Abstract
Summary
The global flow battery market size is expected to grow from USD 289 million in 2023 to USD 805 million by 2028, at a CAGR of 22.8 % from 2023 to 2028. The flow battery market’s growth can be attributed to the increasing investments in renewable energy and the benefits provided by the flow batteries over conventional ones, which are fueling their adoption in various applications.
" Hybrid flow battery segment is projected to grow at significant CAGR during the forecast period"
Hybrid flow batteries have an additional advantage over standard flow battery designs. The zinc bromine hybrid battery offers higher energy density than other flow batteries. Also, many manufacturers are adopting hybrid designs for their flow batteries due to the high extraction cost of vanadium material. In recent years, several research programs have been conducted in several countries to explore the potential of hybrid flow batteries and also to build more compact and cheaper systems. Also, in the past few years, some players in the market have commercialized their hybrid batteries for various applications such as utilities, commercial, residential, and others.
"Utilities application is expected to hold the largest share during the forecast period"
With the growing need for higher energy capacity, the need for grid modernization has become essential worldwide. Improved security, reduced peak loads, increased integration of renewables, and lower operational costs are advantages of a modern grid system. Over the years, reliable energy and clean systems have become necessary worldwide. The increasing penetration of renewable energy across the power industry has, in turn, increased the need for efficient, flexible, and long-operating energy storage solutions. With all its attractive features, a flow battery has become the most preferred energy storage technology for utility-based storage, as large-scale utilities require technologies that can cost-effectively store renewable energy for future grid use at any location. Among all the applications, vanadium-based redox flow batteries are the most widely commercialized in the utility sector. The utility sector also holds the highest number of operational flow battery projects globally.
"The market in Asia Pacific is expected to grow at the highest CAGR during the forecast period"
Asia Pacific is expected to grow at the highest rate during the forecast period. Countries such as China, Japan, India, and Australia are striving to boost their large-scale energy storage capacity through adoption of advanced battery technologies that could, in turn, enhance electric stability. The governments of countries like Australia, India, China, and Japan have introduced regulations and reforms and are making initiatives to modernize the power sector. Asia Pacific has a large number of operational flow battery installations with high power ratings. Australia has a large number of flow battery projects for utilities, residential, industrial, and commercial applications. Sumitomo Electric Industries Ltd. (Japan) and Redflow Limited (Australia) are the major industry participants in the Asia Pacific flow battery market.
Breakdown of the profiles of primary participants:
• By Company Type: Tier 1 - 25%, Tier 2 - 30%, and Tier 3 - 45%
• By Designation: C-level Executives - 35%, Directors - 25%, and Others - 40%
• By Region: North America - 35%, Europe - 25%, Asia Pacific - 32%, and RoW – 8%
Major players profiled in this report are as follows: Sumitomo Electric Industries, Ltd. (Japan), VRB Energy (Canada), Invinity Energy Systems (UK), Largo Inc. (Canada), Enerox GmbH (Austria), Redflow Limited (Australia), Stryten Energy (US), ViZn Energy Systems (US), Lockheed Martin Corporation (US), Jenabatteries GmbH (Germany), SCHMID Group (Germany), Elestor BV (The Netherlands), Primus Power Solutions (US), ESS Inc. (US) and others.
Research Coverage
The flow battery market has been classified by battery type, material, ownership, storage, application, and region. The market has been segmented into redox flow batteries and hybrid flow batteries, by type. Materials have segmented the market into vanadium, zinc-bromine, and others. By ownership, the market has been segmented into customer owned, third-party owned and utility owned. By storage, the segmentation is based on small-scale and large-scale storage. Furthermore, the market application segments include utilities, commercial & industrial, EV charging stations, and other applications. The study also forecasts the market size in four key regions—North America, Europe, Asia Pacific, and RoW.
