Flow Battery Market to be Worth $1.03 Billion by 2031

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

Meticulous Research^®—a leading global market research company, published a 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.’

According to this latest publication from Meticulous Research^®, the global flow battery market is projected to reach $1.03 billion by 2031, at a CAGR of 16.5% from 2024–2031. The growth of the flow batteries market is 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 the regional and country levels.

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 the global flow battery market. The large market share of this segment is attributed to various factors, such 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 such as 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 the global flow battery market. The large market share of this segment is attributed to various factors, such 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, this 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, such as vanadium in the flow batteries allows for efficient and reversible electrochemical reactions, making it a key component of this energy storage technology.

Additionally, this segment is projected to register the highest CAGR during the forecast period.

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 the global flow battery market. The growth of this segment is driven by various factors, such 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, this 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 the global 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, this 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 the global flow battery market. The growth of the flow battery market in Asia-Pacific is attributed to increased energy storage investments in the 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 is projected to record the highest CAGR during the forecast period.

Key Players

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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Key Questions Answered in the Report:

What are the high-growth market segments in terms of the offering, battery type, material, ownership, application, and end user?
What is the historical market size for the global flow battery market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global flow battery market?
Who are the major players in the global flow battery market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global flow battery market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global flow battery market, and how do they compete with other players?

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