Product Code: PM4013
The global flow battery market size is expected to reach USD 1,272.22 million by 2032, according to a new study by Polaris Market Research. The report "Flow Battery Market Share, Size, Trends, Industry Analysis Report, By Type (Redox, Hybrid), By Material (Vanadium, Zink Bromine, Iron, Others), By Application (Commercial & Industrial, EV Charging Stations, Residential), By Storage (Large, Small), By Region, And Segment Forecasts, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market growth of flow batteries during the forecast period is anticipated to be propelled by their distinct advantages, particularly scalability, in comparison to conventional batteries. Flow batteries are exceptionally scalable, rendering them suitable for a wide array of applications ranging from residential and industrial energy storage to large-scale utility projects. This scalability is a key feature that enables flow batteries to be tailored to meet the specific energy storage requirements of diverse users and applications.
The increasing investments in renewable energy sources play a pivotal role in driving the market growth of flow batteries. As the world shifts towards cleaner and sustainable energy alternatives, the demand for effective energy storage solutions rises significantly. Flow batteries, due to their scalability and versatility, align perfectly with the variable and unpredictable nature of renewable energy sources such as solar and wind. By providing efficient and customizable storage solutions, flow batteries address the intermittency challenges often associated with renewable energy generation. Consequently, the growing investments in renewable energy projects create a demand for reliable and scalable energy storage solutions, positioning flow batteries as a favorable choice and driving their market growth.
According to data from the International Energy Agency (IEA), there is a significant projected global investment of around USD 2.8 Tn in the energy sector for the year 2023. Out of this substantial sum, over USD 1.7 Tr is expected to be allocated to clean technologies. These technologies encompass a broad spectrum, including renewables, EVs, grid infrastructure, energy storage solutions like flow batteries, clean fuels, improvements in energy efficiency, & heat pump systems.
The emphasis on these clean technologies, including energy storage solutions like flow batteries, signifies a global commitment to transitioning away from fossil fuels and towards sustainable, environmentally friendly energy alternatives. This substantial investment not only accelerates the development and adoption of renewable energy but also supports the growth of energy storage technologies, ensuring a more stable and reliable energy supply from these renewable sources. Flow batteries, with their scalability and adaptability, play a crucial role in efficiently storing excess energy generated from renewable sources, thereby contributing to the broader goal of global renewable energy adoption and sustainable energy practices.
Flow Battery Market Report Highlights
- Vanadium material segment will grow rapidly, as they have longer shelf life, operational flexibility, and can be integrated easily
- Grid segment held the largest share, as they help in reducing energy transmission losses with substantial scalability
- Europe dominated the market, as there is a huge demand for clean energy in several sectors
- The key market players include ESS Inc., Redox One, WattJoule Corp., Largo, Primus Power, & Cell Cube
Polaris Market Research has segmented the flow battery market report based on type, material, storage, application, and region:
Flow Battery, Type Outlook (Revenue - USD Million, 2023 - 2032)
Flow Battery, Material Outlook (Revenue - USD Million, 2023 - 2032)
- Vanadium
- Zinc Bromine
- Iron
- Others
Flow Battery, Storage Outlook (Revenue - USD Million, 2023 - 2032)
Flow Battery, Application Outlook (Revenue - USD Million, 2023 - 2032)
- Grid/Utility
- Commercial & Industrial
- EV Charging Stations
- Residential
Flow Battery, Regional Outlook (Revenue - USD Million, 2023 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Flow Battery Market Insights
- 4.1. Flow Battery - Industry Snapshot
- 4.2. Flow Battery Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Renewable Energy Integration
- 4.2.1.2. Government incentives and policies aimed at promoting energy storage technologies, including flow batteries, can drive market growth
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Complex Maintenance
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Flow Battery Industry Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Flow Battery Market, by Material
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Flow Battery Market, by Material, 2019-2032 (USD Million)
- 5.3. Vanadium
- 5.3.1. Global Flow Battery Market, by Vanadium, by Region, 2019-2032 (USD Million)
- 5.4. Zinc Bromine
- 5.4.1. Global Flow Battery Market, by Zinc Bromine, by Region, 2019-2032 (USD Million)
- 5.5. Iron
- 5.5.1. Global Flow Battery Market, by Iron, by Region, 2019-2032 (USD Million)
- 5.6. Others
- 5.6.1. Global Flow Battery Market, by Others, by Region, 2019-2032 (USD Million)
6. Global Flow Battery Market, by Type
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Flow Battery Market, by Type, 2019-2032 (USD Million)
- 6.3. Redox
- 6.3.1. Global Flow Battery Market, by Redox, by Region, 2019-2032 (USD Million)
- 6.4. Hybrid
- 6.4.1. Global Flow Battery Market, by Hybrid, by Region, 2019-2032 (USD Million)
7. Global Flow Battery Market, by Application
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Flow Battery Market, by Application, 2019-2032 (USD Million)
- 7.3. Grid/Utility
- 7.3.1. Global Flow Battery Market, by Grid/Utility, by Region, 2019-2032 (USD Million)
- 7.4. Commercial & Industrial
- 7.4.1. Global Flow Battery Market, by Commercial & Industrial, by Region, 2019-2032 (USD Million)
- 7.5. EV Charging Stations
- 7.5.1. Global Flow Battery Market, by EV Charging Stations, by Region, 2019-2032 (USD Million)
- 7.6. Residential
- 7.6.1. Global Flow Battery Market, by Residential, by Region, 2019-2032 (USD Million)
8. Global Flow Battery Market, by Storage
- 8.1. Key Findings
- 8.2. Introduction
- 8.2.1. Global Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 8.3. Large Scale
- 8.3.1. Global Flow Battery Market, by Large Scale, by Region, 2019-2032 (USD Million)
- 8.4. Small Scale
- 8.4.1. Global Flow Battery Market, by Small Scale, by Region, 2019-2032 (USD Million)
9. Global Flow Battery Market, by Geography
- 9.1. Key findings
- 9.2. Introduction
- 9.2.1. Flow Battery Market Assessment, By Geography, 2019-2032 (USD Million)
- 9.3. Flow Battery Market - North America
- 9.3.1. North America: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.3.2. North America: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.3.3. North America: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.3.4. North America: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.3.5. Flow Battery Market - U.S.