Key Benefits of Buying the Report:
The report provides insights on the following pointers:
Analysis of key drivers (Benefits of flow batteries over conventional technologies, Increasing investments in renewable energy, High demand for flow batteries in utilities, Surge in telecommunications tower installations), restraints (Requirement of high initial investment, Lack of proper standards for development of flow battery systems), opportunities (Growing demand for backup power in data centers, Growing adoption in residential applications, Increasing R&D practices to improve redox battery technology), and challenges (Presence of affordable alternative energy storage technologies) influencing the growth of the flow battery market
Product Development/Innovation: Detailed insights on upcoming products, technologies, research & development activities, funding activities, industry partnerships, and new product launches in the flow battery market
Market Development: Comprehensive information about lucrative markets – the report analyses the flow battery market across regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Market Diversification: Exhaustive information about new products & technologies, untapped geographies, recent developments, and investments in the flow battery market
Competitive Assessment: In-depth assessment of market ranks, growth strategies, and product offerings of leading players like Sumitomo Electric Industries, Ltd. (Japan), VRB Energy (Canada), Invinity Energy Systems (UK), Largo Inc. (Canada), Enerox GmbH (Austria), Redflow Limited (Australia), among others in the flow battery market
Strategies: The report also helps stakeholders understand the pulse of the flow battery market and provides information on key market drivers, restraints, challenges, and opportunities.
Table of Contents
1 INTRODUCTION 27
1.1 STUDY OBJECTIVES 27
1.2 MARKET DEFINITION 27
1.3 STUDY SCOPE 28
1.3.1 MARKETS COVERED 28
1.3.2 INCLUSIONS AND EXCLUSIONS 28
1.3.3 GEOGRAPHICAL SCOPE 29
1.3.4 YEARS CONSIDERED 29
1.4 CURRENCY CONSIDERED 30
1.5 LIMITATIONS 30
1.6 STAKEHOLDERS 30
1.7 SUMMARY OF CHANGES 31
1.8 RECESSION IMPACT 31
2 RESEARCH METHODOLOGY 32
2.1 RESEARCH APPROACH 32
2.1.1 SECONDARY AND PRIMARY RESEARCH 33
2.1.2 SECONDARY DATA 34
- 2.1.2.1 List of major secondary sources 34
- 2.1.2.2 Key data from secondary sources 35
2.1.3 PRIMARY DATA 35
- 2.1.3.1 Primary interviews with experts 36
- 2.1.3.2 Key data from primary sources 36
- 2.1.3.3 Key industry insights 37
- 2.1.3.4 Breakdown of primaries 37
2.2 MARKET SIZE ESTIMATION 37
2.2.1 BOTTOM-UP APPROACH 38
- 2.2.1.1 Approach to arrive at market size using bottom-up analysis 38
2.2.2 TOP-DOWN APPROACH 39
- 2.2.2.1 Approach to arrive at market size using top-down analysis 39
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 41
