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Flow Battery Market
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
Report ID:MRSE - 104735 Pages: 204 Jan-2024 Formats*: PDF Category: Semiconductor and Electronics Delivery: 2 to 4 HoursFlow Battery Market Size & Forecast
The Flow Battery Market is expected to reach $1.03 billion by 2031 at a CAGR of 16.5% during 2024–2031.
The growth of the flow battery market is mainly 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
Increasing Investments in the Renewable Energy Sector Boosting the Demand for Flow Batteries
Renewable energy sources such as solar, wind, hydro, and geothermal power generate electricity with minimal-to-zero greenhouse gas emissions, reducing air pollution, mitigating climate change, and helping protect the environment and human health. Renewable energy diversifies the energy mix and reduces the reliance on fossil fuels and foreign energy sources, enhancing energy security and making countries less vulnerable to supply disruptions and price fluctuations. Flow batteries offer large storage capacities, support grid stability, and have long cycle lives, making them suitable for renewable energy applications. Hence, the increasing focus on renewable energy is driving the demand for flow batteries globally.
According to the Global Landscape of Renewable Energy Finance 2023 report, the global investment in energy transition technologies (including energy efficiency) reached USD 1.3 trillion in 2022. It set a new record high, an increase of 19% over 2021 investment levels and 70% compared to the pre-pandemic period in 2019. In 2022, renewable energy sources accounted for about 13.1% of the United States’ total primary energy consumption. Also, renewable energy sources accounted for about 21.5% of total utility-scale electricity generation. Increased investments in renewable energy can drive economies of scale in manufacturing and installation processes. Also, such high investments attract new players and companies to the renewable energy sector. The resulting competition can lead to innovation and cost reductions, create job opportunities, and stimulate economic growth.
Additionally, supportive government policies such as subsidies, tax-related incentives, reduced customs duties, and pricing incentives are expected to boost investments in renewable energy projects during the forecast period. For instance, in April 2023, the Government of Austria launched a new subsidy scheme for residential batteries. The Ministry of Climate Action and Energy plans to provide a total of USD 16.1 million (EUR 15 million) to support the installation of new storage systems and the expansion of existing systems combined with renewable energy. In October 2022, the Government of China announced plans to increase the country's energy storage capacity by 2030 under the government plan for net-zero emissions by 2060. According to the China Energy Storage Alliance, the Chinese government plans to increase the country’s battery storage system by more than 100 GW and pumped hydro by 100 GW. In July 2022, Public Sector Undertakings (PSUs) under the Government of India invested in Energy Storage Technologies, including Solar PV projects. The Solar Energy Corporation of India (SECI), a CPSE under the Ministry of New and Renewable Energy, has undertaken the implementation of the following three projects:
- 1.4 MW Solar PV Project with 1.4 MWh Battery Energy Storage System in Kavaratti Island, UT of Lakshadweep (supported through MNRE Grant)
- 50 MWp SPV Project with 20 MW/50 MWh BESS at Phyang, Leh, UT of Ladakh (supported by GoI Grant under the PMDP 2015)
- 100 MW SPV Project with 40 MW/120 MWh BESS at Rajnandgaon, Chhattisgarh.
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Key Findings in the Global Flow Battery Market Study:
The Battery Segment to Register the Higher CAGR
Based on offering, the global flow batteries market is segmented into batteries, energy storage systems, and services. 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.
The Vanadium Redox Flow Batteries Segment to Register the Higher CAGR
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. The vanadium redox flow batteries segment is projected to register the highest CAGR during the forecast period due to various factors. For example, 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.
The Vanadium Segment to Register the Higher CAGR
Based on material, the global flow batteries market is segmented into zinc-bromine, vanadium, hydrogen-bromine, and other materials. The vanadium segment is projected to register the highest CAGR during the forecast period due to various factors. For example, vanadium in the flow batteries allows for efficient and reversible electrochemical reactions, making it a key component of this energy storage technology.
The Utility-owned Segment to Register the Higher CAGR
Based on ownership, the global flow batteries market is segmented into customer-owned, third-party-owned, and utility-owned. The utility-owned segment is projected to register the highest CAGR during the forecast period due to 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.
The Load Shifting Segment to Register the Higher CAGR
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. The load shifting segment is projected to register the highest CAGR during the forecast period due to 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.
The Utilities Segment to Register the Higher CAGR
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. The utilities segment is projected to register the highest CAGR during the forecast period due 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.
