Flow Batteries Market Size, Share & Developments [2018-2028]

Summary

Report Description

Flow Batteries Market is expected to thrive during the forecast period due to the increase in end users, such as the utility industry and EV charging stations.

A flow battery is a rechargeable battery in which the electrolyte flows from one or more tanks through one or more electrochemical cells. In simple flow batteries, it is easy to increase the energy storage capacity by increasing the number of electrolytes stored in the tank. Electrochemical cells can be electrically connected in series or parallel to determine the performance of flow battery systems. This decoupling of rated energy and rated power is a key feature of flow battery systems.

As flow battery technology is modular and scalable, systems can be manufactured for a wide range of applications from wattage to megawatt ratings, with energy durations ranging from hours to days. Batteries can be constructed from inexpensive and readily available materials, such as thermoplastics and carbon-based materials. Many parts of the battery are recyclable. Since the electrolyte can be recovered and reused, running costs can be reduced. Battery materials are flame retardant and have a low environmental impact. Electrolytes can be used as part of a battery’s thermal management strategy, reducing the need for complex heating, or cooling of the battery system, thus, reducing costs. Electrochemical cells share a common electrolyte, allowing each cell to maintain the same state of charge, simplifying cell balancing and battery operation. One can measure the state of charge of the entire system at a single point (or use multiple measurement points to check if your battery system is functioning properly). Overcharging and over-discharging generally do not permanently damage electrodes or electrolytes. Self-discharge is limited in standby mode, no self-discharge when switched off. Energy storage capacity is independent of rating, so flow batteries are excellent for long-term energy storage. The overhead of increasing energy storage capacity reflects the cost of tanks and electrolytes, so the overall cost of long-life batteries is lower than other types of batteries.

The growing need for continuous supply in all major countries has increased the need for energy reserves. In the event of power outages or high demand, the flow battery acts as a backup power source. Flow is considered an alternative to Li-ion batteries and fuel cells. One of the features that set flow batteries apart from other alternatives is that they can be scaled up and recharged by simply adding the required amount of electrolyte. The functionality of flow batteries is highly adaptable as the used electrolyte can be recycled to the storage tank. Other advantages of flow batteries are their long service life and low maintenance. The demand for these batteries is growing with the introduction of renewable energy sources, such as solar and wind power, which negatively impacts the flow battery market.

Given the green energy targets set by several developed and developing countries, this trend is expected to continue around the world. Energy suppliers use flow batteries primarily for energy storage. Another advantage of utility-scale grid operation is the scalability of flow batteries. This allows the capacity to be increased by using more electrolytes. Along with another advantage of long service life and lifespan, this acts as a market driver for the global flow battery market. Flow battery installations are increasing worldwide as the use of solar and wind energy increases.

Expansion in Utility Industry Propels Flow Batteries Market

Due to their large and powerful properties, flow batteries are considered suitable for utility, commercial, and industrial customers, seeking long-term and long-term energy storage. These batteries are primarily used in utility applications as a buffer between power supply and power demand from the power grid. Flow batteries can reliably store and discharge electricity, allowing power companies to reduce excess power. In addition, utilities need batteries that are durable, robust, and long-lasting, capable of supporting significant grid-wide penetration of renewable energy. The increasing demand for electricity in rural and urban areas has led to increased interest in grid improvements, which may lead to the introduction of flow batteries in utility applications.

Power outages, power supply interruptions, and machine downtime can all impact commercial and industrial applications, disrupting production lines, delaying shipments, and damaging products, significantly impacting business operations. An unexpected power outage at a particular location can last for a minute, an hour, a day, or even a week. Flow batteries are essential in such cases as they save energy costs in commercial and industrial operations while improving power quality and reliability. In addition, it reduces the chance of performance degradation during power outages and blackouts. Battery storage systems provide affordable, green power and facilitate the deployment of renewable energy systems that generate revenue through the sale of additional energy or grid stabilization services.

Utilities are one of the earliest application areas for flow batteries to address the penetration of renewable energy into the grid. Flow batteries are ideal for long-term discharge at commercial power levels in the MW range. They transfer energy and avoid blackouts during grid service interruptions. The majority of flow battery installation projects that have been performed around the world to date have served the needs of utility companies. Government and business organizations have recently upgraded their power grid infrastructure to meet the growing need for electrification in rural and urban areas. Given the increasing electricity demand, the governments of many countries are also investing heavily in the construction of power grids.

Latest Investments in Flow Batteries Market

· In 2021, the U.S. Department of Energy (DOE) announced funding of USD 17.9 million for 4 research and development projects to enhance the manufacturing of flow batteries and long-term storage systems in the country. The funding is expected to provide the materials needed to expand the grid with new and clean energy sources, offer affordable electricity to disadvantaged communities, and achieve a net zero carbon footprint by 2050.