- 9.3.5.1. U.S.: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.3.5.2. U.S.: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.3.5.3. U.S.: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.3.5.4. U.S.: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.3.6. Flow Battery Market - Canada
- 9.3.6.1. Canada: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.3.6.2. Canada: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.3.6.3. Canada: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.3.6.4. Canada: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.4. Flow Battery Market - Europe
- 9.4.1. Europe: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.4.2. Europe: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.4.3. Europe: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.4.4. Europe: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.4.5. Flow Battery Market - UK
- 9.4.5.1. UK: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.4.5.2. UK: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.4.5.3. UK: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.4.5.4. UK: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.4.6. Flow Battery Market - France
- 9.4.6.1. France: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.4.6.2. France: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.4.6.3. France: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.4.6.4. France: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.4.7. Flow Battery Market - Germany
- 9.4.7.1. Germany: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.4.7.2. Germany: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.4.7.3. Germany: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.4.7.4. Germany: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.4.8. Flow Battery Market - Italy
- 9.4.8.1. Italy: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.4.8.2. Italy: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.4.8.3. Italy: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.4.8.4. Italy: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.4.9. Flow Battery Market - Spain
- 9.4.9.1. Spain: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.4.9.2. Spain: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.4.9.3. Spain: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.4.9.4. Spain: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.4.10. Flow Battery Market - Netherlands
- 9.4.10.1. Netherlands: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.4.10.2. Netherlands: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.4.10.3. Netherlands: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.4.10.4. Netherlands: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.4.11. Flow Battery Market - Russia
- 9.4.11.1. Russia: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.4.11.2. Russia.: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.4.11.3. Russia: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.4.11.4. Russia: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.5. Flow Battery Market - Asia Pacific
- 9.5.1. Asia Pacific: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.5.2. Asia Pacific: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.5.3. Asia Pacific: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.5.4. Asia Pacific: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.5.5. Flow Battery Market - China
- 9.5.5.1. China: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.5.5.2. China.: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.5.5.3. China: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.5.5.4. China: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.5.6. Flow Battery Market - India
- 9.5.6.1. India: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.5.6.2. India.: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.5.6.3. India: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.5.6.4. India: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.5.7. Flow Battery Market - Japan
- 9.5.7.1. Japan: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.5.7.2. Japan.: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.5.7.3. Japan: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.5.7.4. Japan: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.5.8. Flow Battery Market - Malaysia
- 9.5.8.1. Malaysia: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.5.8.2. Malaysia.: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.5.8.3. Malaysia: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.5.8.4. Malaysia: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.5.9. Flow Battery Market - Indonesia
- 9.5.9.1. Indonesia: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.5.9.2. Indonesia.: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.5.9.3. Indonesia: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.5.9.4. Indonesia: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.5.10. Flow Battery Market - South Korea
- 9.5.10.1. South Korea: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.5.10.2. South Korea.: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.5.10.3. South Korea: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.5.10.4. South Korea: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.6. Flow Battery Market - Middle East & Africa
