Flow Batteries Market - Research and Markets

The Flow Batteries Market was valued at USD 416.3 million in 2024, and is projected to reach USD 1.10 billion by 2029, rising at a CAGR of 21.70%.

The growing demand for accessible energy storage systems has accelerated the adoption of flow batteries. According to the International Energy Agency (IEA), the global investment in battery energy storage increased by more than $35 billion in 2023, primarily in grid-scale deployment. According to the Energy Storage Report 2024, G7 countries have set a target of 1,500 GW of new global energy storage by 2030, a six-fold increase from current levels.

Furthermore, the demand for integrating renewable energy sources backed by grid modernization initiatives are leading to more installations of long duration energy storage systems. The increasing focus on grid modernization, EV charging stations, and initiatives for developing efficient and sustainable batteries are the key drivers of the market’s growth.

Report Scope

This report analyzes the flow battery market by battery type, battery material, deployment, application and end-use industries. Additionally, the report discusses the technological, regulatory, competitive and economic trends that impact the market. The analyst has included a patent analysis for the flow battery market, which depicts a strong investment prospect for investors. It analyzes emerging technologies, the impact of COVID-19, and the competitive landscape, which enables the reader to understand the global market. The report concludes by looking at environmental, social and governance (ESG) developments and by providing detailed profiles of the major manufacturers of flow batteries.

The report also includes analysis by region (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa) and by country (the U.S., Germany, the U.K., and China), using 2023 as a base year. Estimates are provided for 2024, and market values are forecast through 2029. All market values are in dollar ($) millions. The report excludes the automotive industry as an end-use industry, specifically the transportation sector, which involves the EV industry.

The report includes:

51 data tables and 50 additional tables
An overview of the technical and business aspects of the global market for flow batteries
Analyses of global market trends, with market revenue data for 2023, estimates for 2024, forecast for 2025 and 2027, and projected CAGRs through 2029
Estimates of the size and revenue prospects of the global market, along with a market share analysis by battery type, battery material, deployment type, application, end-use, and region
Facts and figures pertaining to the market dynamics, technical advances, regulations, innovations, and the impact of macroeconomic factors
Insights from a Porter's Five Forces model, and global value chain and PESTLE analyses
Patent analysis, emerging trends and technologies, and new developments
Analysis of the industry structure, including companies' market shares and global rankings, strategic alliances, M&A activity and a venture funding outlook
Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes and the ESG scores and practices of leading companies
Company profiles of leading players, including Sumitomo Electric Industries Ltd., Invinity Energy Systems, ESS Tech Inc., Rongke Power and Redflow Ltd.

Chapter 1 Executive Summary

Market Outlook
Scope of Report
Market Summary
Market Dynamics and Growth Factors
Analysis by Segment
Regional Insights and Emerging Markets
Conclusion

Chapter 2 Market Overview

Market Overview and Future Scenarios
Value Chain Analysis
Raw Material Extraction
Material Processing
Component Manufacturers
Product Assembly
End-Use Applications and Integration
Battery Recycling and Disposal
Porter's Five Forces Model
Bargaining Power of Buyers
Bargaining Power of Suppliers
Potential for New Entrants
Competition in the Industry
Threat of Substitutes
Impact of Russia-Ukraine War
PESTLE Analysis

Chapter 3 Market Dynamics

Overview
Market Drivers
Preference for Flow Batteries over Conventional Batteries
Use of Flow Batteries by Utilities
Increasing Renewable Power Generation
Market Restraints
High Upfront Investment Cost
Volatility in the Price of Vanadium
Market Opportunities
Grid Modernization
Technological Developments
Public and Private Investments
Market Trends
Demand for Long-Duration Battery Storage Technologies
Supportive Government Regulations

Chapter 4 Emerging Technologies and Developments

Overview
Emerging Battery Materials
Emerging Technologies in Flow Battery Development
Iron Flow Batteries
Iron-Chromium Redox Flow Batteries
Patent Analysis
Overview
Key Patents
Key Takeaways

Chapter 5 Market Segmentation Analysis

Breakdown by Segment
Global Flow Battery Market, by Battery Type
Redox
Hybrid
Global Flow Battery Market, by Battery Material
Vanadium
Zinc-Bromine
Other Battery Materials
Global Flow Battery Market, by Deployment Type
Small-Scale
Large-Scale
Global Flow Battery Market, by Application
Load Shifting
Peaking Capacity
Microgrid Formation
Others
Global Flow Battery Market, by End Use
Utilities
Commercial and Industrial
Residential
Geographic Breakdown
Global Flow Battery Market, by Region
North America
Europe
Asia-Pacific
Rest of World

