The overall flow battery market is estimated to be
valued at USD 230.2 Million in 2018 and is expected to reach of USD
946.3 Million by 2023, at a CAGR of 32.7% between 2018 and 2023. The
growth of this market is being propelled by the increasing investment in
renewable energy, inherent advantages of flow battery, high demand from
utilities, and rising telecommunications tower installations.
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The report covers the flow battery market segmented
on the basis of type, material, storage, application, and region. The
redox segment is expected to hold the largest size of the flow battery
market based on type by 2023. The growth of this market is being
propelled by the high demand for redox flow battery from various
applications such as utilities, industrial, commercial, and military
across the world.
The “vanadium” segment held a larger share of the
overall flow battery market based on material. A vanadium-based flow
battery is the most mature technology and is widely adopted in flow
batteries. Currently, over 45 vanadium-based flow batteries have been
installed worldwide for microgrid, grid, commercial, EV charging
station, military, and telecommunications applications. Moreover,
comparatively a higher number of flow battery provider employ vanadium
material in their flow battery systems over other materials. However,
the market for the zinc–bromine material is expected to grow at a
significant CAGR during the forecast period. The major factors
encouraging the zinc–bromine flow battery market are its benefits over
vanadium material such as low cost and high availability.
The flow battery market for the utilities application
is expected to grow at the highest CAGR during the forecast period. The
utilities sector also holds the highest number of operational flow
battery projects to date across the world. Further, there are various
large-scale projects under construction that involve installations of
flow batteries with capacity over a 1,000 MW.
North America held the largest size of the flow
battery market in 2017. The high number of flow battery installations in
the region, mainly in the US and Canada, attributes to the dominating
position of the region in the market. The flow battery market in APAC is
expected to grow the highest CAGR during the forecast period. By 2023,
APAC is expected to account for the largest share of the market. This
attributed to the growing number of flow battery projects for utilities,
residential, industrial, and commercial applications in the region.
ESS Inc. (US), GILDEMEISTER energy solutions
(Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK),
SCHMID (Germany), Sumitomo Electric. (Japan), UniEnergy Technologies
(US), ViZn Energy (US), and EnSync Energy Systems (US) are the major
players operating in this market.
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