Dublin, March 04, 2024 (GLOBE NEWSWIRE) -- The "Global Flow Battery Market by Offering (Energy Storage Systems), Battery Type (Vanadium Redox Flow Batteries, Zinc-Bromine Flow Batteries), Material, Ownership, Application, End User (Utilities, Commercial & Industrial), and Geography - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The global flow battery market is projected to reach $1.03 billion by 2031, at a CAGR of 16.5% during the forecast period of 2024-2031
The growth of the flow batteries market is mainly driven by the high demand for flow batteries in utility applications and increasing investments in renewable energy. However, the lack of standardization in the development of flow battery systems and the high initial costs of flow battery manufacturing restrain the growth of this market.
Furthermore, technological innovation and the growing demand for backup power among data centers are expected to offer significant growth opportunities for players operating in the flow batteries market. However, the declining rate of flow battery deployment and disruptions in the supply of raw materials for battery manufacturing may hinder the growth of this market. Additionally, advancements in flow batteries and energy storage as a service are prominent trends in the flow batteries market.
In 2023, Asia-Pacific is expected to account for the largest share of the global flow battery market. The expansion of the flow battery market in the Asia-Pacific region is credited to the rising investments in energy storage. Governments in burgeoning economies within the APAC region are implementing new policies aimed at enhancing the reliability and quality of power distribution facilities for residential customers, thereby contributing to the market's growth.
In 2024, the energy storage systems segment is expected to account for the largest share of the global flow battery market. The large market share of this segment is attributed to various factors, as redox flow batteries are a relatively new advanced technology for storing large quantities of energy. These batteries enhance flexibility, reduce environmental risks, and improve response times to energy demands.
However, the battery segment is projected to register the highest CAGR during the forecast period due to the various benefits offered by flow batteries, such as scalability, long cycle life, durability, and rapid response. Also, flow batteries can be used for storing energy from intermittent renewable sources like wind and solar power, enabling grid stabilization.
In 2024, the vanadium redox flow batteries segment is expected to account for the largest share of the global flow battery market. The large market share of this segment is attributed to various factors, as vanadium redox flow batteries are considered promising electrochemical energy storage systems due to their efficiency, flexibility, and scalability. Moreover, VRFBs have a long cycle life and can store large amounts of energy, making them suitable for grid energy storage and renewable energy integration.
In 2024, the vanadium segment is expected to account for the largest share of the global flow battery market. The large market share of this segment is attributed to various factors as vanadium in the flow batteries allows for efficient and reversible electrochemical reactions, making it a key component of this energy storage technology.
In 2024, the utility-owned segment is expected to account for the largest share of the global flow battery market. The growth of this segment is driven by the increasing demand for utility-scale ancillary services and the growing need to deliver peak loads to consumers through flow battery-powered ESS instead of extending power lines and transformers.
In 2024, the load shifting segment is expected to account for the largest share of the global flow battery market. The growth of this segment is driven by various factors, as flow batteries can be easily scaled up or down to meet specific energy storage needs. This makes them suitable for a wide range of applications, from residential to utility-scale projects. Also, flow batteries have a longer cycle life compared to many other energy storage technologies, such as lithium-ion batteries.
In 2024, the utilities segment is expected to account for the largest share of the global flow battery market. The expansion of this segment can be attributed to the escalating endeavors of market players to introduce flow batteries that align with the environmental, longevity, and safety objectives of the utility industry. Additionally, the increasing utilization of Battery Energy Storage Systems (BESS) across various applications further contributes to this growth.
Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of offering, battery type, material, ownership, application, and end user?
- What is the historical market size for the global flow battery market?
- What are the market forecasts and estimates for 2024-2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global flow battery market?
- Who are the major players in the global flow battery market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global flow battery market?
- What are the geographic trends and high-growth countries?
- Who are the local emerging players in the global flow battery market, and how do they compete with other players?
Market Insights
Factors Affecting Market Growth
- Growing Use of Flow Batteries in Utility Applications Supporting Market Growth
- Increasing Investments in the Renewable Energy Sector Boosting the Demand for Flow Batteries
- Lack of Standardization in the Development Of Flow Battery Systems Restraining Market Growth
- High Initial Costs of Manufacturing Impacting the Production of Flow Batteries
- Technological Innovation in Flow Batteries Generating Growth Opportunities for Market Players
- Growing Need for Power Backup in Data Centers Expected to Create Market Growth Opportunities
- Limitations of Flow Batteries Reducing Deployment Across Industries
- Unstable Raw Materials Supply to Remain a Major Challenge For Market Players
Trends
- Increasing Focus on Advancing Flow Battery Technology
- Energy Storage-as-a-Service (ESaaS)
A Comparative Overview of Major Battery Types
- Components and Materials Used in Flow Batteries
Supply Chain Analysis
PORTER'S Five Forces Analysis
Company Profiles
- Invinity Energy Systems PLC (Jersey)
- Sumitomo Electric Industries Ltd. (Japan)
- ESS Tech Inc. (U.S.)
- Redflow Limited (Japan)
- StorEn Technologies Inc. (U.S.)
- LION Alternative Energy PLC (England)
- CEC Science & Technology Co. Ltd. (China)
- StorTera Ltd (U.K.)
- Largo Inc. (U.S.)
- ViZn Energy Inc. (U.S.)
- VRB ENERGY (U.S.)
- Primus Power Solutions (U.S.)
- SCHMID Energy Systems GmbH (Germany)
- Stryten Energy (Georgia)
- Delectrik Systems Pvt. Ltd (India)
Competition Analysis
- Key Growth Strategies
- Competitive Benchmarking
- Competitive Dashboard
- Industry Leaders
- Market Differentiators
- Vanguards
- Emerging Companies
- Market Share Analysis (2022)
Flow Battery Market Assessment - by Offering
- Energy Storage Systems
- Batteries
- Services
Flow Battery Market Assessment - by Battery Type
- Vanadium Redox Flow Batteries
- Zinc-bromine Flow Batteries
- All-iron Flow Batteries
- Other Flow Batteries
Flow Battery Market Assessment - by Material
- Vanadium
- Zinc-bromine
- Hydrogen-bromine
- Other Materials
Flow Battery Market Assessment - by Ownership
- Utility-owned
- Third-party-owned
- Customer-owned
Flow Battery Market Assessment - by Application
- Load Shifting
- Peak Shaving
- Commercial
- Transmission & Distribution
- EV Charging
- Residential
- Frequency Regulation
- Other Applications
Flow Battery Market Assessment - by End User
- Utilities
- Commercial & Industrial
- Off-grid & Micro-grid Power
- EV Charging Station
- Residential
- Other End Users
For more information about this report visit https://www.researchandmarkets.com/r/28knny
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