The overall flow battery market was valued at USD 187.7 million in 2017 and is expected to reach USD 946.3 million by 2023, at a CAGR of 32.7% between 2018 and 2023. The market has been segmented into type, material, storage, application, and region.
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By Material, Flow battery market for Zinc–bromine is expected to grow at the highest CAGR during forecast period
Many manufacturers prefer zinc–bromine material over vanadium due to the high cost incurred in vanadium and the availability is limited. Zinc–bromine flow battery has also witnessed significant deployment over the years for applications including residential, grid, microgrid, industrial, and commercial.
By Storage,Large-scale flow battery is expected to dominate the flow battery market during theforecast period
Currently, a majority of verticals such as utilities, industrial, commercial, and military across the world use large-scale flow battery to efficiently produce and store energy. Large-scale flow battery has been in the market for quite some years. It was the basic design of flow batteries when invented. At present, the use of large-scale flow batteries is much more common compared with compact flow batteries as most manufacturers are focusing on providing high capacity flow batteries mainly for utilities, industrial, commercial, military, and telecommunications applications. Also, at present, large-scale flow batteries are commonly used in various projects and for several applications worldwide.
By geography, Asia Pacific (APAC) is expected to dominate the market
In the recent years, many countries—such as China, Japan, India, and Australia—are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn, enhance electric stability. In countries such as India, China, and Japan, respective governments have laid regulations and reforms as well as initiatives for modernizing the power sector. APAC has several operational flow battery installations with large power ratings. Australia has the most number of flow battery projects for utilities, residential, industrial, and commercial applications from various players across the world. Whereas, China holds the highest capacity of flow battery installed till date among other countries 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.
Study Coverage
This research report categorizes the flow battery market on the basis of offering, type, technology, application, industry, and region. This report describes the drivers, restraints, opportunities, and challenges for the growth of the flow battery market. The value chain analysis and competitive landscape for the market leaders has been included in the report.
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