2.4 RESEARCH ASSUMPTIONS 42
2.5 PARAMETERS CONSIDERED TO UNDERSTAND RECESSION IMPACT ON FLOW BATTERY MARKET 43
2.6 RISK ASSESSMENT 43
3 EXECUTIVE SUMMARY 44
4 PREMIUM INSIGHTS 48
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FLOW BATTERY MARKET 48
4.2 FLOW BATTERY MARKET, BY BATTERY TYPE 48
4.3 FLOW BATTERY MARKET, BY APPLICATION 49
4.4 FLOW BATTERY MARKET IN NORTH AMERICA, BY APPLICATION AND COUNTRY, 2028 49
4.5 FLOW BATTERY MARKET, BY COUNTRY 50
5 MARKET OVERVIEW 51
5.1 INTRODUCTION 51
5.2 MARKET DYNAMICS 51
5.2.1 DRIVERS 52
- 5.2.1.1 Growing preference for flow batteries over conventional batteries 52
- 5.2.1.2 Government-led investments in developing renewable energy storage systems 52
- 5.2.1.3 High adoption of flow batteries in utilities sector 53
- 5.2.1.4 Increasing installations of telecom towers 54
5.2.2 RESTRAINTS 55
- 5.2.2.1 Need for substantial upfront investment 55
- 5.2.2.2 Lack of calibration standards 55
5.2.3 OPPORTUNITIES 56
- 5.2.3.1 Increasing importance of backup power systems in data centers 56
- 5.2.3.2 Rising adoption of flow batteries in residential applications 56
- 5.2.3.3 Increasing focus on grid modernization 56
- 5.2.3.4 Rising focus on developing efficient and sustainable batteries 57
5.2.4 CHALLENGES 57
- 5.2.4.1 Presence of affordable alternative battery technologies 57
5.3 VALUE CHAIN ANALYSIS 58
5.4 ECOSYSTEM MAPPING 60
5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 62
5.6 PORTER’S FIVE FORCES ANALYSIS 62
5.6.1 BARGAINING POWER OF SUPPLIERS 63
5.6.2 BARGAINING POWER OF BUYERS 63
5.6.3 THREAT OF NEW ENTRANTS 63
5.6.4 THREAT OF SUBSTITUTES 64
5.6.5 INTENSITY OF COMPETITIVE RIVALRY 64
5.7 CASE STUDY ANALYSIS 64
5.8 TECHNOLOGY TRENDS 66
5.8.1 SODIUM-SULFUR BATTERIES 66
5.8.2 COBALT-FREE BATTERIES 66
5.8.3 POTASSIUM-METAL BATTERIES 66
5.8.4 SOLID-STATE BATTERIES 66
5.8.5 METAL-AIR BATTERIES 67
5.8.6 LIQUID-METAL BATTERIES 67
5.8.7 LITHIUM-SILICON BATTERIES 67
5.8.8 LITHIUM-SULFUR BATTERIES 67
5.9 PRICING ANALYSIS 67
5.9.1 AVERAGE SELLING PRICE TREND, BY BATTERY TYPE 68
5.9.2 AVERAGE SELLING PRICE TREND, BY KEY PLAYER 69
5.9.3 AVERAGE SELLING PRICE TREND, BY REGION 69
5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 70
5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 70
5.10.2 BUYING CRITERIA 70
5.11 TRADE ANALYSIS 71
5.12 PATENT ANALYSIS 72
5.13 KEY CONFERENCES AND EVENTS, 2023-2024 75
5.14 TARIFFS AND REGULATORY LANDSCAPE 76
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
5.14.2 REGULATORY STANDARDS 78
6 FLOW BATTERY MARKET, BY BATTERY TYPE 80
6.1 INTRODUCTION 81
6.2 REDOX 82
6.2.1 GROWING ADOPTION OF REDOX FLOW BATTERIES IN LARGE-SCALE ENERGY STORAGE APPLICATIONS TO BOOST SEGMENTAL GROWTH 82
6.3 HYBRID 84
6.3.1 COMPACT SIZE AND DESIGN FLEXIBILITY OF HYBRID FLOW BATTERIES TO DRIVE SEGMENTAL LANDSCAPE 84
