Global Flow Battery Market is valued at USD 365.9 Million in 2021 and is expected to reach USD 2070.9 Million by 2028 with a CAGR of 28.1% over the forecast period.
Global Flow Battery Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028: The inherent advantages of flow batteries and the rising focus on renewable energy are some of the major factors driving the growth of the Global Flow Battery Market.
Flow batteries are a type of electrochemical ES, which consists of two chemical components dissolved in liquid separated by a membrane. Charging and discharging of batteries happen by ion transferring from one component to another component through the membrane. The biggest advantage of flow batteries is their ability of pack in large volumes. Interest in flow batteries has increased rapidly with rising storage requirements of renewable energy sources. High-capacity flow batteries, which have giant tanks of electrolytes, have the capability of storing a large amount of electricity.
Covid-19 has made a strong impact on global economy as well as affected all the industrial sectors. As many countries imposed and extended lockdowns over the years, economic activities were shrinking, impacting the global economy. Owing to the country-wide lockdowns, manufacturing units had come to a halt which has affected the supply chain network of the market. In the second half of 2020, most of the countries started to lift restrictions, and business operations in various sectors had gradually resumed. Despite these restrictions being lifted, the industrial, and manufacturing sectors resumed normalcy only in the second half of 2021.
|2018 - 2021
|2021 - 2028
|Market Size in 2021:
|USD 365.9 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 2070.9 Million
|Tables, Charts & Figures:
|Flow Battery Companies
|Sumitomo Electric Industries Ltd., UniEnergy Technologies, VRB Energy, RedFlow Ltd, Invinity Energy Systems PLC, Primus Power Corporation, ESS Tech Inc., Others
|By Type, By Material, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
Global flow battery market is segmented on the basis of type, material, application and geography. On the basis of type, the global flow battery market is classified into vanadium redox flow battery, zinc-bromine flow battery, iron flow battery, and zinc iron flow battery. On the basis of material, the market is classified into Vanadium, Zinc–Bromine and Others. On the basis of application, the global flow battery market is classified into commercial & industrial, utilities, EV charging station and others.
Some of the key players for the global flow battery market are
On April 7th, 2022; a Japanese technology major and part of the eponymous conglomerate, Sumitomo Electric announced the start of the largest vanadium redox flow battery (VRFB) energy system in the northern Japanese island of Hokkaido.
On October 26th, 2021; Honeywell announced a new flow battery technology that works with renewable generation sources such as wind and solar to meet the demand for sustainable energy storage. The new flow battery uses a safe, non-flammable electrolyte that converts chemical energy to electricity to store energy for later use while meeting the environmental, longevity and safety objectives of utilities.
The inherent advantages of flow batteries is one of the major factors driving the growth of the global flow battery market. Flow batteries have wide applications in different industries: these are used for balancing the battery load which is attached to an electrical grid to store excess electrical power during unnecessary hours and release it during demand hours. These are also used for storage of energy from renewable sources like wind or solar for electrical power supply. Flow batteries are utilized in electric vehicles as it can be quickly ""recharged"" by changing the electrolyte and used for applications where the vehicle needs to take on energy as fast as a combustion engine vehicle. All these advantages offered by flow batteries is one of the major factors fostering the growth of the market.
However, the most common restraint limiting the use of flow batteries is their low areal power (operating current density) which translates into a high cost of power. Despite of that, numerous manufacturers around the world are using unique technology to meet the high demand. At the same time, the rapid adoption of such products will create new opportunities for the further growth of the global flow battery market.
The global flow battery market in APAC region is the largest market for flow batteries during the forecast period. The demand in APAC is driven by the growing industrialism, rise in consumer and infrastructural expenditure, and sturdy economic growth. China is the largest market for flow batteries in the APAC region. As per a secondary source, a report published in 2016 states how China’s progress in industrialization could boost its economy in the coming years. These factors provide favorable conditions for construction, automotive, and other industries to boom in the country. This, in turn, will boost the demand for flow batteries market.
The European region is on the rise for flow batteries market during the forecast period. As per European Commission, The EU-funded HIGREEW project, composed of nine partners and the coordinator CIC energiGUNE, which aims to design an efficient low-cost organic redox flow battery system. The new battery will be based on water-soluble organic electrolytes, which will be low-cost and compatible with optimized low-resistance membranes and fast electrode kinetics. The new technology will allow researchers to develop more environmentally sustainable redox flow batteries with higher power and energy densities while also offering longer duration. The consortium is aiming for a levelized cost of storage below EUR 0.1/kWh/cycle by the end of the project and EUR 0.05/kWh/cycle by 2030.
Middle East and Africa
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