Global Flow Battery Market - Share, Size, Growth, Trends, and Outlook to 2028

Global Flow Battery Market - Share, Size, Growth, Trends, and Outlook to 2028

Flow batteries have been gaining significant traction in recent years, driven by a variety of factors such as the growing energy storage solutions market, technological advancements, government support for renewable energy, and the emergence of new players in the market. It is anticipated that these drivers will continue to fuel the expansion of the flow battery market during the forecast period with the Asia Pacific and Middle East regions offering significant growth opportunities.

Even though there is substantial room for expansion in the global flow battery market, there are a number of factors that could potentially stunt that expansion. The high cost, the low energy density, the lack of standardization, the competition from other energy storage markets such as the lithium-ion battery market, and other battery markets, and the availability of raw materials are some of the primary factors restraining the worldwide flow battery market growth.

What are Flow Batteries?

Flow batteries, also known as redox flow batteries, are a type of rechargeable battery that uses two chemical components dissolved in electrolyte liquids to store energy. Unlike conventional batteries, flow batteries can store an unlimited amount of energy by simply adding more electrolytes.

The main advantages of flow batteries include -

Easy scalability and design flexibility

Increased safety

Longer asset life (decades)

Less concern with ambient temperature

Lower Levelized cost of storage (LCOS)

High round-trip efficiency (RTE)

Depth of discharge (DoD)

Negligible environmental impacts

Regional Analysis

The North American region has become a significant market for flow batteries, owing to the growing demand for energy storage devices and the rising adoption of renewable energy sources. VRB Energy, a Canadian company that specializes in vanadium redox flow battery technology, has been one of the leading players in the region as well as the global market. Their vanadium flow batteries have been deployed in various applications, including electric vehicle (EV) charging stations, utility-scale energy storage systems, and microgrids.

Manufacturer of flow batteries ESS Inc. in the US has been concentrating on creating hybrid flow battery systems that combine the benefits of lithium-ion batteries and redox flow batteries. The company's flow battery systems have been used in a variety of applications, including backup power, microgrids, and the integration of renewable energy sources.

Due to its high energy density and extended lifespan, vanadium flow batteries have been among the most widely used redox flow battery types. Vizn Energy Systems, a US-based flow battery manufacturer, has been developing zinc-iron redox flow batteries that offer comparable performance to vanadium flow batteries but at a lower cost.

The Asia Pacific, Middle East, and Africa regions have also seen considerable expansion in the redox flow battery market, owing to the increased use of renewable energy sources and the need for energy storage solutions. Bushveld Minerals, a mining firm based in Africa, has been expanding its energy storage business through its subsidiary, Bushveld Energy. They've been working on vanadium flow battery systems for a variety of uses, including grid-scale energy storage and EV charging stations.

UniEnergy Technology, a subsidiary of Rongke Power in South Korea, has been developing advanced vanadium redox flow batteries for various applications, including EV charging stations, grid-scale energy storage, and renewable energy integration. Sumitomo Electric Industries Ltd. in Japan has also been a major player in the redox flow battery market, with their vanadium flow batteries being deployed in various applications, including microgrids and renewable energy integration.

An Australian company, Redflow Limited, has been producing zinc-bromide flow batteries with high energy density and long lifespan.

The rapid use of renewable energy sources, particularly in Chile and Argentina, has increased the demand for energy storage systems in South America.

Hybrid redox flow batteries that combine different types of electrolytes, such as vanadium and sodium, have been gaining traction in the global market. Invinity Energy Systems, a UK-based flow battery manufacturer, has been developing hybrid flow batteries that offer high energy density and cost-effectiveness.

Segment Analysis

The market for redox flow batteries is currently dominated by vanadium redox flow batteries (VRFB), one of the many different forms of redox flow batteries due to the factors such as high efficiency, long lifespan, scalability, safety, and availability of raw materials. The electrolyte in VRFBs is a solution of vanadium ions in different oxidation states. This allows for reversible electrochemical reactions to take place, which is necessary for the storage of energy.

Hybrid flow batteries and other types of redox flow batteries are also gaining traction.

COVID 19 Impact

The COVID-19 pandemic has had a substantial influence on the global flow battery market, causing supply chain disruptions and project delays. Nonetheless, the growing need for energy storage solutions, as well as the increased use of renewable energy sources, are projected to fuel market expansion in the future years.

Recent Developments

In Feb 2023, VFlowTech, a company based in Singapore, made the announcement that it had successfully completed a Series A funding round and raised the equivalent of ten million United States dollars. With this money, the company plans to establish a manufacturing line with a capacity of 2 MWh and increase its output of modular, vanadium-based, long-term energy storage solutions.

SIP Global Partners, a US-Japan VC firm investing in early-stage decarbonization technology, announced in Feb 2023, its investment in XL Batteries, Inc., a developer of low-cost, long-duration, grid-scale flow batteries for the alternative energy grid.

EDP, a utility company based in Portugal, was granted permission in January 2023 by the government of Asturias (one of Spain’s autonomous communities) to install a 1MWh vanadium redox battery system as part of a hybrid energy storage project at the site of a retiring thermal plant in Asturias, Spain. The system, which will be known as REDOX2025, will have a power output of 0.25 megawatts (MW) and an energy storage capacity of 1.05 megawatt hours (MWh), which translates to a duration of 4.2 hours.

In Nov 2022, North Harbour Clean Energy, an Australian renewables developer, announced its collaboration with European battery energy storage systems provider CellCube to create a vanadium redox flow battery manufacturing and assembly facility in Australia with a capacity of up to 1 GW/8 GWh per year.

US’s first solar panels over canals pilot project named "Project Nexus" plans to deploy long-duration iron flow battery storage.

Blackridge Research's Global Flow Battery Market report provides insights into the current global and regional market demand scenario and its outlook.

The new report from Blackridge Research on the Global Flow Battery Market provides comprehensive qualitative and quantitative analyses along with a deep insight into the current and future of the market.

What Do We Cover in the Report?

Flow Battery Market Drivers & Restraints

The study covers all the major underlying market dynamics that help the market develop and grow and the factors that constrain global market growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyse the degree of impact.

Flow Battery Market Analysis

This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.

This section also provides an assessment of COVID-19's impact on the Flow Battery Market demand.

Flow Battery Market Size and Demand Forecast

The report provides the Global Flow Battery Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.

Flow Battery Market Industry Analysis

The report examines the critical elements of the Flow Batteries industry supply chain, its structure, and the participants.

Using Porter's five forces framework, the report covers the assessment of the flow battery industry's state of competition and profitability.

Flow Battery Market Segmentation & Forecast

The report dissects the Global Flow Battery Market into various segments based on application (utilities, industries, commercial, others), and by type (vanadium redox flow batteries, zinc-bromine flow batteries, others). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each market segment.

Further, market share, size, and demand forecasts will be presented, along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major regions across the world. Each region's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions. The region is segmented geographically into North America, Europe, Asia-Pacific, and the Rest of the world.

Key Company Profiles

This report presents detailed profiles of Key companies in the flow batteries industry such as CellCube Inc., ESS Tech, Inc., Invinity Energy Systems PLC, Primus Power Solutions, VRB Energy, Sumitomo Electric Industries Ltd., etc. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
This product will be delivered within 5-7 business days.