Asia-Pacific to Be the Fastest-growing Regional Market
Based on geography, the flow battery market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to record the highest CAGR during the forecast period. The growth of this regional market can be 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.
Flow Battery Market: Key Companies
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading players over the past three-four years. 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).
Flow Battery Market Report Summary:
|
Particular |
Details |
|
Number of Pages |
204 |
|
Format |
|
|
Forecast Period |
2024-2031 |
|
Base Year |
2023 |
|
CAGR |
16.5% |
|
Estimated Market Size (Value) |
$1.03 billion by 2031 |
|
Segments Covered |
By Offering
By Battery Type
By Material
By Ownership
By Application
By End User
|
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Latin America, and Middle East & Africa |
|
Key Companies |
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) |
Key Questions Answered in the Report:
The global flow battery market is projected to reach $1.03 Billion by 2031, at a CAGR of 16.5% during the forecast period.
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, 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.
The growth of the flow batteries market is mainly driven by the high demand for flow batteries in utility applications and increasing investments in renewable energy.
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.
The key players operating in the flow battery market are 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).
1. Market Definition & Scope
1.1. Market Definition
1.2. Currency & Limitations
1.2.1. Currency
1.2.2. Limitations
2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation Process
2.2.1. Secondary Research
2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing and Forecasting
2.3.1. Market Size Estimation Approach
2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study
3. Executive Summary
3.1. Overview
3.2. Market Analysis, By Offering
3.3. Market Analysis, By Battery Type
3.4. Market Analysis, By Material
3.5. Market Analysis, By Ownership
3.6. Market Analysis, By Application
3.7. Market Analysis, By End User
3.8. Market Analysis, By Geography
3.9. Competitive Analysis
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.2.1. Growing Use of Flow Batteries in Utility Applications Supporting Market Growth
