Flow Battery Market Size, Share, Growth Analysis, By Material(Vanadium Redox Flow Battery, Zinc Bromine Flow Battery, Iron Flow Battery, and Zinc Iron Flow Battery), By Type(Redox, Hybrid), By Region - Industry Forecast 2024-2031

Report ID: SQMIG55F2057 | Region: Global | Published Date: April, 2024
Pages: 182 | Tables: 63 | Figures: 74

Flow Battery Market Insights

Global Flow Battery Market size was valued at USD 736.8 Million in 2022 and is poised to grow from USD 831.11 Million in 2023 to USD 2178.37 Million by 2031, growing at a CAGR of 12.8% in the forecast period (2024-2031).

The global flow battery market is characterized by dynamic factors influencing its growth trajectory. The global flow battery market is poised to expand significantly owing to the increasing demand for energy storage solutions driven by the integration of renewable energy sources, grid modernization initiatives and one of the trends of electricity driving the growth of the market. Flow batteries are increasingly used in utility-scale energy storage. Flow batteries offer advantages such as scalability, long cycle life and fast response time, making them ideally suited for applications requiring high-capacity long-term power storage. Furthermore, advances in flow battery technology, such as improvements in electrolyte design, electrode materials and system design internally, contribute to productivity, efficiency and cost savings market expansion.

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The market is characterized by new start-ups and collaboration between industry and research institutes to meet the need. Some of the leading players at the forefront in the global redox flow battery market include StorEn Technologies Inc., Avalon Battery Corporation, HydraRedox, Storion Energy, Vionx Energy, H2, Inc., Le System Co., Ltd., Sumitomo Electric Industries, Ltd., redT Energy Plc, and Dalian Rongke Power Co., Ltd. 'Nuvation Engineering', 'Lithium Balance', 'Navitas Systems', 'NXP Semiconductors', 'Texas Instruments', 'Analog Devices, Inc.', 'Eberspächer', 'Ewert Energy Systems', 'Renesas Electronics Corporation', 'Elithion Inc.', 'Valence Technology Inc.', 'Johnson Matthey Battery Systems', 'Lithium Werks', 'Exide Technologies', 'Toshiba Infrastructure Systems & Solutions Corporation', 'Leclanché SA', 'AVL List GmbH', 'Hitachi Automotive Systems, Ltd.', 'LG Chem Ltd.'

Global shift towards renewable energy sources, such as solar and wind power, driving demand for energy storage solutions such as flow batteries. Flow batteries enable the use of energy generation new stores and deliver more efficiently, reducing interference and supporting grid stability and reliability.

Increasing Attention on the Use of Vanadium Redox Flow Batteries: A major trend in the global flow battery market is the increasing attention on the use of vanadium redox flow batteries (VRFBs) for energy storage. VRFB is gaining traction for its unique advantages, including energy efficiency, long cycle life, and relatively low maintenance requirements. As vanadium costs fall, and production processes are becoming more efficient, VRFBs are becoming more competitive compared to other flow-through battery formulations. It makes it ideally suited for storage and grid stabilization applications, leading to acceptance in developed and emerging markets.

North America is the dominant region in the market. Projects such as energy storage mandates, renewable portfolio standards and grid modernization projects in North America drive demand for flow batteries especially in the US. The global flow battery market across North America will exhibit a substantial CAGR during the forecast period. According to the Department of Energy (DOE), this booming energy storage has major economic and energy security benefits. Unlike lithium-ion batteries, vanadium flow batteries do not degrade with repeated cycling, and store energy in a non-flammable electrolyte solution. They provide a 10-hour charge, tens of millions of cycles, and may last 25 years helping the market to increase revenues.

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Flow Battery Market Size, Share, Growth Analysis, By Material(Vanadium Redox Flow Battery, Zinc Bromine Flow Battery, Iron Flow Battery, and Zinc Iron Flow Battery), By Type(Redox, Hybrid), By Region - Industry Forecast 2024-2031

Flow Battery Market Insights

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