7 FLOW BATTERY MARKET, BY MATERIAL 86
7.1 INTRODUCTION 87
7.2 VANADIUM 88
7.2.1 INCREASING FOCUS ON REDUCING CARBON FOOTPRINT TO FUEL ADOPTION OF VANADIUM FLOW BATTERIES 88
7.3 ZINC BROMINE 89
7.3.1 EASY AVAILABILITY AND COST-EFFECTIVENESS OF ZINC-BROMINE BATTERIES TO ACCELERATE SEGMENTAL GROWTH 89
7.4 OTHERS 90
8 FLOW BATTERY MARKET, BY OWNERSHIP 92
8.1 INTRODUCTION 92
8.2 CUSTOMER-OWNED 92
8.2.1 INCREASING FOCUS ON OPTIMIZING ENERGY USAGE TO DRIVE ADOPTION OF FLOW BATTERIES 92
8.3 UTILITY-OWNED 93
8.3.1 RISING EMPHASIS ON ENHANCING GRID RELIABILITY TO FUEL DEMAND FOR FLOW BATTERIES 93
8.4 THIRD-PARTY-OWNED 93
8.4.1 NEED TO REDUCE UPFRONT COSTS AND RISKS TO BOOST ADOPTION OF THIRD-PARTY OWNERSHIP MODEL 93
9 FLOW BATTERY MARKET, BY STORAGE 94
9.1 INTRODUCTION 95
9.2 LARGE-SCALE 96
9.2.1 RISING DEMAND FOR LARGE-SCALE ENERGY STORAGE SOLUTIONS IN UTILITIES SECTOR TO SUPPORT SEGMENTAL GROWTH 96
9.3 SMALL-SCALE 97
9.3.1 INCREASING DEMAND FOR FLOW BATTERIES IN RESIDENTIAL APPLICATIONS TO DRIVE MARKET 97
10 FLOW BATTERY MARKET, BY APPLICATION 100
10.1 INTRODUCTION 101
10.2 UTILITIES 102
10.2.1 INCREASING ADOPTION OF FLOW BATTERIES IN RENEWABLE ENERGY STORAGE SYSTEMS TO FUEL SEGMENTAL GROWTH 102
10.3 COMMERCIAL & INDUSTRIAL 104
10.3.1 INCREASING EMPHASIS ON IMPROVING POWER QUALITY IN COMMERCIAL AND INDUSTRIAL APPLICATIONS TO DRIVE MARKET 104
10.4 EV CHARGING STATIONS 106
10.4.1 GROWING FOCUS ON IMPLEMENTATION OF EV-CHARGING STATIONS TO SUPPORT MARKET 106
10.5 OTHER APPLICATIONS 107
11 FLOW BATTERY MARKET, BY REGION 109
11.1 INTRODUCTION 110
11.2 NORTH AMERICA 112
11.2.1 RECESSION IMPACT ON MARKET IN NORTH AMERICA 112
11.2.2 US 116
- 11.2.2.1 Government-led policies to boost decarbonization of multiple sectors 116
11.2.3 CANADA 116
- 11.2.3.1 Increased focus on integrating renewables to generate clean electricity to support flow battery growth 116
11.2.4 MEXICO 117
- 11.2.4.1 Government-led clean energy development projects to boost market growth 117
11.3 EUROPE 117
11.3.1 RECESSION IMPACT ON MARKET IN EUROPE 117
11.3.2 GERMANY 121
- 11.3.2.1 Rising focus on increasing clean energy production to foster market growth 121
11.3.3 UK 122
- 11.3.3.1 Growing use of flow batteries in commercial applications to drive market 122
11.3.4 FRANCE 122
- 11.3.4.1 Increasing focus on strengthening electric vehicle charging infrastructure to drive demand for flow batteries 122
11.3.5 REST OF EUROPE 122
11.4 ASIA PACIFIC 123
11.4.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC 123
11.4.2 CHINA 127
- 11.4.2.1 Rising implementation of large-scale energy storage systems to boost market growth 127
11.4.3 JAPAN 128
- 11.4.3.1 Increasing focus on grid modernization to drive demand for flow batteries 128
11.4.4 INDIA 128