4.2.2. Increasing Investments in the Renewable Energy Sector Boosting the Demand for Flow Batteries
4.2.3. Lack of Standardization in the Development Of Flow Battery Systems Restraining Market Growth
4.2.4. High Initial Costs of Manufacturing Impacting the Production of Flow Batteries
4.2.5. Technological Innovation in Flow Batteries Generating Growth Opportunities for Market Players
4.2.6. Growing Need for Power Backup in Data Centers Expected to Create Market Growth Opportunities
4.2.7. Limitations of Flow Batteries Reducing Deployment Across Industries
4.2.8. Unstable Raw Materials Supply to Remain a Major Challenge For Market Players
4.3. Trends
4.3.1. Increasing Focus on Advancing Flow Battery Technology
4.3.2. Energy Storage-as-a-Service (ESaaS)
4.4. A Comparative Overview of Major Battery Types
4.5. Components and Materials Used in Flow Batteries
4.6. Supply Chain Analysis
4.7. PORTER’S Five Forces Analysis
4.7.1. Bargaining Power of Buyers
4.7.2. Bargaining Power of Suppliers
4.7.3. Threat of Substitutes
4.7.4. Threat of New Entrants
4.7.5. Degree of Competition
5. Flow Battery Market Assessment—by Offering
5.1. Overview
5.2. Energy Storage Systems
5.3. Batteries
5.4. Services
6. Flow Battery Market Assessment—by Battery Type
6.1. Overview
6.2. Vanadium Redox Flow Batteries
6.3. Zinc-Bromine Flow Batteries
6.4. All-iron Flow Batteries
6.5. Other Flow Batteries
7. Flow Battery Market Assessment—by Material
7.1. Overview
7.2. Vanadium
7.3. Zinc-Bromine
7.4. Hydrogen-Bromine
7.5. Other Materials
8. Flow Battery Market Assessment—by Ownership
8.1. Overview
8.2. Utility-owned
8.3. Third-party-owned
8.4. Customer-owned
9. Flow Battery Market Assessment—by Application
9.1. Overview
9.2. Load Shifting
9.3. Peak Shaving
9.4. Commercial
9.5. Transmission & Distribution
9.6. EV Charging
9.7. Residential
9.8. Frequency Regulation
9.9. Other Applications
10. Flow Battery Market Assessment—by End User
10.1. Overview
10.2. Utilities
10.3. Commercial & Industrial
10.4. Off-grid & Micro-grid Power
10.5. EV Charging Stations
10.6. Residential
10.7. Other End Users
11. Flow Battery Market Assessment—by Geography
11.1. Overview
11.2. Asia-Pacific
11.2.1. China
11.2.2. Japan
11.2.3. India
11.2.4. South Korea
11.2.5. Rest of Asia-Pacific
11.3. North America
11.3.1. U.S.
11.3.2. Canada
11.4. Europe
11.4.1. U.K.
11.4.2. Germany
11.4.3. Italy
11.4.4. Spain
11.4.5. France
11.4.6. Rest of Europe
11.5. Latin America
11.6. Middle East & Africa
12. Competition Analysis
12.1. Overview
12.2. Key Growth Strategies
12.3. Competitive Benchmarking
12.4. Competitive Dashboard
12.4.1. Industry Leaders
12.4.2. Market Differentiators
12.4.3. Vanguards
12.4.4. Emerging Companies
12.5. Market Share Analysis (2022)
13. Company Profiles
13.1. Flow Battery Manufacturing Companies
13.1.1. Sumitomo Electric Industries, Ltd.
13.1.1.1. Company Overview
13.1.1.2. Financial Overview
13.1.1.3. Product Portfolio
13.1.1.4. Strategic Developments
13.1.1.5. SWOT Analysis
13.1.2. Invinity Energy Systems PLC
13.1.2.1. Company Overview
13.1.2.2. Financial Overview
13.1.2.3. Product Portfolio
13.1.2.4. Strategic Developments
13.1.2.5. SWOT Analysis
13.1.3. ESS Tech, Inc.
13.1.3.1. Company Overview
13.1.3.2. Financial Overview
13.1.3.3. Product Portfolio
13.1.3.4. Strategic Developments
13.1.3.5. SWOT Analysis
13.1.4. Redflow Limited
13.1.4.1. Company Overview
13.1.4.2. Financial Overview
13.1.4.3. Product Portfolio
13.1.4.4. Strategic Developments
13.1.5. StorEn Technologies, Inc.
13.1.5.1. Company Overview
13.1.5.2. Product Portfolio
13.1.5.3. Strategic Developments
13.1.6. LION Alternative Energy PLC
13.1.6.1. Company Overview
13.1.6.2. Product Portfolio
13.1.7. CEC Science & Technology Co., Ltd.
13.1.7.1. Company Overview
13.1.7.2. Product Portfolio
13.1.8. StorTera Ltd
13.1.8.1. Company Overview
13.1.8.2. Product Portfolio
13.1.9. Stryten Energy
13.1.9.1. Company Overview
13.1.9.2. Product Portfolio
13.1.9.3. Strategic Developments
13.2. Flow Battery Energy Storage Systems Manufacturing Companies
13.2.1. Largo Inc.
13.2.1.1. Company Overview
13.2.1.2. Financial Overview
13.2.1.3. Product Portfolio
13.2.2. ViZn Energy, Inc.
13.2.2.1. Company Overview
13.2.2.2. Product Portfolio
13.2.3. VRB Energy
13.2.3.1. Company Overview
13.2.3.2. Product Portfolio
13.2.3.3. Strategic Developments
13.2.4. Primus Power Solutions
13.2.4.1. Company Overview
13.2.4.2. Product Portfolio
13.2.5. SCHMID Energy Systems GmbH
13.2.5.1. Company Overview
13.2.5.2. Product Portfolio
13.2.6. Delectrik Systems Pvt. Ltd
13.2.6.1. Company Overview
13.2.6.2. Product Portfolio
14. Appendix
14.1. Available Customization
14.2. Related Reports
List of Tables
Table 1 Currency Conversion Rates (2018–2022)
Table 2 A Comparison Between Different Battery Types
Table 3 Components and Materials Used in Flow Batteries
Table 4 Global Flow Batteries Market, by Offering, 2024–2031 (USD Million)
Table 5 Global Flow Batteries Market for Energy Storage Systems, by Country/Region, 2022–2031 (USD Million)
Table 6 Global Flow Batteries Market for Batteries, by Country/Region, 2022–2031 (USD Million)
Table 7 Global Flow Batteries Market for Services, by Country/Region, 2022–2031 (USD Million)
Table 8 Global Flow Batteries Market, by Battery Type, 2022–2031 (USD Million)
Table 9 Global Vanadium Redox Flow Batteries Market, by Country/Region, 2022–2031 (USD Million)
Table 10 Global Zinc-Bromine Flow Batteries Market, by Country/Region, 2022–2031 (USD Million)
Table 11 Global All-Iron Flow Batteries Market, by Country/Region, 2022–2031 (USD Million)
Table 12 Global Other Flow Batteries Market, by Country/Region, 2022–2031 (USD Million)
Table 13 Global Flow Batteries Market, By Material, 2022–2031 (USD Million)
Table 14 Global Flow Batteries Market for Vanadium, by Country/Region, 2022–2031 (USD Million)
Table 15 Global Flow Batteries Market for Zinc-Bromine, by Country/Region, 2022–2031 (USD Million)
Table 16 Global Flow Batteries Market for Hydrogen-Bromine, by Country/Region, 2022–2031 (USD Million)
Table 17 Global Flow Batteries Market for Other Materials, by Country/Region, 2022–2031 (USD Million)
