The Flow Battery Market is projected to reach $885.3 million by 2030, at a CAGR of 17% during the forecast period of 2023 to 2030. The growth of this market is driven by the high demand for flow battery in utilities and the increasing investments in renewable energy. However, the lack of standardization for the development of flow battery systems and the high initial costs of manufacturing flow battery restrain the growth of this market.
Furthermore, technological innovations with improved capabilities are expected to create significant growth opportunities for the players operating in this market. However, the decline in the deployment rate of flow battery due to the COVID-19 pandemic and the supply chain disruption of raw materials for battery pose challenges to the market’s growth.
The COVID-19 pandemic emerged in Wuhan, China, toward the end of December 2019. By March 2020, it had spread worldwide, resulting in huge casualties and heavy economic losses. The pandemic severely impacted several sectors, including battery manufacturing, semiconductor, EV ecosystems, and automotive, with major manufacturers shutting down their operations completely or operating at reduced capacities following the directives issued by their respective governments.
As businesses shut down worldwide, road traffic came to a standstill, and the demand for electric automobiles plunged. Quarantines and stay-at-home orders resulted in the closure of battery and automobile production facilities, mines, and refineries and froze shipments of manufactured goods. Economic uncertainty and mass layoffs curtailed consumer spending and reduced the demand for top-of-the-line mobile phones and tablets. These factors threatened the vitality of energy-storage materials and the long-term growth of renewable sources.
However, the increasing initiatives by major players and stakeholders are expected to support the growth of this market. For instance:
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High Demand for Flow Battery in Utilities to Drive Market’s Growth
Utilities are one of the early application areas for flow battery as they deal with the grid penetration of renewable energy. In utility applications, flow battery act as a buffer between the demand for electricity and available energy from the electric grid. Flow Battery are ideal for extensive discharge duration in MW scale power increment in utilities. Furthermore, these battery supply and transfer energy during the disruption of grid services.
To date, most flow battery installation projects worldwide cater to the requirements of utilities. In recent years, government and private bodies have been improving electric grid systems due to the growing need for electrification in rural and urban areas. Government and business organizations have recently been enhancing the electric grid infrastructure to meet the increased demand for electrification.
In August 2022, the U.S. Department of Energy (DOE) announced $13 billion in new financing opportunities for the expansion and modernization of the nation’s electric grid. Funded by the President’s Bipartisan Infrastructure Law, the Grid Resilience Innovative Partnership (GRIP) program and the Transmission Facilitation Program together represent the largest single direct federal investment in critical transmission and distribution infrastructure and one of the first down payments on an over $20 billion investment under the Administration’s Building a Better Grid Initiative.
Such initiatives and high investments in grid development by various governments to meet the rising electricity demand are expected to drive the growth of the flow battery market during the forecast period.
Redox Flow Battery Segment to Register the Highest CAGR During Forecast Period
Based on type, the flow battery market is segmented into redox flow battery and hybrid flow battery. In 2022, the redox flow battery segment is slated to register the highest CAGR during the forecast period. Redox flow battery are economical and convenient sources of storing electrical energy at a grid scale and for various applications, which contributes to the large market share of this segment.
Zinc-bromine Segment to Register the Highest CAGR During Forecast Period
Based on material, the flow battery market is segmented into zinc-bromine, vanadium, hydrogen-bromine, polysulfide bromine, and other materials. In 2022, the zinc-bromine segment is slated to register the highest CAGR during the forecast period. The growth of this segment is attributed to the benefits offered by zinc-bromine flow Battery, including relatively high energy density, deep discharge capability, and good reversibility.
Customer-owned Segment to Register the Highest CAGR During Forecast Period
Based on ownership, the flow battery market is segmented into customer-owned, third-party-owned, and utility-owned. In 2022, the customer-owned segment is slated to register the highest CAGR during the forecast period. The growth of this segment is attributed to the wide usage of flow battery for EV charging and commercial & industrial applications.
Utilities Segment to Register the Highest CAGR During Forecast Period
Based on application, the flow battery market is segmented into utilities, commercial & industrial, EV charging stations, off-grid & micro-grid power, and other applications. In 2022, the utilities segment is slated to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increased adoption of flow battery for utility applications to meet the growing need for electrification.