Chapter 6 Competitive Intelligence

Market Ranking
Recent Developments

Chapter 7 Sustainability in the Flow Battery Market: An ESG Perspective

Overview
Environmental Impact
Social Impact
Governance Impact
Status of ESG in the Flow Battery Industry
Case Studies Successful Implementations of ESG
Invinity Energy Systems
Sumitomo Electric Industries Ltd.
StorEn Technologies
Enerox GmbH
Consumer Attitudes Towards ESG
Concluding Remarks

Chapter 8 Appendix

Methodology
Research Steps
References
Abbreviations
Company Profiles
ENEROX GMBH
ESS TECH INC.
INVINITY ENERGY SYSTEMS
LARGO INC.
PRIMUS POWER
REDFLOW LTD.
RKP DALIAN RONGKE ENERGY STORAGE TECHNOLOGY DEVELOPMENT CO. LTD.
STRYTEN ENERGY
SUMITOMO ELECTRIC INDUSTRIES LTD.
THORION ENERGY
VIZN ENERGY SYSTEMS
VOLTSTORAGE
VRB ENERGY
Small Players in the Global Flow Battery Market

List of Tables

Summary Table: Global Flow Battery Market, by Region, Through 2029
Table 1: Recent Vanadium Redox Flow Battery Projects with Their Applications
Table 2: Comparison of Flow Batteries and Li-ion Batteries
Table 3: Granted Patents for Flow Batteries, 2022-2024
Table 4: Published Patents for Flow Batteries, 2023 and 2024
Table 5: Global Flow Battery Market, by Battery Type, Through 2029
Table 6: Global RFB Market, by Region, Through 2029
Table 7: Global Hybrid Flow Battery Market, by Region, Through 2029
Table 8: Global Flow Battery Market, by Battery Material, Through 2029
Table 9: Global Flow Battery Market for Vanadium, by Region, Through 2029
Table 10: Global Flow Battery Market for Zinc-Bromine, by Region, Through 2029
Table 11: Global Flow Battery Market for Other Battery Materials, by Region, Through 2029
Table 12: Global Flow Battery Market, by Deployment Type, Through 2029
Table 13: Global Flow Battery Market for Small-Scale Deployment, by Region, Through 2029
Table 14: Global Flow Battery Market for Large-Scale Deployment, by Region, Through 2029
Table 15: Global Flow Battery Market, by Application, Through 2029
Table 16: Global Flow Battery Market for Load Shifting, by Region, Through 2029
Table 17: Global Flow Battery Market for Peaking Capacity, by Region, Through 2029
Table 18: Global Flow Battery Market for Microgrid Formation, by Region, Through 2029
Table 19: Global Flow Battery Market for Other Applications, by Region, Through 2029
Table 20: Global Flow Battery Market, by End Use, Through 2029
Table 21: Global Flow Battery Market for Utilities, by Region, Through 2029
Table 22: Global Flow Battery Market for Commercial and Industrial Use, by Region, Through 2029
Table 23: Global Flow Battery Market for Residential Use, by Region, Through 2029
Table 24: Global Flow Battery Market, by Region, Through 2029
Table 25: North American Flow Battery Market, by Battery Type, Through 2029
Table 26: North American Flow Battery Market, by Battery Material, Through 2029
Table 27: North American Flow Battery Market, by Deployment Type, Through 2029
Table 28: North American Flow Battery Market, by Application, Through 2029
Table 29: North American Flow Battery Market, by End Use, Through 2029
Table 30: North American Flow Battery Market, by Country, Through 2029
Table 31: Energy Storage Targets, by Canadian Province
Table 32: European Flow Battery Market, by Battery Type, Through 2029
Table 33: European Flow Battery Market, by Material Type, Through 2029
Table 34: European Flow Battery Market, by Deployment Type, Through 2029
Table 35: European Flow Battery Market, by Application, Through 2029
Table 36: European Flow Battery Market, by End Use, Through 2029
Table 37: European Flow Battery Market, by Country, Through 2029