Using this investment, Largo Clean Energy and Partners (Wilmington, MA) were awarded USD 4.19 million to develop and demonstrate a highly efficient manufacturing process for affordable grid-scale flow batteries. TreadStone Technologies, Inc. and Partners (Princeton, NJ) were awarded USD 4.99 million for the development of roll-to-roll technology for manufacturing metal electrodes and bipolar plates, essential components of flow batteries. OTORO Energy Inc. and Partners (Bloomfield, Colorado) were awarded USD 4.14 million to improve the cost, scalability, and performance of existing flow battery technology using a metal chelate flow battery system. Quino Energy, Inc., and Partners (Menlo Park, CA) were awarded USD 4.58 million to develop a scalable, low-cost continuous process to produce and run aqueous organic flow battery reactants.

· In 2023, Singapore-based VFlowTech raised USD 10 million in Series A funding to set up a manufacturing facility and expand production of its 250-kWh vanadium flow battery product. The Series A funding round was led by Japanese VC Real Tech Holdings, with participation from existing investors, namely SEEDS Capital, Wavemaker Partners, Sing Fuels, and Michael Gryseels, the Chairman of VFlowTech. New investors include Inci Holding, Pappas Capital, and Carbon Zero Venture Capital.

VFlowTech plans to use this funding to establish a new manufacturing facility to build PowerCubes, a vanadium redox flow battery (VRFB) solution with an annual capacity of 200 MWh. The company has deployed its 30kWh and his 100kWh units primarily for residential applications and has now completed production of its MWh systems for large-scale microgrid applications. It will also use this capital to expand its market presence in Turkey (home of Inci Holding), the United States, Japan, and India with new partners, invest in R&D to improve technology, increase system capacity, and strengthen its management team.

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Market Segmentation

The global flow batteries market is segmented on the basis of type, material, storage, application, and region. Based on type, the market is bifurcated into redox flow batteries and hybrid flow batteries. Based on material, the market is bifurcated into vanadium, zinc-bromine, and others. Based on storage, the market is bifurcated into compact scale and large scale. Based on application, the market is bifurcated into utilities, commercial & industrial, military, EV charging station, and others. Based on region, the market is bifurcated into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.

Market players

Key players in the global flow batteries market are Sumitomo Electric Industries, Ltd., Ess Tech Inc., RedFlow Ltd., Primus Power Corporation, Invinity Energy Systems Plc, Cellcube Energy Storage Systems Inc., Schmid GmbH, Stryten Energy Llc, EnSync, Inc., and Largo Inc.

Attribute	Details
Base Year	2022
Historic Data	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
Report Coverage	Revenue forecast, company share, growth factors, and trends
Segments Covered	Type Material Storage Application Region
Regional Scope	North America, Asia-Pacific, Europe, South America, Middle East & Africa
Country Scope	United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Germany, United Kingdom, France, Spain, Italy, Brazil, Argentina, Colombia, Saudi Arabia, South Africa, UAE
Key Companies Profiled	Sumitomo Electric Industries, Ltd., Ess Tech Inc., RedFlow Ltd., Primus Power Corporation, Invinity Energy Systems Plc, Cellcube Energy Storage Systems Inc., Schmid GmbH, Stryten Energy Llc, EnSync, Inc, Largo Inc
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, the global flow batteries market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

Flow Batteries Market, By Type:

o Redox Flow Battery

o Hybrid Flow Battery

Flow Batteries Market, By Material:

o Vanadium

o Zinc–Bromine

o Others

Flow Batteries Market, By Storage:

o Compact Scale

o Large Scale

Flow Batteries Market, By Application:

o Utilities

o Commercial & Industrial

o Military

o EV Charging Station

o Others

Flow Batteries Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Asia-Pacific

§ China

§ India

§ Japan

§ South Korea

§ Australia

o Europe

§ Germany

§ United Kingdom

§ France

§ Spain

§ Italy

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East

§ Saudi Arabia

§ South Africa

§ UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Flow Batteries Market.

Available Customizations:

With the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

The global flow batteries market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.3. Markets Covered

1.4. Years Considered for Study

1.5. Key Market Segmentations

2. Research Methodology

2.1. Baseline Methodology

2.2. Key Industry Partners

2.3. Major Association and Secondary Sources

2.4. Forecasting Methodology

2.5. Data Triangulation & Validation

2.6. Assumptions and Limitations

3. Executive Summary

4. Voice of Customers

4.1. Brand Awareness

4.2. Key Factors for selecting vendors

4.3. Key satisfaction level

4.4. Key challenges faced

5. Global Flow Batteries Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Redox Flow Battery and Hybrid Flow Battery)

5.2.2. By Material (Vanadium, Zinc–Bromine, and Others)

5.2.3. By Storage (Compact Scale and Large Scale)

5.2.4. By Application (Utilities, Commercial & Industrial, Military, EV Charging Station, and Others)

5.3. By Company (2022)

5.4. Market Map

6. North America Flow Batteries Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Material

6.2.3. By Storage

6.2.4. By Application

6.2.5. By Country

6.3. North America: Country Analysis

6.3.1. United States Flow Batteries Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Material

6.3.1.2.3. By Storage

6.3.1.2.4. By Application

6.3.2. Canada Flow Batteries Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Material

6.3.2.2.3. By Storage

6.3.2.2.4. By Application

6.3.3. Mexico Flow Batteries Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Material

6.3.3.2.3. By Storage

6.3.3.2.4. By Application

7. Asia-Pacific Flow Batteries Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Material

7.2.3. By Storage

7.2.4. By Application

7.2.5. By Country

7.3. Asia-Pacific: Country Analysis

7.3.1. China Flow Batteries Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Material

7.3.1.2.3. By Storage

7.3.1.2.4. By Application

7.3.2. India Flow Batteries Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Size & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Material