Asia-Pacific to be the Fastest-growing Regional Market
Based on geography, the flow battery market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is slated to register the highest CAGR during the forecast period. The growing adoption of energy storage solutions for industrial and utility applications and the increasing number of operational projects with flow battery installations are expected to fuel the growth of this regional market during the forecast period.
Key Players
The key players operating in the flow battery market are Invinity Energy Systems PLC (Europe), ESS Inc. (U.S.), Primus Power Corporation (U.S.), ViZn Energy Systems (U.S.), EnSync Energy Systems (U.S.), Sumitomo Electric Industries, Ltd. (Japan), UniEnergy Technologies, LLC (U.S), Dalian Rongke Power Co. Ltd. (China), Redflow Limited (Australia), Elestor BV (Netherlands), Enerox GmbH (Austria), Largo Inc. (U.S.), RFC Power Ltd (Europe), H2, Inc. (South Korea), CellCube Energy Storage Systems Inc. (U.S.), Voltstorage GmbH (Germany), Vanadis Power GmbH (Germany), and LE SYSTEM CO., Ltd (Japan).
Scope of the Report:
Flow Battery Market, by Type
Flow Battery Market, by Material
Flow Battery Market, by Ownership
Flow Battery Market, by Application
Flow Battery Market, by Geography
Key questions answered in the report:
The global flow battery market is expected to reach $885.3 million by 2030, at a CAGR of 17% during the forecast period of 2023 to 2030.
In 2022, the redox flow battery segment accounted for the largest share of the flow battery market.
The growth of this market is driven by the high demand for flow battery in utilities and the increasing investments in renewable energy. Furthermore, technological innovations with improved capabilities are expected to create significant growth opportunities for the players operating in this market.
The key players operating in the flow battery market are Invinity Energy Systems PLC (Europe), ESS Inc. (U.S.), Primus Power Corporation (U.S.), ViZn Energy Systems (U.S.), EnSync Energy Systems (U.S.), Sumitomo Electric Industries, Ltd. (Japan), UniEnergy Technologies, LLC (U.S), Dalian Rongke Power Co. Ltd. (China), Redflow Limited (Australia), Elestor BV (Netherlands), Enerox GmbH (Austria), Largo Inc. (U.S.), Dalian Rongke Power Co., Ltd. (China), H2, Inc. (South Korea), CellCube Energy Storage Systems Inc. (U.S.), Voltstorage GmbH (Germany), Vanadis Power GmbH (Germany), and LE SYSTEM CO., Ltd (Japan).
This report provides pre & post COVID-19 market estimates.
1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency and Limitations
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Process
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.2.3. Market Size Estimation