Table 38: Asia-Pacific Flow Battery Market, by Battery Type, Through 2029
Table 39: Asia-Pacific Flow Battery Market, by Battery Material, Through 2029
Table 40: Asia-Pacific Flow Battery Market, by Deployment Type, Through 2029
Table 41: Asia-Pacific Flow Battery Market, by Application, Through 2029
Table 42: Asia-Pacific Flow Battery Market, by End Use, Through 2029
Table 43: Asia-Pacific Flow Battery Market, by Country, Through 2029
Table 44: RoW Flow Battery Market, by Battery Type, Through 2029
Table 45: RoW Flow Battery Market, by Battery Material, Through 2029
Table 46: RoW Flow Battery Market, by Deployment Type, Through 2029
Table 47: RoW Flow Battery Market, by Application, Through 2029
Table 48: RoW Flow Battery Market, by End Use, Through 2029
Table 49: RoW Flow Battery Market, by Sub-Region, Through 2029
Table 50: Leading Companies in the Global Flow Battery Market
Table 51: Contracts in Global Flow Battery Market, 2022-2024
Table 52: Agreements in the Global Flow Battery Market, 2022-2024
Table 53: Expansions in the Global Flow Battery Market, 2023-2024
Table 54: ESG Risk Ratings, by Company, 2023
Table 55: ESG Targets of Sumitomo Electric Industries Ltd., 2025
Table 56: Abbreviations Used in the Report
Table 57: Enerox GmbH: Company Snapshot
Table 58: Enerox GmbH: Product Portfolio
Table 59: Enerox GmbH: News/Key Developments, 2022
Table 60: ESS Tech Inc.: Company Snapshot
Table 61: ESS Tech Inc.: Financial Performance, FY 2022 and 2023
Table 62: ESS Tech Inc.: Product Portfolio
Table 63: ESS Tech Inc.: News/Key Developments, 2022-2024
Table 64: Invinity Energy Systems: Company Snapshot
Table 65: Invinity Energy Systems: Financial Performance, FY 2022 and 2023
Table 66: Invinity Energy Systems: Product Portfolio
Table 67: Invinity Energy Systems: News/Key Developments, 2022-2024
Table 68: Largo Inc.: Company Snapshot
Table 69: Largo Inc.: Financial Performance, 2022 and 2023
Table 70: Largo Inc.: Product Portfolio
Table 71: Largo Inc.: News/Key Developments, 2024
Table 72: Primus Power: Company Snapshot
Table 73: Primus Power: Product Portfolio
Table 74: Redflow Ltd.: Company Snapshot
Table 75: Redflow Ltd.: Financial Performance, FY 2022 and 2023
Table 76: Redflow Ltd.: Product Portfolio
Table 77: Redflow Ltd.: News/Key Developments, 2022-2024
Table 78: RKP Dalian Rongke Energy Storage Technology Development Co. Ltd.: Company Snapshot
Table 79: RKP Dalian Rongke Energy Storage Technology Development Co. Ltd.: Product Portfolio
Table 80: RKP Dalian Rongke Energy Storage Technology Development Co. Ltd.: News/Key Developments, 2024
Table 81: Stryten Energy: Company Snapshot
Table 82: Stryten Energy: Product Portfolio
Table 83: Stryten Energy: News/Key Developments, 2022-2024
Table 84: Sumitomo Electric Industries Ltd.: Company Snapshot
Table 85: Sumitomo Electric Industries Ltd.: Financial Performance, FY 2022 and 2023
Table 86: Sumitomo Electric Industries Ltd.: Product Portfolio
Table 87: Sumitomo Electric Industries Ltd.: News/Key Developments, 2022 and 2023
Table 88: Thorion Energy: Company Snapshot
Table 89: Thorion Energy: Product Portfolio
Table 90: Thorion Energy: News/Key Developments, 2023
Table 91: ViZn Energy Systems: Company Snapshot
Table 92: ViZn Energy Systems: Product Portfolio
Table 93: ViZn Energy Systems: News/Key Developments, 2022
Table 94: VoltStorage: Company Snapshot
Table 95: VoltStorage: Product Portfolio
Table 96: VoltStorage: News/Key Developments, 2023 and 2024
Table 97: VRB Energy: Company Snapshot
Table 98: VRB Energy: Product Portfolio
Table 99: VRB Energy: News/Key Developments, 2024
Table 100: Small Players in the Global Flow Battery Market

