The global flow battery market will be USD 1.18 billion by 2030 from USD 0.34 billion by 2024, at a CAGR of 23.0% during the forecast period.
This growth is attributed to rising investments in renewable energy and the increasing adoption of flow batteries in the utilities sector. Flow batteries are being utilized in various applications, including utilities, commercial and industrial sectors, electric vehicle (EV) charging stations, residential areas, and telecommunications.
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The report highlights that large-scale storage applications are expected to gain a significant market share during the forecast period. Flow batteries, known for their durability and efficiency, are particularly suitable for large-scale storage due to their design, which includes large external tanks for electrolyte storage. High demand for large-scale flow batteries is observed from utility applications, with several large-scale projects under construction in countries like the US, UK, Japan, and China.
Additionally, the application of flow batteries in EV charging stations is projected to grow at an impressive CAGR during the forecast period. With the increasing popularity of plug-in electric vehicles, there is a growing need for efficient energy storage systems at charging stations to ensure an uninterrupted power supply. Flow batteries offer benefits such as reduced load on the grid system, portability, safe and durable installation, and reliable energy availability, making them a suitable choice for this application.
Regionally, Europe is expected to hold a significant market share during the forecast period. The growth in this region is attributed to the increasing deployment of energy storage systems in utilities, industrial, and commercial sectors. European policies promoting renewable energy and reducing carbon emissions have increased the need for energy storage systems. The presence of several flow battery manufacturers in Europe further drives the adoption of these batteries in various applications.
Key players in the flow battery market include 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), and ESS Inc. (US).
