The flow battery market has expanded rapidly, from $0.66 billion in 2023 to $0.74 billion in 2024, with a CAGR of 12.5%. This growth is driven by increasing demand for energy storage and supportive government policies. The market is expected to reach $1.19 billion by 2028, growing at a CAGR of 12.6%. Major trends include increased deployment in utility-scale projects and advancements in sustainability efforts.
Major Driver In The Flow Battery Market
The rising adoption of solar and wind power is projected to significantly drive the flow battery market. This trend is motivated by the urgent need for sustainable energy solutions to combat climate change and reduce reliance on fossil fuels. Flow batteries are particularly advantageous for storing solar and wind energy due to their scalability and long cycle life, enabling extended energy storage that supports grid stability and renewable energy integration. The Energy Information Administration projected that solar power generation in the United States will increase by 75%, reaching 286 billion kilowatt-hours (kWh) by 2025, up from 163 billion kWh in 2023. This growing adoption of renewable energy sources is expected to propel the flow battery market forward.
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Flow Battery Market Competitive Landscape
Lockheed Martin Corporation, Sumitomo Electric Industries Ltd., Texas Instruments Incorporated, Stryten Energy, SCHMID Group, Imergy Power Systems, Largo Inc., Primus Power, Smart Energy International, VoltStorage, ViZn Energy Systems, VRB Energy, CellCube Energy Storage Systems Inc., nanoFlowcell Management AG., Kemiwatt, EnSync Energy Systems, Elestor, Enervault, H2 Inc., Invinity Energy Systems, JenaBatteries GmbH, Redflow Limited, ESS Inc., Prudent Energy
Key Flow Battery Market Trend
Major companies in the flow battery market are prioritizing the development of large-scale renewable energy storage solutions to address the rising demand for sustainable energy options. These systems are designed to store energy generated from renewable sources, such as solar and wind, on a large scale. For instance, in October 2021, Honeywell International Inc., a US-based technology company, launched a new flow battery technology featuring high energy density and a scalable modular design. This innovation allows for flexible deployment across various applications and integrates advanced chemistry and materials to improve efficiency and longevity, offering a prolonged cycle life with minimal maintenance.
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Flow Battery Market Segmentation
The flow battery market covered in this report is segmented –
1) By Type: Redox, Hybrid
2) By Component: Membrane, Power Conditioning System (PCS), Heat Exchanger, Graphite Felt, Bipolar Plate, Other Components
3) By Material: Vanadium Redox Flow Battery, Zinc Bromine Flow Battery, Iron Flow Battery, Zinc Iron Flow Battery
4) By Storage: Compact, Large Scale
5) By Application: Utility, Automotive, Residential, Industrial, Energy Storage, Other Applications
By Geography:The regions covered in the flow battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the flow battery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Flow Battery Global Market Report 2024 furnishes information about the global flow battery market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
