Flow Battery Market by Type (Redox, and Hybrid), Material (Vanadium, Zinc–Bromine), Storage (Compact and Large scale), Application (Utilities, Commercial & Industrial, Military, EV Charging Station), and Geography – Global Forecast to 2023
The flow battery market was valued at USD 187.7 Million in 2017 and is expected to reach of USD 946.3 million by 2023 at a CAGR of 32.7% during the forecast period. The base year used for this study is 2017 and the forecast period considered is between 2018 and 2023.
The objectives of the study are as follows:
To define, describe, segment and forecast the flow battery market, in terms of value, segmented on the basis of type, material, storage, application, and geography
To forecast the market size for various segments, in terms of value, with regard to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
To provide detailed information regarding the major factors influencing the growth of the flow battery market (drivers, restraints, opportunities, and challenges)
To analyze the micromarkets with respect to the individual growth trends, prospects, and contribution to the total market
To provide a detailed overview of the value chain in the flow battery market
To analyze the opportunities in the flow battery market for various stakeholders by identifying the high-growth segments of the market
To strategically profile the key players in the market and comprehensively analyze their market position in terms of the ranking and core competencies, along with detailing the competitive landscape for market leaders
To analyze the strategic developments such as product launches and developments, agreements, contracts, collaborations, expansions, and partnerships carried out in the market
The research methodology used to estimate and forecast the flow battery market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources used in this research include information from various journals and databases such as Department of Energy (DOE), Energy Storage Journals and Magazines, Factiva, Hoovers, and OneSource. Moreover, the vendor offerings have been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the flow battery market from the revenue of the key players in the market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have been verified through primary research by conducting extensive interviews with the officials holding key positions in the industry such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries has been depicted in the following figure:
The flow battery ecosystem comprises vendors such as 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) selling these products and solutions to end users according to their unique requirements in the utilities, industrial, commercial, military, and telecommunications verticals.
Flow battery manufacturers
Original equipment manufacturers (OEMs)
Research organizations and consulting companies
Flow battery-related associations, organizations, forums, and alliances
Distributors and traders
Government bodies such as regulating authorities and policymakers
Venture capitalists, private equity firms, and startup companies
“The study answers several questions for the target audience, primarily which market segments to focus on in the next 2 to 5 years for prioritizing their efforts and investments.”
In this report, the flow battery market has been segmented into the following categories:
Flow Battery Market, by Type
Flow Battery Market, by Material
Flow Battery Market, by Storage
Flow Battery Market, by Application
Commercial & Industrial
EV Charging Station
North America (US, Canada, and Mexico)
Europe (UK, Germany, France, and Rest of Europe)
Asia Pacific (China, Japan, India, Australia, and Rest of APAC)
Rest of the World (South America, Middle East, and Africa)
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of the company. The following customization options are available for the report:
Detailed analysis and profiling of additional market players (up to 5)
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.
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.
In recent years, though flow battery has emerged as a potential technology that provides various energy storage advantages, it also encompasses a few technical drawbacks that hamper its market growth. The 2 major drawbacks of flow battery are lower power density and complexity of the structure. Flow batteries are more complicated than standard batteries as these require pumps, sensors, flow and power management, and secondary containment vessels to function. These components and its functional design make the battery comparably larger and heavier, which, in turn, restricts its application to large-scale areas, e.g., the utilities sector.
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 some of the major companies operating in the flow battery market.
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