Global Flow Battery Market Analysis & Trends - Industry Forecast to 2030

Global Flow Battery Market Analysis & Trends - Industry Forecast to 2030

Flow Battery: Market Size

From $600.94 million in 2024, the global Flow Battery market is projected to reach $1991.27 million by 2030. Based on our analysis the market is expected to grow at a CAGR of 22.1% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include high demand for flow batteries in utilities, technological innovations with improved capabilities, and rising investments in renewable energy.

Global Flow Battery Market: Market Dynamics

The flow battery is an energy storage system of huge ability. It is extensively utilized in industrial, business, and military applications and is observing rising penetration in application areas such as residential and electric vehicle charging stations recognized for its technical advantages over many batteries, including lead-acid, lithium-ion, and solid-state.

Unlike the conventional batteries that typically stores energy in an electrode material, flow batteries accumulate energy in liquid electrolytes in external tanks and are pumped into cells to generate electrochemical reactions. Flow batteries have the benefit of instant recharge capability and a longer life span of almost 20 years, which, in turn, is expected to positively impact the flow battery market in the coming years.

On the other hand, requirement of high initial investment for manufacturing of flow batteries is likely to obstruct the profit boundaries. In addition, increase in telecommunication tower installations and increasing investments in renewable energy will further boost the flow battery market.

Impact of COVID-19 on Flow Battery

COVID-19 has adversely impacted the global economy and all the industries throughout the globe. Governments of several countries have imposed lockdowns to contain the spread of the epidemic. This has resulted in disturbances in the supply chain across the globe. The economies across the world have declined as there is a major decrease in the demand for products. The production across industries has been limited owing to the pandemic resulting in the shortage of raw material. The decline in exports and the disruptions in the supply chain are the major factors contributing to the decline in production. The sudden outbreak of the novel coronavirus has negatively affected the growth of industrial and commercial applications. On the other hand, the increasing installation of flow batteries in the operational projects and increasing focus of government towards modernizing the power sector is estimated to increase the adoption of flow batteries. However, the market value may not reach that of the pre-COVID-19 value.

By Type

Hybrid Flow Battery Segment Dominate the Market in 2024

The hybrid flow battery segment made huge revenue in 2024 and growing its prominence during the forecast period. The implementation of hybrid flow batteries is mounting at an extensive rate ascribed to their profits, such as condensed size, high energy density, and low cost. Zinc-bromine and lead-acid are the most prominent types of hybrid flow battery types. In recent years, some research programs have been conducted in some countries to explore the potential of hybrid flow batteries and build more compact and low-cost systems.

By Geography

Asia Pacific Region is Leading in the Global Market Place

The Asia Pacific is likely to have a huge demand in the forecast period. It has numerous operational flow battery types of equipment with large power ratings. Moreover, the rising implementation of energy storage solutions in industrial and other applications, growing demand for flow batteries from the grid and microgrid applications in India and China, and the mounting number of operational projects with flow battery installations are expected to fuel the growth of the regional market during the forecast period.

List of the Key Players Profiled in the Market Include:

• H2 Energy Solutions Inc.
• VanadiumCorp Resource Inc.
• Vinox Energy
• ViZn Energy Systems Inc. (ViZn)
• Vanadis Power GmbH
• Primus Power Corporation
• RedFlow Ltd
• Invinity Energy Systems
• Rongke Power
• CellCube Energy Storage Systems Inc
• UniEnergy Technologies (UET)
• ESS Inc.
• Sumitomo Electric Industries, Ltd.
• Jenabatteries GmbH
• Kemiwatt

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others Show more