pune, Maharashtra -- (SBWIRE) -- 12/11/2023 -- The global Flow Battery Market Size is expected to grow from USD 289 Million in 2023 to USD 805 Million by 2028, at a CAGR of 22.8% from 2023 to 2028.
The need for efficient and scalable energy storage systems has increased over the years with the expansion of the energy & power industry. Flow batteries are ideal for this purpose and are currently being adopted in utilities, industrial, commercial, and residential applications. The growing deployment of flow batteries for grid-scale applications across the world is driving market growth.
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Hybrid flow batteries segment is expected to grow at a substantial growth rate during the forecast period.
Hybrid flow batteries are the new generation and non-pure forms of flow batteries. In recent years, hybrid flow batteries have gained traction for large-scale energy storage applications. Their capacity to efficiently store substantial amounts of energy and swiftly release it renders them well-suited for grid-scale energy storage, the integration of renewable energy sources, and backup power systems. Moreover, the design of hybrid flow batteries facilitates convenient maintenance and holds the potential for extended operational lifetimes, distinguishing them from other energy storage technologies.
The market for zinc bromine material is projected to gain significant market share during the forecast period.
Zinc bromine flow batteries offer several advantages for energy storage. They feature a circulating electrolyte that allows for easy thermal management and uniform reactant supply. They can store and convert energy effectively with good specific energy and energy efficiency. These batteries are made of low-cost and readily available materials, with recyclable components produced using conventional manufacturing processes. They provide flexibility in system design and can operate at ambient temperatures. Zinc-bromine flow batteries are already available in the market, making them a viable option for energy storage needs.
The market for small-scale storage segment is expected to gain a substantial market share during forecast period
As the name entails, small-scale flow batteries are smaller and portable. They have been recently developed, and mostly hybrid flow batteries are built in a compact storage type. These batteries can be used in EV charging stations, residential, telecommunication, and commercial applications. Many companies are focusing on developing compact/small-scale flow batteries for residential applications, which is expected to boost this segment's growth.
The market in Asia Pacific is projected to grow with the highest CAGR from 2023 to 2028.
The flow battery market in Asia Pacific has been studied for China, Japan, India, Australia, and the rest of Asia Pacific. The growing demand for flow batteries in the region is attributed to the high adoption of these batteries in major economies such as Japan and Australia. The adoption of flow batteries in these countries is growing rapidly in the utilities, commercial and industrial applications. Furthermore, given the region's large scale industrial development in developing economies such as China and India is driving the growth of the flow battery market in the region. Additionally, the increasing investments to drive the adoption of renewable energy in the region is further presenting opportunities for the flow battery market to thrive in the forecast period.
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Key Market Players
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) are among a few top players in flow battery market.