- 9.6.1. Middle East & Africa: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.6.2. Middle East & Africa: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.6.3. Middle East & Africa: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.6.4. Middle East & Africa: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.6.5. Flow Battery Market - Saudi Arabia
- 9.6.5.1. Saudi Arabia: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.6.5.2. Saudi Arabia: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.6.5.3. Saudi Arabia: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.6.5.4. Saudi Arabia: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.6.6. Flow Battery Market - South Africa
- 9.6.6.1. South Africa: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.6.6.2. South Africa: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.6.6.3. South Africa: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.6.6.4. South Africa: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.6.7. Flow Battery Market - Israel
- 9.6.7.1. Israel: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.6.7.2. Israel: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.6.7.3. Israel: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.6.7.4. Israel: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.6.8. Flow Battery Market - UAE
- 9.6.8.1. UAE: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.6.8.2. UAE: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.6.8.3. UAE: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.6.8.4. UAE: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.7. Flow Battery Market - Latin America
- 9.7.1. Latin America: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.7.2. Latin America: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.7.3. Latin America: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.7.4. Latin America: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.7.5. Flow Battery Market - Mexico
- 9.7.5.1. Mexico: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.7.5.2. Mexico: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.7.5.3. Mexico: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.7.5.4. Mexico: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.7.6. Flow Battery Market - Brazil
- 9.7.6.1. Brazil: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.7.6.2. Brazil: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.7.6.3. Brazil: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.7.6.4. Brazil: Flow Battery Market, by Application, 2019-2032 (USD Million)
- 9.7.7. Flow Battery Market - Argentina
- 9.7.7.1. Argentina: Flow Battery Market, by Material, 2019-2032 (USD Million)
- 9.7.7.2. Argentina: Flow Battery Market, by Storage, 2019-2032 (USD Million)
- 9.7.7.3. Argentina: Flow Battery Market, by Type, 2019-2032 (USD Million)
- 9.7.7.4. Argentina: Flow Battery Market, by Application, 2019-2032 (USD Million)
10. Competitive Landscape
- 10.1. Expansion and Acquisition Analysis
- 10.1.1. Expansion
- 10.1.2. Acquisitions
- 10.2. Partnerships/Collaborations/Agreements/Exhibitions
11. Company Profiles
- 11.1. Cell Cube
- 11.1.1. Company Overview
- 11.1.2. Financial Performance
- 11.1.3. Product Benchmarking
- 11.1.4. Recent Development
- 11.2. Elestor
- 11.2.1. Company Overview
- 11.2.2. Financial Performance
- 11.2.3. Product Benchmarking
- 11.2.4. Recent Development
- 11.3. ESS Inc.
- 11.3.1. Company Overview
- 11.3.2. Financial Performance
- 11.3.3. Product Benchmarking
- 11.3.4. Recent Development
- 11.4. EverFlow
- 11.4.1. Company Overview
- 11.4.2. Financial Performance
- 11.4.3. Product Benchmarking
- 11.4.4. Recent Development
- 11.5. Invinity Energy Systems
- 11.5.1. Company Overview
- 11.5.2. Financial Performance
- 11.5.3. Product Benchmarking
- 11.5.4. Recent Development
- 11.6. Jenabatteries GmbH
- 11.6.1. Company Overview
- 11.6.2. Financial Performance
- 11.6.3. Product Benchmarking
- 11.6.4. Recent Development
- 11.7. Largo Inc.
- 11.7.1. Company Overview
- 11.7.2. Financial Performance
- 11.7.3. Product Benchmarking
- 11.7.4. Recent Development
- 11.8. Lockheed Martin Corporation
- 11.8.1. Company Overview
- 11.8.2. Financial Performance
- 11.8.3. Product Benchmarking
- 11.8.4. Recent Development
- 11.9. Primus Power
- 11.9.1. Company Overview
- 11.9.2. Financial Performance
- 11.9.3. Product Benchmarking
- 11.9.4. Recent Development
- 11.10. Redflow Ltd.
- 11.10.1. Company Overview
- 11.10.2. Financial Performance
- 11.10.3. Product Benchmarking
- 11.10.4. Recent Development
- 11.11. Redox One
- 11.11.1. Company Overview
- 11.11.2. Financial Performance
- 11.11.3. Product Benchmarking
- 11.11.4. Recent Development
- 11.12. Stryten Energy
- 11.12.1. Company Overview
- 11.12.2. Financial Performance
- 11.12.3. Product Benchmarking
- 11.12.4. Recent Development
- 11.13. Sumitomo Electric Industries
- 11.13.1. Company Overview
- 11.13.2. Financial Performance
- 11.13.3. Product Benchmarking
- 11.13.4. Recent Development
- 11.14. ViZn Energy Systems
- 11.14.1. Company Overview
- 11.14.2. Financial Performance
- 11.14.3. Product Benchmarking
- 11.14.4. Recent Development
- 11.15. VRB Energy
- 11.15.1. Company Overview
- 11.15.2. Financial Performance
- 11.15.3. Product Benchmarking
- 11.15.4. Recent Development
- 11.16. WattJoule Corporation
- 11.16.1. Company Overview
- 11.16.2. Financial Performance
- 11.16.3. Product Benchmarking
- 11.16.4. Recent Development