REDDING, Calif., May 9, 2024 /PRNewswire/ -- According to a new market research report titled, 'Flow Battery Market by Offering (Energy Storage Systems), Battery Type (Vanadium Redox Flow Batteries, Zinc-bromine Flow Batteries), Material, Ownership, Application, End User (Utilities, Commercial & Industrial), and Geography—Global Forecast to 2031,' the flow battery market is projected to reach $1.03 billion by 2031, at a CAGR of 16.5% from 2024–2031.
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A flow battery is an electrochemical device that converts the chemical energy from electro-active materials directly into electrical energy. Flow batteries have emerged as a promising energy storage solution, offering efficiency and flexibility for a wide range of applications. These advanced batteries utilize chemical reactions to store and release energy, making them ideal for renewable energy integration, grid-scale storage, and load management.
The growth of the flow batteries market is mainly driven by the high demand for flow batteries in utility applications and increasing investments in renewable energy. However, the lack of standardization in the development of flow battery systems and the high initial costs of flow battery manufacturing restrain the growth of this market.
Furthermore, technological innovation and the growing demand for backup power among data centers are expected to offer significant growth opportunities for players operating in the flow batteries market. However, the declining rate of flow battery deployment and disruptions in the supply of raw materials for battery manufacturing may hinder the growth of this market. Additionally, advancements in flow batteries and energy storage as a service are prominent trends in the flow batteries market.
The global flow battery market is segmented by offering (batteries, energy storage systems, and services), battery type (vanadium redox flow batteries, zinc-bromine flow batteries, all-iron flow batteries, and other flow batteries), material (zinc-bromine, vanadium, hydrogen-bromine, and other materials), ownership (customer-owned, third-party-owned, and utility-owned), application (peak shaving, load shifting, transmission & distribution, frequency regulation, commercial, EV charging, residential, and other applications), and end user (utilities, commercial & industrial, EV charging stations, off-grid & micro-grid power, residential, and other end users). The study also evaluates industry competitors and analyzes the market at geographical levels.
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Based on offering, the global flow batteries market is segmented into batteries, energy storage systems, and services. In 2024, the energy storage systems segment is expected to account for the largest share of 47% of the flow battery market. The large market share of this segment is attributed to various factors as redox flow batteries are a relatively new advanced technology for storing large quantities of energy. These batteries enhance flexibility, reduce environmental risks, and improve response times to energy demands.
However, the battery segment is projected to register the highest CAGR during the forecast period due to the various benefits offered by flow batteries, such as scalability, long cycle life, durability, and rapid response. Also, flow batteries can be used for storing energy from intermittent renewable sources like wind and solar power, enabling grid stabilization.
Based on battery type, the global flow batteries market is segmented into vanadium redox flow batteries, zinc-bromine flow batteries, all-iron flow batteries, and other flow batteries. In 2024, the vanadium redox flow batteries segment is expected to account for the largest share of 50% of the flow battery market. The large market share of this segment is attributed to various factors as vanadium redox flow batteries are considered promising electrochemical energy storage systems due to their efficiency, flexibility, and scalability. Moreover, VRFBs have a long cycle life and can store large amounts of energy, making them suitable for grid energy storage and renewable energy integration.
Additionally, the same segment is projected to register the highest CAGR during the forecast period.
Based on material, the global flow batteries market is segmented into zinc-bromine, vanadium, hydrogen-bromine, and other materials. In 2024, the vanadium segment is expected to account for the largest share of the global flow battery market. The large market share of this segment is attributed to various factors as vanadium in the flow batteries allows for efficient and reversible electrochemical reactions, making it a key component of this energy storage technology.
Additionally, the same segment is projected to register the highest CAGR during the forecast period.
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Based on ownership, the global flow batteries market is segmented into customer-owned, third-party-owned, and utility-owned. In 2024, the utility-owned segment is expected to account for the largest share of the global flow battery market. The growth of this segment is driven by the increasing demand for utility-scale ancillary services and the growing need to deliver peak loads to consumers through flow battery-powered ESS instead of extending power lines and transformers.
Additionally, the same segment is projected to register the highest CAGR during the forecast period.
Based on application, the global flow batteries market is segmented into peak shaving, load shifting, transmission & distribution, frequency regulation, commercial, EV charging, residential, and other applications. In 2024, the load shifting segment is expected to account for the largest share of 44% of the flow battery market. The growth of this segment is driven by various factors, as flow batteries can be easily scaled up or down to meet specific energy storage needs. This makes them suitable for a wide range of applications, from residential to utility-scale projects. Also, flow batteries have a longer cycle life compared to many other energy storage technologies, such as lithium-ion batteries.
Additionally, the same segment is projected to register the highest CAGR during the forecast period.
Based on end user, the global flow batteries market is segmented into utilities, commercial & industrial, EV charging stations, off-grid & micro-grid power, residential, and other end users. In 2024, the utilities segment is expected to account for the largest share of 40% of the flow battery market. The growth of this segment is attributed to the increasing efforts by market players to launch flow batteries that align with the environmental, longevity, and safety goals of the utility industry and the growing usage of BESS for various applications.
Additionally, the same segment is projected to register the highest CAGR during the forecast period.
Based on geography, the flow battery market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of 41% of the flow battery market. The growth of the flow battery market in Asia-Pacific is attributed to increased energy storage investments within the APAC region as the governments in growing economies are making new policies to improve the reliability and quality of the power distribution facilities to residential customers.
Additionally, Asia-Pacific flow battery market is projected to projected to reach USD 439.0 million by 2031, with the highest CAGR during the forecast period.
The key players operating in the global flow batteries market include Invinity Energy Systems PLC (Jersey), Sumitomo Electric Industries, Ltd. (Japan), ESS Tech, Inc. (U.S.), Redflow Limited (Japan), StorEn Technologies, Inc. (U.S.), LION Alternative Energy PLC (England), CEC Science & Technology Co., Ltd. (China), StorTera Ltd (U.K.), Largo Inc. (U.S.), ViZn Energy, Inc. (U.S.), VRB ENERGY (U.S.), Primus Power Solutions (U.S.), SCHMID Energy Systems GmbH (Germany), Stryten Energy (Georgia), and Delectrik Systems Pvt. Ltd (India).
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Scope of the Report:
Flow Battery Market Assessment—by Offering
- Energy Storage Systems
- Batteries
- Services
Flow Battery Market Assessment—by Battery Type
- Vanadium Redox Flow Batteries
- Zinc-bromine Flow Batteries
- All-iron Flow Batteries
- Other Flow Batteries
Flow Battery Market Assessment—by Material
- Vanadium
- Zinc-bromine
- Hydrogen-bromine
- Other Materials
Flow Battery Market Assessment—by Ownership
- Utility-owned
- Third-party-owned
- Customer-owned
Flow Battery Market Assessment—by Application
- Load Shifting
- Peak Shaving
- Commercial
- Transmission & Distribution
- EV Charging
- Residential
- Frequency Regulation
- Other Applications
Flow Battery Market Assessment—by End User
- Utilities
- Commercial & Industrial
- Off-grid & Micro-grid Power
- EV Charging Station
- Residential
- Other End Users
Flow Battery Market Assessment—by Geography
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Europe
- U.K.
- Germany
- Italy
- France
- Spain
- Rest of Europe
- Latin America
- Middle East & Africa
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