Flow Battery Market Innovations: Fueling the $805 Million by 2028
The report "Flow Battery Market by Battery Type (Redox, Hybrid), Material (Vanadium, Zinc Bromine, Organic, Iron), Storage (Large-scale, Small-scale), Application (Utilities, Commercial & Industrial, EV Charging Stations) and Region - Global Forecast to 2028" The Global Flow Battery Market Size is expected to grow from USD 289 million in 2023 to USD 805 million by 2028, at a CAGR of 22.8% from 2023 to 2028.
The rising investments in renewable energy and the growing adoption of flow batteries in utilities sector is driving the growth of flow battery market. Utilities, commercial & industrial, EV charging stations, residential, and telecommunications are some of the potential applications of flow batteries.
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The market for large-scale storage segment is expected to gain a significant market share during the forecast period.
Flow batteries have always been bulky and require more space as their design includes two large external tanks where the electrolytes are stored. Large-scale flow batteries are durable and relatively efficient and their storage capacity is based on the size of the tanks. Initially, these batteries were specifically designed for utilities; however, they have now been used in military, industrial, commercial, and telecommunication applications. At present, high demand for large-scale flow batteries is observed from utility applications. Besides, various large-scale projects of flow batteries are under construction in countries like the US, UK, Japan, China, etc., which is driving the market growth.
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The EV charging stations application is projected to grow at an impressive CAGR during the forecast period.
An electric vehicle (EV) charging station is among the newly explored applications of the flow battery. Plug-in electric vehicles are expected to become more popular in the coming years. The growing use of EVs has important implications for the electricity grid due to the increase in electric energy consumption. This generates the need for efficient energy storage systems at these stations to ensure uninterrupted power supply. Thus, the use of electricity storage systems—such as flow batteries—for EV charging station applications is eventually gaining popularity owing to its several benefits, such as reduced load on the grid system, portability, safe and durable installation, and reliable energy at any given time.
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Europe is expected to hold a significant market share of the Flow Battery Market during the forecast period.
The European flow battery market has been studied for Germany, the UK, France, and the rest of Europe. The regional market's growth is majorly attributed to the increasing deployment of energy storage systems in utilities, industrial and commercial sectors. Besides, European policies related to the environment and carbon emissions promote renewable energy and have increased the need for energy storage systems. The region is home to several flow battery manufacturers that provide advanced flow battery systems for various applications, which is further driving the adoption of the batteries and creating demand by developing flow battery systems in the market to cater to new applications.
The major players in this market include Sumitomo Electric Industries, Ltd. (Japan), VRB Energy (Canada), Invinity Energy Systems (UK), Largo Inc. (Canada), Enerox GmbH (Austria), Redflow Limited (Australia), Stryten Energy (US), ViZn Energy Systems (US), Lockheed Martin Corporation (US), Jenabatteries GmbH (Germany), SCHMID Group (Germany), Elestor BV (The Netherlands), Primus Power Solutions (US), ESS Inc. (US) and others.
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