Table 18 Global Flow Batteries Market, by Ownership, 2022–2031 (USD Million)
Table 19 Global Utility-owned Flow Batteries Market, by Country/Region, 2022–2031 (USD Million)
Table 20 Global Third-party-owned Flow Batteries Market, by Country/Region, 2022–2031 (USD Million)
Table 21 Global Customer-Owned Flow Batteries Market, By Country/Region, 2022–2031 (USD Million)
Table 22 Global Flow Batteries Market, by Application, 2022–2031 (USD Million)
Table 23 Global Flow Batteries Market for Load Shifting, by Country/Region, 2022–2031 (USD Million)
Table 24 Global Flow Batteries Market for Peak Shaving, by Country/Region, 2022–2031 (USD Million)
Table 25 Global Flow Batteries Market for Commercial Applications, by Country/Region, 2022–2031 (USD Million)
Table 26 Global Flow Batteries Market for Transmission & Distribution, by Country/Region, 2022–2031 (USD Million)
Table 27 Global Flow Batteries Market for EV Charging, by Country/Region, 2022–2031 (USD Million)
Table 28 Global Flow Batteries Market for Residential Applications, by Country/Region, 2022–2031 (USD Million)
Table 29 Global Flow Batteries Market for Frequency Regulation, by Country/Region, 2022–2031 (USD Million)
Table 30 Global Flow Batteries Market for Other Applications, by Country/Region, 2022–2031 (USD Million)
Table 31 Global Flow Batteries Market, by End User, 2022–2031 (USD Million)
Table 32 Global Flow Batteries Market for Utilities, by Country/Region, 2022–2031 (USD Million)
Table 33 Global Flow Batteries Market for Commercial & Industrial, by Country/Region, 2022–2031 (USD Million)
Table 34 Global Flow Batteries Market for Off-Grid & Micro-Grid Power, by Country/Region, 2022–2031 (USD Million)
Table 35 Global Flow Batteries Market for EV Charging Stations, by Country/Region, 2022–2031 (USD Million)
Table 36 Global Flow Batteries Market for Residential, by Country/Region, 2022–2031 (USD Million)
Table 37 Global Flow Batteries Market for Other End Users, by Country/Region, 2022–2031 (USD Million)
Table 38 Global Flow Battery Market, by Country/Region, 2022–2031 (USD Million)
Table 39 Asia-Pacific: Flow Battery Market, by Country/Region, 2022–2031 (USD Million)
Table 40 Asia-Pacific: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 41 Asia-Pacific: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 42 Asia-Pacific: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 43 Asia-Pacific: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 44 Asia-Pacific: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 45 Asia-Pacific: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 46 China: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 47 China: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 48 China: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 49 China: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 50 China: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 51 China: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 52 Japan: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 53 Japan: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 54 Japan: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 55 Japan: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 56 Japan: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 57 Japan: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 58 India: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 59 India: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 60 India: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 61 India: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 62 India: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 63 India: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 64 South Korea: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 65 South Korea: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 66 South Korea: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 67 South Korea: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 68 South Korea: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 69 South Korea: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 70 Rest of Asia-Pacific: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 71 Rest of Asia-Pacific: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 72 Rest of Asia-Pacific: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 73 Rest of Asia-Pacific: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 74 Rest of Asia-Pacific: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 75 Rest of Asia-Pacific: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 76 North America: Flow Battery Market, by Country, 2022–2031 (USD Million)
Table 77 North America: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 78 North America: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 79 North America: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 80 North America: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 81 North America: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 82 North America: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 83 U.S.: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 84 U.S.: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 85 U.S.: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 86 U.S.: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 87 U.S.: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 88 U.S.: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 89 Canada: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 90 Canada: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 91 Canada: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 92 Canada: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 93 Canada: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 94 Canada: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 95 Europe: Flow Battery Market, by Country/Region, 2022–2031 (USD Million)
