flow Battery Market by Application
9.2.5.3 France Flow Battery Market
9.2.5.3.1 France Flow Battery Market by Type
9.2.5.3.2 France Flow Battery Market by Material
9.2.5.3.3 France Flow Battery Market by Storage
9.2.5.3.4 France Flow Battery Market by Application
9.2.5.4 Russia Flow Battery Market
9.2.5.4.1 Russia Flow Battery Market by Type
9.2.5.4.2 Russia Flow Battery Market by Material
9.2.5.4.3 Russia Flow Battery Market by Storage
9.2.5.4.4 Russia Flow Battery Market by Application
9.2.5.5 Spain Flow Battery Market
9.2.5.5.1 Spain Flow Battery Market by Type
9.2.5.5.2 Spain Flow Battery Market by Material
9.2.5.5.3 Spain Flow Battery Market by Storage
9.2.5.5.4 Spain Flow Battery Market by Application
9.2.5.6 Italy Flow Battery Market
9.2.5.6.1 Italy Flow Battery Market by Type
9.2.5.6.2 Italy Flow Battery Market by Material
9.2.5.6.3 Italy Flow Battery Market by Storage
9.2.5.6.4 Italy Flow Battery Market by Application
9.2.5.7 Rest of Europe Flow Battery Market
9.2.5.7.1 Rest of Europe Flow Battery Market by Type
9.2.5.7.2 Rest of Europe Flow Battery Market by Material
9.2.5.7.3 Rest of Europe Flow Battery Market by Storage
9.2.5.7.4 Rest of Europe Flow Battery Market by Application
9.3 Asia Pacific Flow Battery Market
9.3.1 Asia Pacific Flow Battery Market by Type
9.3.1.1 Asia Pacific Redox Market by Country
9.3.1.2 Asia Pacific Hybrid Market by Country
9.3.2 Asia Pacific Flow Battery Market by Material
9.3.2.1 Asia Pacific Vanadium Market by Country
9.3.2.2 Asia Pacific Zinc Bromine Market by Country
9.3.2.3 Asia Pacific Others Market by Country
9.3.3 Asia Pacific Flow Battery Market by Storage
9.3.3.1 Asia Pacific Large Scale Market by Country
9.3.3.2 Asia Pacific Small Scale Market by Country
9.3.4 Asia Pacific Flow Battery Market by Application
9.3.4.1 Asia Pacific Utilities Market by Country
9.3.4.2 Asia Pacific Commercial & Industrial Market by Country
9.3.4.3 Asia Pacific EV Charging Stations Market by Country
9.3.4.4 Asia Pacific Others Market by Country
9.3.5 Asia Pacific Flow Battery Market by Country
9.3.5.1 China Flow Battery Market
9.3.5.1.1 China Flow Battery Market by Type
9.3.5.1.2 China Flow Battery Market by Material
9.3.5.1.3 China Flow Battery Market by Storage
9.3.5.1.4 China Flow Battery Market by Application
9.3.5.2 Japan Flow Battery Market
9.3.5.2.1 Japan Flow Battery Market by Type
9.3.5.2.2 Japan Flow Battery Market by Material
9.3.5.2.3 Japan Flow Battery Market by Storage
9.3.5.2.4 Japan Flow Battery Market by Application
9.3.5.3 India Flow Battery Market
9.3.5.3.1 India Flow Battery Market by Type
9.3.5.3.2 India Flow Battery Market by Material
9.3.5.3.3 India Flow Battery Market by Storage
9.3.5.3.4 India Flow Battery Market by Application
9.3.5.4 South Korea Flow Battery Market
9.3.5.4.1 South Korea Flow Battery Market by Type
9.3.5.4.2 South Korea Flow Battery Market by Material
9.3.5.4.3 South Korea Flow Battery Market by Storage
9.3.5.4.4 South Korea Flow Battery Market by Application
9.3.5.5 Singapore Flow Battery Market
9.3.5.5.1 Singapore Flow Battery Market by Type
9.3.5.5.2 Singapore Flow Battery Market by Material
9.3.5.5.3 Singapore Flow Battery Market by Storage
9.3.5.5.4 Singapore Flow Battery Market by Application
9.3.5.6 Malaysia Flow Battery Market
9.3.5.6.1 Malaysia Flow Battery Market by Type
9.3.5.6.2 Malaysia Flow Battery Market by Material
9.3.5.6.3 Malaysia Flow Battery Market by Storage
9.3.5.6.4 Malaysia Flow Battery Market by Application
9.3.5.7 Rest of Asia Pacific Flow Battery Market
9.3.5.7.1 Rest of Asia Pacific Flow Battery Market by Type
9.3.5.7.2 Rest of Asia Pacific Flow Battery Market by Material
9.3.5.7.3 Rest of Asia Pacific Flow Battery Market by Storage
9.3.5.7.4 Rest of Asia Pacific Flow Battery Market by Application
9.4 LAMEA Flow Battery Market
9.4.1 LAMEA Flow Battery Market by Type
9.4.1.1 LAMEA Redox Market by Country
9.4.1.2 LAMEA Hybrid Market by Country
9.4.2 LAMEA Flow Battery Market by Material
9.4.2.1 LAMEA Vanadium Market by Country
9.4.2.2 LAMEA Zinc Bromine Market by Country
9.4.2.3 LAMEA Others Market by Country
9.4.3 LAMEA Flow Battery Market by Storage
9.4.3.1 LAMEA Large Scale Market by Country
9.4.3.2 LAMEA Small Scale Market by Country