List of Figures

Summary Figure: Global Flow Battery Market Share, by Region, 2023
Figure 1: Value Chain for the Global Flow Battery Market
Figure 2: PESTLE Analysis for the Flow Battery Market
Figure 3: Global Market Dynamics for Flow Batteries
Figure 4: Global Renewable Energy Capacity Additions, by Type of Energy, 2021-2028
Figure 5: Average Cost Breakdown for a 250kW/4-hour VRFB system, 2023
Figure 6: Worldwide Investment in Grid and Storage, 2019-2023
Figure 7: Share of Flow Battery Patents, by Applicant, 2023 and 2024
Figure 8: Share of Flow Battery Patents, by Country, 2023 and 2024
Figure 9: Global Flow Battery Market Share, by Battery Type, 2023
Figure 10: Global RFB Market Share, by Region, 2023
Figure 11: Global Hybrid Flow Battery Market Share, by Region, 2023
Figure 12: Global Flow Battery Market Share, by Battery Material, 2023
Figure 13: Global Flow Battery Market Share for Vanadium, by Region, 2023
Figure 14: Global Flow Battery Market Share for Zinc-Bromine, by Region, 2023
Figure 15: Global Flow Battery Market Share for Other Battery Materials, by Region, 2023
Figure 16: Global Flow Battery Market Share, by Deployment Type, 2023
Figure 17: Global Flow Battery Market Share for Small-Scale Deployment, by Region, 2023
Figure 18: Global Flow Battery Market Share for Large-Scale Deployment, by Region, 2023
Figure 19: Global Flow Battery Market Share, by Application, 2023
Figure 20: Global Flow Battery Market Share for Load Shifting, by Region, 2023
Figure 21: Global Flow Battery Market Share for Peaking Capacity, by Region, 2023
Figure 22: Global Flow Battery Market Share for Microgrid Formation, by Region, 2023
Figure 23: Global Flow Battery Market Share for Other Applications, by Region, 2023
Figure 24: Global Flow Battery Market Share, by End Use, 2023
Figure 25: Global Flow Battery Market Share for Utilities, by Region, 2023
Figure 26: Global Flow Battery Market Share for Commercial and Industrial Use, by Region, 2023
Figure 27: Global Flow Battery Market Share for Residential Use, by Region, 2023
Figure 28: Global Flow Battery Market Share, by Region, 2023
Figure 29: North American Flow Battery Market Share, by Battery Type, 2023
Figure 30: North American Flow Battery Market Share, by Battery Material, 2023
Figure 31: North American Flow Battery Market Share, by Deployment Type, 2023
Figure 32: North American Flow Battery Market Share, by Application, 2023
Figure 33: North American Flow Battery Market Share, by End Use, 2023
Figure 34: North American Flow Battery Market Share, by Country, 2023
Figure 35: European Flow Battery Market Share, by Battery Type, 2023
Figure 36: European Flow Battery Market Share, by Material Type, 2023
Figure 37: European Flow Battery Market Share, by Deployment Type, 2023
Figure 38: European Flow Battery Market Share, by Application, 2023
Figure 39: European Flow Battery Market Share, by End Use, 2023
Figure 40: European Flow Battery Market Share, by Country, 2023
Figure 41: Asia-Pacific Flow Battery Market Share, by Battery Type, 2023
Figure 42: Asia-Pacific Flow Battery Market Share, by Battery Material, 2023
Figure 43: Asia-Pacific Flow Battery Market Share, by Deployment Type, 2023
Figure 44: Asia-Pacific Flow Battery Market Share, by Application, 2023
Figure 45: Asia-Pacific Flow Battery Market Share, by End Use, 2023
Figure 46: Asia-Pacific Flow Battery Market Share, by Country, 2023
Figure 47: RoW Flow Battery Market Share, by Battery Type, 2023
Figure 48: RoW Flow Battery Market Share, by Battery Material, 2023
Figure 49: RoW Flow Battery Market Share, by Deployment Type, 2023
Figure 50: RoW Flow Battery Market Share, by Application, 2023
Figure 51: RoW Flow Battery Market Share, by End Use, 2023
Figure 52: RoW Flow Battery Market Share, by Sub-Region, 2023
Figure 53: Research Steps for the Global Flow Battery Market
Figure 54: ESS Tech Inc.: Revenue Share, by Business Unit, FY 2023
Figure 55: Invinity Energy Systems: Revenue Share, by Business Unit, FY 2023
Figure 56: Invinity Energy Systems: Revenue Share, by Country/Region, FY 2023
Figure 57: Largo Inc.: Revenue Share, by Business Unit, 2023
Figure 58: Largo Inc.: Revenue Share, by Country/Region, 2023
Figure 59: Sumitomo Electric Industries Ltd.: Revenue Share, by Business Unit, FY 2023
Figure 60: Sumitomo Electric Industries Ltd.: Revenue Share, by Country/Region, 2023

Companies Mentioned

Enerox GmbH
ESS Tech Inc.
Invinity Energy Systems
Largo Inc.
Primus Power
Redflow Ltd.
RKP Dalian Rongke Energy Storage Technology Development Co. Ltd.
Stryten Energy
Sumitomo Electric Industries Ltd.
Thorion Energy
Vizn Energy Systems
Voltstorage
VRB Energy

Table Information

Report Attribute	Details
No. of Pages	135
Published	November 2024
Forecast Period	2024 - 2029
Estimated Market Value ( USD ) in 2024	$ 416.3 Million
Forecasted Market Value ( USD ) by 2029	$ 1100 Million
Compound Annual Growth Rate	21.7%
Regions Covered	Global
No. of Companies Mentioned	13

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SINGLE USER LICENSE PDF	The product is a PDF.	This is a single user license, allowing one user access to the product.	€4543EUR$4,650USD£3,793GBP
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SITE LICENSE PDF	The product is a PDF.	This is a site license, allowing all users within a given geographical location of your organization access to the product.	€6542EUR$6,696USD£5,462GBP
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Report Scope

The report includes:

Table of Contents

Companies Mentioned

Table Information

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