Table 96 Europe: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 97 Europe: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 98 Europe: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 99 Europe: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 100 Europe: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 101 Europe: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 102 U.K.: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 103 U.K.: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 104 U.K.: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 105 U.K.: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 106 U.K.: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 107 U.K.: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 108 Germany: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 109 Germany: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 110 Germany: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 111 Germany: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 112 Germany: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 113 Germany: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 114 Italy: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 115 Italy: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 116 Italy: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 117 Italy: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 118 Italy: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 119 Italy: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 120 Spain: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 121 Spain: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 122 Spain: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 123 Spain: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 124 Spain: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 125 Spain: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 126 France: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 127 France: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 128 France: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 129 France: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 130 France: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 131 France: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 132 Rest of Europe: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 133 Rest of Europe: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 134 Rest of Europe: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 135 Rest of Europe: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 136 Rest of Europe: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 137 Rest of Europe: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 138 Latin America: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 139 Latin America: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 140 Latin America: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 141 Latin America: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 142 Latin America: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 143 Latin America: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 144 Middle East & Africa: Flow Battery Market, by Offering, 2022–2031 (USD Million)
Table 145 Middle East & Africa: Flow Battery Market, by Battery Type, 2022–2031 (USD Million)
Table 146 Middle East & Africa: Flow Battery Market, by Material, 2022–2031 (USD Million)
Table 147 Middle East & Africa: Flow Battery Market, by Ownership, 2022–2031 (USD Million)
Table 148 Middle East & Africa: Flow Battery Market, by Application, 2022–2031 (USD Million)
Table 149 Middle East & Africa: Flow Battery Market, by End User, 2022–2031 (USD Million)
Table 150 Recent Developments from Leading Market Players (2020–2023)
List of Figures
Figure 1 Market Ecosystem
Figure 2 Key Stakeholders
Figure 3 Research Process
Figure 4 Key Secondary Sources
Figure 5 Primary Research Techniques
Figure 6 Key Executives Interviewed
Figure 7 Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 8 Market Sizing and Growth Forecast Approach
Figure 9 Key Insights
Figure 10 The Energy Storage Systems Segment to Account for the Largest Market Share in 2024
Figure 11 The Vanadium Redox Flow Batteries Segment to Account for the Largest Market Share in 2024
Figure 12 The Vanadium Segment to Account for the Largest Market Share in 2024
Figure 13 The Utility-owned Segment to Account for the Largest Market Share in 2024
Figure 14 The Load Shifting Segment to Account for the Largest Market Share in 2024
Figure 15 The Utilities Segment to Account for the Largest Market Share in 2024
Figure 16 Global Flow Batteries Market, By Region (2024 VS. 2031)
Figure 17 Impact Analysis of Market Dynamics
Figure 18 Flow Batteries Market Supply Chain
Figure 19 PORTER'S Five Forces Analysis
Figure 20 Global Flow Batteries Market, by Offering, 2024 Vs. 2031 (USD Million)
Figure 21 Global Flow Batteries Market, by Battery Type, 2024 Vs. 2031 (USD Million)
Figure 22 Vanadium Redox Flow Battery
Figure 23 Zinc-Bromine Flow Battery
Figure 24 All-iron Flow Battery
Figure 25 Global Flow Batteries Market, by Material, 2024 Vs. 2031 (USD Million)
Figure 26 Global Flow Batteries Market, by Ownership, 2024 Vs. 2031 (USD Million)
Figure 27 Global Flow Batteries Market, by Application, 2024 Vs. 2031 (USD Million)
Figure 28 Global Flow Batteries Market, by End User, 2024 Vs. 2031 (USD Million)
Figure 29 Global Flow Battery Market, By Country/Region, 2024 Vs. 2031 (USD Million)
Figure 30 Asia-Pacific: Flow Battery Market Snapshot
Figure 31 North America: Flow Battery Market Snapshot
Figure 32 Europe: Flow Battery Market Snapshot
Figure 33 Leading Market Players’ Strategic Developments (2020–2023)
Figure 34 Vendor Market Positioning Analysis (2021–2023)
Figure 35 Competitive Dashboard: Global Flow Batteries Market
Figure 36 Market Share Analysis, by Leading Players, 2022
Figure 37 Sumitomo Electric Industries, Ltd.: Financial Overview (2022)
Figure 38 Invinity Energy Systems PLC: Financial Overview (2022)
Figure 39 ESS Tech, Inc.: Financial Overview (2022)
Figure 40 Redflow Limited: Financial Overview (2022)
Figure 41 Largo Inc.: Financial Overview (2022)
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