Flow Battery Market

Flow Battery Market Size (2022-2027):

The global flow battery market size at USD 187.2 million in 2021and is predicted to reach USD 966.8 million in 2026, with a CAGR of 33.3% between 2022 and 2027.

A redox flow battery is a type of electrochemical cell, where two chemical components provide chemical energy, which dissolves in a system contained in a liquid and separated by the membrane.

This system is called stacking with two electrical components such as the anode and cathode, which individually have separate reservoirs. The other components of the battery are the bipolar plate and the membrane.Most commercial circulating batteries use vanadium salt with acid sulfur as the electrolyte, and these types of electrodes are made of bipolar graphite plates.These types of batteries are best suited for microgrids and renewable energy applications. Most developing and underdeveloped countries are constantly concentrating on investing in alternative energy sources.

Market Trends:

One of the main factors likely to trigger call for flow batteries during the foreseen period is escalated investment and an augmented focus on renewables. Also, the flow battery market is predicted to experience stable expansion during the foreseen period, which is primarily due to the escalating use of flow batteries in various electric vehicle applications.

Market Drivers:

Renewable energy storage is one of the main applications of the flow battery. Developed and developing countries such as the United States, India, China, and Japan, respectively, have revised their energy policies to encompass a significant portion of energy production from renewable energy sources, including wind and solar. Financial support from government agencies and associated returns around the world increase investments in renewable energy. Today, renewable sources have become the preferred choice for the expansion and modernization of energy systems around the world.

Market Restraints:

In recent years, although the flow battery has emerged as a potential technology with several energy storage advantages, it also has some technical drawbacks that hinder the expansion of its market. The two main disadvantages of the flow battery are the lower power density and the complexity of the structure. Flow batteries are more complicated than standard batteries because they require pumps, sensors, flow and power management, and secondary containment containers to function.

Market Opportunities:

As private customers seek to reduce energy costs, residential storage solutions are being introduced. More and more residential and commercial properties are integrating energy storage into their building plans. Also, the rising cost of energy is pushing consumers to invest in cheaper and more efficient technologies; therefore, energy storage technology is widely adopted in the residential sector. Much of the energy storage technologies implemented to date in apartments or residential buildings are limited to short-term electrical applications.

Market Challenges:

Flow batteries have intense competition from conventional batteries like lithium-ion, lead-acid, and sodium. The lack of adequate standards for the development of flow batteries is hampering the expansion of the worldwide market.

FLOW BATTERY MARKET REPORT COVERAGE:

Market Segmentation:

Flow Battery Market - By Type:

• Redox
• Hybrid

The Redox segment is predicted to own the majority of the global flow battery market. The expansion of the segment is attributed to the escalating call for redox batteries from various verticals such as commercial, industrial, military and utility.

Flow Battery Market - By Material:

• All Vanadium
• All Iron
• Zinc-Bromine
• Hydrogen-Bromine
• Polysulfide Bromine
• Organic
• Others

The zinc-bromine materials segment is predicted to grow with the highest CAGR during the outlook period. The expansion of the segment is attributed to the increasing application of zinc bromine in the residential, network, industrial, micro-network and commercial sectors.

Flow Battery Market - By Application:

• Utilities
• Commercial
• Industrial
• Military
• EV Charging station
• Off Grid & Micro Grid Power
• Others

A utility segment is supposed to grow with the highest CAGR during the conjecture period. The segment's expansion is attributed to the huge call for redox batteries in utilities.

Flow Battery Market - By Storage:

• Compact
• Large scale

Between these two, the large-scale segment is likely to have the largest share of the flow battery market.

Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Asia-Pacific is the largest regional flow battery market where countries such as China, Japan, India, South Korea and Australia have become major consumers. Power consumption in Asia Pacific is escalating dramatically due to population expansion, robust industrialization, and the adoption of cost-effective energy storage devices. Therefore, with the increase in power, the call for energy storage devices is escalating rapidly, leading to the adoption of flow battery in Asia-Pacific. In terms of revenue, North America had the largest share in the global flow battery market in 2019.

Asia-Pacific is the fastest growing and most attractive market for gasoline batteries. flow, as suppliers are constantly expanding their business in various parts of the region. This is primarily due to the escalating number of flow battery uses for data centers, electric and commercial vehicle applications in different regions of Asia Pacific. In the coming years, Western Europe, Japan and North America are predicted to experience significant expansion, due to growing environmental concerns and high call for industrial applications. APAC is predicted to experience significant expansion due to escalating call for end-user application flow batteries in developing countries such as China and India. Additionally, MEA, Latin America, and Eastern Europe are also predicted to post healthy CAGRs during the projection period.

Flow Battery Market Key Players:

ViZn Energy Systems (US), UniEnergy Technologies (US), Sumitomo Electric (Japan), STEAG Solar Energy Solutions GmbH formerly known as GILDEMEISTER energy solutions (Germany), redT Energy (New Jersey), EnSync Energy Systems (US), ESS INC. (US), Primus Power (US), Redflow (Australia), SCHMID (Germany), and Vionx Energy (US).

Recent Developments:

• Invinity, supplier of vanadium redox flow batteries, offers its customers the possibility of renting its technology for their projects. Invinity has formed Vanadium Electrolyte Rental Limited (VERL) with vanadium mining company Bushveld Minerals to offer Invinity customers the option to rent vanadium electrolyte.