2.2.3.1. Bottom-up Approach
2.2.3.2. Growth Forecast
2.2.3.3. COVID-19 Impact Assessment
2.3. Assumptions for the Study
3. Executive Summary
4. The Impact of COVID-19 on the Flow Battery Market
5. Market Insights
5.1. Introduction
5.2. Global Flow Battery Market: Impact Analysis of Market Drivers
5.2.1. High demand for flow battery for utility applications
5.2.2. Increasing investments in renewable energy
5.3. Global Flow Battery Market: Impact Analysis of Market Restraint
5.3.1. Lack of standardization for the development of the flow battery systems
5.3.2. High initial costs of manufacturing flow Battery
5.4. Global Flow Battery Market: Impact Analysis of Market Opportunities
5.4.1. Technological innovations with improved capabilities
5.5. Global Flow Battery Market: Impact Analysis of Market Challenges
5.5.1. Decline in the deployment rate of flow Battery
5.5.2. Supply chain disruption of raw materials for battery manufacturing
5.6. Value Chain Analysis
5.7. Pricing Analysis
6. Global Flow Battery Market, by Type
6.1. Introduction
6.2. Redox Flow Battery
6.3. Hybrid Flow Battery
7. Global Flow Battery Market, by Material
7.1. Introduction
7.2. Zinc-bromine
7.3. Vanadium
7.4. Hydrogen-bromine
7.5. Polysulfide Bromine
7.6. Other Materials
8. Global Flow Battery Market, by Ownership
8.1. Introduction
8.2. Customer-owned
8.3. Third-party-owned
8.4. Utility-owned
9. Global Flow Battery Market, by Application
9.1. Introduction
9.2. Utilities
9.3. Commercial & Industrial
9.4. EV Charging Station
9.5. Off-grid & Micro-grid Power
9.6. Other Applications
10. Flow Battery Market, by Geography
10.1. Introduction
10.2. North America
10.2.1. U.S.
10.2.2. Canada
10.3. Asia-Pacific
10.3.1. China
10.3.2. Japan
10.3.3. South Korea
10.3.4. India
10.3.5. Singapore
10.3.6. Thailand
10.3.7. Australia
10.3.8. Taiwan
10.3.9. Rest of Asia-Pacific
10.4. Europe
10.4.1. Germany
10.4.2. U.K.
10.4.3. France
10.4.4. Netherlands
10.4.5. Norway
10.4.6. Italy
10.4.7. Spain
10.4.8. Switzerland
10.4.9. Sweden
10.4.10. Denmark
10.4.11. Rest of Europe
10.5. Latin America
10.6. Middle East & Africa
11. Competitive Landscape
11.1. Introduction
11.2. Key Growth Strategies
11.3. Competitive Benchmarking
11.4. Market Share Analysis
12. Company Profiles (Business Overview, Financial Overview, Product Offering, Strategic Developments)
12.1. Invinity Energy Systems PLC
12.2. ESS Inc.
12.3. Primus Power Corporation
12.4. UniEnergy Technologies LLC
12.5. ViZn Energy Systems
12.6. EnSync Energy Systems
12.7. Sumitomo Electric Industries, Ltd.
12.8. Dalian Rongke Power Co. Ltd.
12.9. Redflow Limited
12.10. Elestor BV
12.11. Enerox GmbH
12.12. Largo Inc.
12.13. RFC Power Ltd
12.14. H2, Inc.
12.15. CellCube Energy Storage Systems Inc.
12.16. Voltstorage GmbH
12.17. Vanadis Power GmbH
12.18. LE SYSTEM CO., Ltd
13. Appendix
13.1. Questionnaire
13.2. Available Customization
List of Tables
Table 1 Market Size and CAGR (USD Million)
Table 2 Global Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 3 Global Redox Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 4 Global Hybrid Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 5 Global Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 6 Global Zinc-bromine Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 7 Global Vanadium Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 8 Global Hydrogen-bromine Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 9 Global Polysulfide Bromine Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 10 Global Other Materials Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 11 Global Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 12 Global Customer-owned Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 13 Global Third-party-owned Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 14 Global Utility-owned Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 15 Global Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 16 Global Flow Battery Market Size for Utilities, by Country/Region, 2021–2030 (USD Million)
Table 17 Global Flow Battery Market Size for Commercial & Industrial, by Country/Region, 2021–2030 (USD Million)
Table 18 Global Flow Battery Market Size for EV Charging Station, by Country/Region, 2021–2030 (USD Million)
Table 19 Global Flow Battery Market Size for Off-grid & Micro-grid Power, by Country/Region, 2021–2030 (USD Million)
Table 20 Global Flow Battery Market Size for Other Applications, by Country/Region, 2021–2030 (USD Million)
Table 21 North America: Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 22 North America: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 23 North America: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 24 North America: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 25 North America: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 26 U.S.: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 27 U.S.: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 28 U.S.: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 29 U.S.: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 30 Canada: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 31 Canada: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 32 Canada: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 33 Canada: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 34 Asia-Pacific: Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 35 Asia-Pacific: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 36 Asia-Pacific: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 37 Asia-Pacific: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 38 Asia-Pacific: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 39 China: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 40 China: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 41 China: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 42 China: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 43 Japan: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 44 Japan: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 45 Japan: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 46 Japan: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 47 South Korea: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 48 South Korea: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 49 South Korea: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 50 South Korea: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 51 India: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 52 India: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 53 