7.3.2.2.3. By Storage

7.3.2.2.4. By Application

7.3.3. Japan Flow Batteries Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Size & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Material

7.3.3.2.3. By Storage

7.3.3.2.4. By Application

7.3.4. South Korea Flow Batteries Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Size & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Material

7.3.4.2.3. By Storage

7.3.4.2.4. By Application

7.3.5. Australia Flow Batteries Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Material

7.3.5.2.3. By Storage

7.3.5.2.4. By Application

8. Europe Flow Batteries Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Material

8.2.3. By Storage

8.2.4. By Application

8.3. Europe: Country Analysis

8.3.1. Germany Flow Batteries Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Material

8.3.1.2.3. By Storage

8.3.1.2.4. By Application

8.3.2. United Kingdom Flow Batteries Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Material

8.3.2.2.3. By Storage

8.3.2.2.4. By Application

8.3.3. France Flow Batteries Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Material

8.3.3.2.3. By Storage

8.3.3.2.4. By Application

8.3.4. Italy Flow Batteries Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Material

8.3.4.2.3. By Storage

8.3.4.2.4. By Application

8.3.5. Spain Flow Batteries Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Material

8.3.5.2.3. By Storage

8.3.5.2.4. By Application

9. South America Flow Batteries Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Material

9.2.3. By Storage

9.2.4. By Application

9.2.5. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Flow Batteries Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Material

9.3.1.2.3. By Storage

9.3.1.2.4. By Application

9.3.2. Argentina Flow Batteries Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Material

9.3.2.2.3. By Storage

9.3.2.2.4. By Application

9.3.3. Colombia Flow Batteries Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Material

9.3.3.2.3. By Storage

9.3.3.2.4. By Application

10. Middle East & Africa Flow Batteries Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Material

10.2.3. By Storage

10.2.4. By Application

10.2.5. By Country

10.3. Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia Flow Batteries Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Material

10.3.1.2.3. By Storage

10.3.1.2.4. By Application

10.3.2. South Africa Flow Batteries Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Material

10.3.2.2.3. By Storage

10.3.2.2.4. By Application

10.3.3. UAE Flow Batteries Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Material

10.3.3.2.3. By Storage

10.3.3.2.4. By Application

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Company Profiles

13.1. Sumitomo Electric Industries, Ltd.

13.1.1. Business Overview

13.1.2. Key Revenue and Financials

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2. ESS Tech Inc.

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3. RedFlow Ltd.

13.3.1. Business Overview

13.3.2. Key Revenue and Financials

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.3.6. SWOT Analysis

13.4. Primus Power Corporation

13.4.1. Business Overview

13.4.2. Key Revenue and Financials

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5. Invinity Energy Systems Plc

13.5.1. Business Overview

13.5.2. Key Revenue and Financials

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6. Cellcube Energy Storage Systems Inc.

13.6.1. Business Overview

13.6.2. Key Revenue and Financials

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7. SCHMID GmbH

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8. Stryten Energy Llc

13.8.1. Business Overview

13.8.2. Key Revenue and Financials

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9. EnSync, Inc

13.9.1. Business Overview

13.9.2. Key Revenue and Financials

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10. Largo Inc.

13.10.1. Business Overview

13.10.2. Key Revenue and Financials

13.10.3. Recent Developments

13.10.4. Key Personnel

13.10.5. Key Product/Services

14. Strategic Recommendations

14.1. Dominating Market by Type

14.2. Fastest Growing Market by Application

14.3. Dominating Market by Region

15. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

What is the dominating segment in the global flow batteries market?

During the projected period, the Vanadium segment is expected to dominate the market. A vanadium redox flow battery (VRFB) is a redox flow battery (RFB) that stores energy using the vanadium redox couples V2+/V3+ and V4+/V5+ in the negative and positive half-cells, respectively.

Which are the major players in the global flow batteries market?

Sumitomo Electric Industries, Ltd., Ess Tech Inc., RedFlow Ltd., Primus Power Corporation, Invinity Energy Systems Plc, Cellcube Energy Storage Systems Inc., Schmid GmbH, Stryten Energy Llc, EnSync, Inc, and Largo Inc. are the major market players in the global flow batteries market.

What are the major drivers of the global flow batteries market?

Flow batteries are a promising technology for storing renewable energy, such as solar and wind power. This is because they have a long lifespan and can be cycled many times without losing their capacity. These factors are driving the market growth significantly.

What are the main factors hindering the market growth?

Flow batteries are still relatively expensive compared to other battery technologies, such as lithium-ion. This is a major barrier to their widespread adoption.

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Press Release

Flow Batteries Market to Gain from Need for Advanced Technologies in Long-Duration Energy Storages

Jul, 2023

The global flow batteries market is expected to derive growth from the expansion in the utility and other industries during the forecast period

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