Flow Batteries Poised for Breakthrough Growth, Projected to Hit $1.1 Billion

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BCC Research LLC

31 Jan, 2025, 18:51 GMT

"Flow batteries are gaining momentum as the energy transition fuels demand for innovative battery technologies and government support for long-term storage."

BOSTON, Jan. 31, 2025 /PRNewswire/ -- According to the latest study from BCC Research, "Flow Batteries: Global Markets" is expected to grow from $416.3 million in 2024 to $1.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 21.7% from 2024 through 2029.

This report segments the flow battery market by battery type, material, deployment, application, and end-use industry. It covers technological, regulatory, competitive, and economic trends and includes a patent analysis. The report discusses emerging technologies, the competitive landscape, ESG trends and offers profiles of major manufacturers.

The flow battery market is growing as technological advances and increased adoption by utilities make it a strong competitor to lithium-based batteries. Flow Battery Europe, an industry association, aims for 20 GW and 200 GWh deployment by 2030. China leads the Asia-Pacific market with large-scale projects, including a planned 200MW/1000MWh project in Xinjiang in 2024 and an expanding 100 MW/400 MWh project in Dalian.

The factors driving the market include:

Preference for Flow Batteries: Flow batteries are favored over traditional ones due to their longer lifespan and recyclability.

Increasing Adoption by Utilities: Utilities use flow batteries for stable, long-duration energy storage.

Renewable Energy Growth: The rise in renewable energy sources increases the need for efficient storage solutions such as flow batteries.

Request a sample copy of the global flow battery market report.

Report Synopsis 

Report Metric

Details

Base year considered

2023

Forecast period considered

2024-2029

Base year market size

$344.7 million

Market size forecast

$1.1 billion

Growth rate

CAGR of 21.7% from 2024 to 2029

Segments covered

Battery Type, Battery Material, Deployment Type, Application, End-Use, and Region

Regions covered

North America, Europe, Asia-Pacific, and the Rest of the World (South America, the Middle East, and Africa)

Countries covered

U.S., Canada, Mexico, Germany, U.K., France, Spain, Italy, Japan, South Korea, China, India

Market drivers

•         Growing preference for flow batteries over conventional batteries.

•         Use of flow batteries by utilities.

•         Increasing renewable power generation.

Interesting facts:

  • According to Largo Physical Vanadium Corp, only 4.4% of vanadium is used in the flow battery industry, showing significant growth potential.
  • The International Energy Agency states that energy storage needs to expand sixfold to triple renewable energy capacity by 2030.
  • In the past two years, 40% of new energy storage startups have focused on organic flow battery technology.
  • The International Energy Agency reports that battery storage capacity surged from 17.6 GW in 2022 to 41.5 GW in 2023, tripling installations.
  • Flow batteries last 25-30 years, have lower energy density, and are highly recyclable, making them ideal for long-term energy storage.

The report addresses the following questions:

1.      What is the future market size and growth rate?

•         The market is expected to reach $1.1 billion by the end of 2029, growing at 21.7% annually.

2.      What are the market segments?

•         The market is segmented by battery type, battery material, deployment type, application, and end-use.

3.      Which segment will lead the flow battery market in 2029?

•         The vanadium segment will dominate the market in 2029.

4.      Which region leads the market?

•         The Asia-Pacific region has the largest market share.

Market leaders include:

  • ENEROX GMBH
  • ESS TECH INC.
  • INVINITY ENERGY SYSTEMS
  • LARGO INC.
  • PRIMUS POWER
  • REDFLOW LTD.
  • RKP DALIAN RONGKE ENERGY STORAGE TECHNOLOGY DEVELOPMENT CO. LTD.
  • STRYTEN ENERGY
  • SUMITOMO ELECTRIC INDUSTRIES LTD.
  • THORION ENERGY
  • VIZN ENERGY SYSTEMS
  • VOLTSTORAGE
  • VRB ENERGY

Other related reports include:

Solid State Batteries: Global Markets: This report focuses on leading companies' products and strategies. Using 2023 as the base year, it estimates market data for 2024 and forecasts the market through 2029. The report highlights different types of SSBs and their applications, specifically in battery electric vehicles (BEVs), excluding plug-in hybrid electric vehicles.

Purchase a copy of the report direct from BCC Research.

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