Flow Battery Market worth $1.18 billion by 2030 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Dec. 20, 2024 /PRNewswire/ -- The global flow battery market will be USD 1.18 billion by 2030 from USD 0.34 billion by 2024, at a CAGR of 23.0% during the forecast period according to a new report by MarketsandMarkets^™. The Flow Battery is an energy storage system that has varying applications from utility, telecoms, commercial, industrial and military. It has recently gained widespread use in residential and electric vehicle charging applications because of the technical superiority over the lithium-ion and lead-acid batteries. In conventional batteries, energy is embodied in the electrode material; whereas, in flow batteries, the energy is stored in external tanks containing liquid electrolytes which are circulated through cells to create the electrochemical reaction.

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Flow Battery Market Report Scope:

The market for large-scale segment is expected to gain a significant market share during the forecast period.

A large-scale flow battery is the most common flow battery used today. Flow batteries have always been bulky and require more space as their design includes two large external tanks where the electrolytes are stored. These batteries are based on reversible chemical reactions. Besides, the charging and discharging of large-scale flow batteries do not degrade the electrolytes or the cell, resulting in extended battery life compared to other batteries. Large-scale flow batteries are durable and relatively efficient and are limited in their storage capacity by the size of the tanks. Initially, these batteries were designed explicitly for utilities; however, they have recently been used in military, industrial, commercial, and telecommunication applications. At present, high demand for large- scale flow batteries are observed from utilities. Besides, the increasing number of flow battery installation projects across the globe is estimated to fuel the demand for large-scale storage systems in the coming years.

The EV charging station segment is to grow at an impressive CAGR during the forecast period.

An electric vehicle (EV) charging station is among the newly explored flow battery applications. Electric vehicles are expected to become more prevalent in the coming years. The growing use of EVs has essential implications for the electricity grid due to increased electric energy consumption. This generates additional energy and enhances the transmission and distribution systems by adding more capacity to transmit and deliver additional electricity during the grid's peak demands. Thus, electricity storage systems such as flow batteries for EV charging station applications are eventually gaining popularity owing to its several benefits, such as reduced load on the grid system, portability, safe and durable installation, and reliable energy at any given time. This will likely increase the demand for flow batteries in the fueling stations. Flow batteries also reduce operational costs, offering benefits such as a long-life cycle and power supply during peak times.

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Asia Pacific is expected to grow at significant CAGR during the forecast period.

Asia Pacific flow battery industry is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. During the forecast period, the regional market is predicted to grow at the highest rate primarily due to the surging demand for flow batteries in significant countries, such as Japan and Australia. Furthermore, the adoption of energy storage solutions in industrial, utilities, and other applications, along with the growing demand for flow batteries from the grid and microgrid applications in India and China, and the rising number of operational projects with flow battery installations are all expected to drive the regional market growth in the forecast period.

The key companies in the flow battery companies include Infinite Energy Systems (UK), Sumitomo Electric Industries, Ltd. (Japan), VRB Energy (Canada), Enerox GmbH (Austria), Elestor (The Netherlands), ESS Tech, Inc. (US), Largo Inc. (Canada), Lockheed Martin Corporation (US), and Primus Power (US).

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