- 11.4.4.1 Growing investment in modernizing power sector to drive demand for flow batteries 128
11.4.5 AUSTRALIA 129
- 11.4.5.1 Increasing investments by utilities in flow battery projects to fuel market growth 129
11.4.6 REST OF ASIA PACIFIC 129
11.5 REST OF THE WORLD (ROW) 130
11.5.1 RECESSION IMPACT ON MARKET IN REST OF THE WORLD (ROW) 130
11.5.2 MIDDLE EAST & AFRICA 133
- 11.5.2.1 Increasing focus of battery manufacturers on expanding production capacity to drive market 133
11.5.3 SOUTH AMERICA 133
- 11.5.3.1 Increasing foreign investments to boost market growth 133
12 COMPETITIVE LANDSCAPE 134
12.1 INTRODUCTION 134
12.2 STRATEGIES ADOPTED BY KEY PLAYERS 134
12.3 REVENUE ANALYSIS OF TOP 5 COMPANIES 136
12.4 MARKET SHARE ANALYSIS, 2022 136
12.5 EVALUATION MATRIX FOR KEY COMPANIES, 2022 139
12.5.1 STARS 139
12.5.2 EMERGING LEADERS 139
12.5.3 PERVASIVE PLAYERS 139
12.5.4 PARTICIPANTS 139
12.6 EVALUATION MATRIX FOR SMES, 2022 140
12.6.1 PROGRESSIVE COMPANIES 140
12.6.2 RESPONSIVE COMPANIES 140
12.6.3 DYNAMIC COMPANIES 141
12.6.4 STARTING BLOCKS 141
12.7 FLOW BATTERY MARKET: COMPANY FOOTPRINT 142
12.8 COMPETITIVE BENCHMARKING 145
12.9 COMPETITIVE SCENARIOS AND TRENDS 146
12.9.1 FLOW BATTERY MARKET: PRODUCT LAUNCHES 146
12.9.2 FLOW BATTERY MARKET: DEALS 146
13 COMPANY PROFILES 154
13.1 KEY PLAYERS 154
13.1.1 SUMITOMO ELECTRIC INDUSTRIES, LTD 154
13.1.2 INVINITY ENERGY SYSTEMS 158
13.1.3 ENEROX GMBH 163
13.1.4 REDFLOW LIMITED 166
13.1.5 VRB ENERGY 170
13.1.6 ELESTOR BV 173
13.1.7 ESS INC 174
13.1.8 JENABATTERIES GMBH 177
13.1.9 LARGO INC 178
13.1.10 LOCKHEED MARTIN CORPORATION 180
13.1.11 PRIMUS POWER SOLUTIONS 183
13.1.12 SCHMID GROUP 184
13.1.13 STRYTEN ENERGY 185
13.1.14 VIZN ENERGY SYSTEMS 186
13.2 OTHER PLAYERS 188
13.2.1 DALIAN RONGKE ENERGY STORAGE TECHNOLOGY DEVELOPMENT CO., LTD 188
13.2.2 H2, INC 189
13.2.3 KEMIWATT 190
13.2.4 LE SYSTEM CO., LTD 190
13.2.5 NANOFLOWCELL HOLDINGS PLC 191
13.2.6 STOREN TECHNOLOGIES 192
13.2.7 VANADIS POWER GMBH 193
13.2.8 VFLOWTECH PTE LTD 194
13.2.9 VISBLUE A/S 195
13.2.10 VOLTERION DORTMUND 195
13.2.11 VOLTSTORAGE GMBH 196
13.2.12 VSUN ENERGY PTY LTD 197
14 ADJACENT AND RELATED MARKETS 198
14.1 INTRODUCTION 198
14.2 NICKEL CADMIUM BATTERY MARKET, BY REGION 198
14.2.1 INTRODUCTION 198
14.2.2 NORTH AMERICA 199
- 14.2.2.1 US 201
- 14.2.2.1.1 Rising adoption of Ni-Cd batteries in power grids for emergency backup to drive market 201
- 14.2.2.2 Canada 201
- 14.2.2.2.1 Increasing aircraft manufacturing activities to accelrate market growth 201
- 14.2.2.3 Mexico 202
- 14.2.2.3.1 Growing demand for energy storage to foster market growth 202
- 14.2.2.1 US 201
15 APPENDIX 203
15.1 INSIGHTS FROM INDUSTRY EXPERTS 203
15.2 DISCUSSION GUIDE 203
15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 207
15.4 CUSTOMIZATION OPTIONS 209
15.5 RELATED REPORTS 209
15.6 AUTHOR DETAILS 210