9.4.4 LAMEA Flow Battery Market by Application
9.4.4.1 LAMEA Utilities Market by Country
9.4.4.2 LAMEA Commercial & Industrial Market by Country
9.4.4.3 LAMEA EV Charging Stations Market by Country
9.4.4.4 LAMEA Others Market by Country
9.4.5 LAMEA Flow Battery Market by Country
9.4.5.1 Brazil Flow Battery Market
9.4.5.1.1 Brazil Flow Battery Market by Type
9.4.5.1.2 Brazil Flow Battery Market by Material
9.4.5.1.3 Brazil Flow Battery Market by Storage
9.4.5.1.4 Brazil Flow Battery Market by Application
9.4.5.2 Argentina Flow Battery Market
9.4.5.2.1 Argentina Flow Battery Market by Type
9.4.5.2.2 Argentina Flow Battery Market by Material
9.4.5.2.3 Argentina Flow Battery Market by Storage
9.4.5.2.4 Argentina Flow Battery Market by Application
9.4.5.3 UAE Flow Battery Market
9.4.5.3.1 UAE Flow Battery Market by Type
9.4.5.3.2 UAE Flow Battery Market by Material
9.4.5.3.3 UAE Flow Battery Market by Storage
9.4.5.3.4 UAE Flow Battery Market by Application
9.4.5.4 Saudi Arabia Flow Battery Market
9.4.5.4.1 Saudi Arabia Flow Battery Market by Type
9.4.5.4.2 Saudi Arabia Flow Battery Market by Material
9.4.5.4.3 Saudi Arabia Flow Battery Market by Storage
9.4.5.4.4 Saudi Arabia Flow Battery Market by Application
9.4.5.5 South Africa Flow Battery Market
9.4.5.5.1 South Africa Flow Battery Market by Type
9.4.5.5.2 South Africa Flow Battery Market by Material
9.4.5.5.3 South Africa Flow Battery Market by Storage
9.4.5.5.4 South Africa Flow Battery Market by Application
9.4.5.6 Nigeria Flow Battery Market
9.4.5.6.1 Nigeria Flow Battery Market by Type
9.4.5.6.2 Nigeria Flow Battery Market by Material
9.4.5.6.3 Nigeria Flow Battery Market by Storage
9.4.5.6.4 Nigeria Flow Battery Market by Application
9.4.5.7 Rest of LAMEA Flow Battery Market
9.4.5.7.1 Rest of LAMEA Flow Battery Market by Type
9.4.5.7.2 Rest of LAMEA Flow Battery Market by Material
9.4.5.7.3 Rest of LAMEA Flow Battery Market by Storage
9.4.5.7.4 Rest of LAMEA Flow Battery Market by Application
Chapter 10. Company Profiles
10.1 VRB Energy, Inc. (Ivanhoe Electric Inc.)
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Segmental and Regional Analysis
10.1.4 Research & Development Expenses
10.1.5 SWOT Analysis
10.2 Invinity Energy Systems plc
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Regional Analysis
10.2.4 Research & Development Expenses
10.2.5 Recent strategies and developments:
10.2.5.1 Partnerships, Collaborations, and Agreements:
10.2.6 SWOT Analysis
10.3 Redflow Limited
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Recent strategies and developments:
10.3.3.1 Partnerships, Collaborations, and Agreements:
10.3.3.2 Trials and Approvals:
10.3.4 SWOT Analysis
10.4 ViZn Energy, Inc.
10.4.1 Company Overview
10.4.2 SWOT Analysis
10.5 Gebr. SCHMID GmbH
10.5.1 Company Overview
10.5.2 Recent strategies and developments:
10.5.2.1 Partnerships, Joint Ventures, Collaborations, and Agreements:
10.5.3 SWOT Analysis
10.6 Elestor BV
10.6.1 Company Overview
10.6.2 SWOT Analysis
10.7 Largo Inc.
10.7.1 Company Overview
10.7.2 Recent strategies and developments:
10.7.2.1 Partnerships, Collaborations, and Agreements:
10.7.2.2 Acquisition and Mergers:
10.8 Stryten Energy LLC (Atlas Holdings LLC)
10.8.1 Company Overview
10.8.2 Recent strategies and developments:
10.8.2.1 Partnerships, Collaborations, and Agreements:
10.8.2.2 Acquisition and Mergers:
10.8.3 SWOT Analysis
10.9 Sumitomo Electric Industries, Ltd.
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Segmental and Regional Analysis
10.9.4 Research & Development Expenses
10.9.5 SWOT Analysis
10.10. Lockheed Martin Corporation
10.10.1 Company Overview
10.10.2 Financial Analysis
10.10.3 Segmental and Regional Analysis
10.10.4 Research & Development Expense
10.10.5 SWOT Analysis
Chapter 11. Winning Imperative for Flow Battery Market

Companies Mentioned

  • VRB Energy, Inc. (Ivanhoe Electric Inc.),
  • Invinity Energy Systems plc
  • Redflow Limited
  • ViZn Energy, Inc.
  • Gebr. SCHMID GmbH
  • Elestor BV
  • Largo Inc.
  • Stryten Energy LLC (Atlas Holdings LLC)
  • Sumitomo Electric Industries, Ltd.
  • Lockheed Martin Corporation

Methodology

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