India: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 54 India: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 55 Singapore: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 56 Singapore: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 57 Singapore: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 58 Singapore: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 59 Thailand: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 60 Thailand: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 61 Thailand: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 62 Thailand: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 63 Australia: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 64 Australia: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 65 Australia: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 66 Australia: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 67 Taiwan: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 68 Taiwan: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 69 Taiwan: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 70 Taiwan: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 71 Rest of Asia-Pacific: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 72 Rest of Asia-Pacific: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 73 Rest of Asia-Pacific: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 74 Rest of Asia-Pacific: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 75 Europe: Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 76 Europe: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 77 Europe: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 78 Europe: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 79 Europe: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 80 Germany: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 81 Germany: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 82 Germany: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 83 Germany: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 84 U.K.: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 85 U.K.: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 86 U.K.: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 87 U.K.: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 88 France: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 89 France: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 90 France: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 91 France: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 92 Netherlands: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 93 Netherlands: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 94 Netherlands: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 95 Netherlands: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 96 Norway: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 97 Norway: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 98 Norway: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 99 Norway: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 100 Italy: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 101 Italy: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 102 Italy: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 103 Italy: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 104 Spain: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 105 Spain: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 106 Spain: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 107 Spain: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 108 Switzerland: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 109 Switzerland: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 110 Switzerland: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 111 Switzerland: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 112 Sweden: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 113 Sweden: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 114 Sweden: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 115 Sweden: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 116 Denmark: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 117 Denmark: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 118 Denmark: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 119 Denmark: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 200 Rest of Europe: Flow Battery Market Size, by Type, 2021–2030 (USD Million)
Table 201 Rest of Europe: Flow Battery Market Size, by Material, 2021–2030 (USD Million)
Table 202 Rest of Europe: Flow Battery Market Size, by Ownership, 2021–2030 (USD Million)
Table 203 Rest of Europe: Flow Battery Market Size, by Application, 2021–2030 (USD Million)
Table 204 Latin America: Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
Table 205 Middle East & Africa: Flow Battery Market Size, by Country/Region, 2021–2030 (USD Million)
List of Figures
Figure 1 Currency and Limitations
Figure 2 Research Process
Figure 3 Key Secondary Sources
Figure 4 Primary Research Techniques
Figure 5 Market Size Estimation
Figure 6 Key Insights
Figure 7 Global Flow Battery Market Size, by Type, 2023 Vs. 2030 (USD Million)
Figure 8 Global Flow Battery Market Size, by Material, 2030 (USD Million)
Figure 9 Global Flow Battery Market Size, by Ownership, 2030 (USD Million)
Figure 10 Global Flow Battery Market Size, by Application, 2030 (USD Million)
Figure 11 Geographic Snapshot: Global Flow Battery Market (Value Share and CAGR)
Figure 12 The Impact of COVID-19 on the Global Flow Battery Market
Figure 13 Market Dynamics
Figure 14 Global Flow Battery Market Size, by Type, 2023 Vs. 2030 (USD Million)
Figure 15 Global Flow Battery Market Size, by Material, 2023 Vs. 2030 (USD Million)
Figure 16 Global Flow Battery Market Size, by Ownership, 2023 Vs. 2030 (USD Million)
Figure 17 Global Flow Battery Market Size, by Application, 2023 Vs. 2030 (USD Million)
Figure 18 Global Flow Battery Market Size, by Country/Region, 2023–2030 (USD Million)
Figure 19 Global Flow Battery Market: Competitive Benchmarking
Figure 20 Invinity Energy Systems PLC: Financial Overview (2021)
Figure 21 ESS Inc.: Financial Overview (2021)
Figure 22 EnSync Energy Systems: Financial Overview (2021)
Figure 23 Sumitomo Electric Industries, Ltd.: Financial Overview (2021)
Figure 24 Redflow Limited: Financial Overview (2021)
Figure 25 Largo Inc.: Financial Overview (2021)
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Feb-2023
Published Date: Feb-2023
Published Date: Jan-2023
Published Date: Oct-2022
Published Date: Jul-2022
