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Global Flow Battery Market
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Global Flow Battery Market

Home Energy And Power Global Flow Battery Market

Global Flow Battery Market, By Type (Redox Flow Battery, Hybrid Flow Battery), By Material (Vanadium, Zinc–Bromine, Others), By Ownership (Customer Owned, Third-Party Owned, Utility Owned), By Storage (Compact, Large-Scale), By Application (Utilities, EV Charging Station, Commercial & Industrial, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: September 2021
  • Report ID: BWC2195
  • Available Format: PDF
  • Page: 189

Report Overview

Global flow battery market is growing at a high CAGR because of the increasing installation of solar power in public and private spaces. Additionally, increasing demand for consistent voltage and constant power supply in various industries such as telecom, data centers, oil, gas, etc., is powering the market growth.

Global flow battery market was worth USD 182.2 million in 2020 and is projected to reach USD 579.4 million by the year 2027, growing at a CAGR of 18.0% in the forecast period. Various factors have fueled the growth of the market. For instance, factories and office buildings with increasing demands, uninterruptible power supplies, or backup power supply are driving the market growth. In addition, growing investments in renewable energy are expected to drive the global flow battery market in the forecast period.

Global Flow Battery Market

Source: BlueWeave Consulting

Global Flow Battery Market- Overview

Flow batteries are electrochemical cells that produce energy by dissolving chemical components in liquids. As with other conventional batteries, these batteries are also rechargeable. The most commonly used flow batteries are vanadium redox, polysulfide bromide, and zinc bromide. Flow batteries have become increasingly popular due to their long lifespan of 30 years, which makes them a good choice for long-term uses. They also have a quick response time as compared to their counterparts.

Global Flow Battery Market Forecast and Trends

Growth Drivers

Increasing Shift Towards Renewable Energy Sources

Because of the increasing need for a constant electricity supply, the world is increasingly turning to renewable energy sources like solar and wind. The global flow battery market is expected to grow significantly due to this factor. Moreover, the government and private entities are also investing in building renewable energy infrastructure and energy storage systems in public and private spaces, which are likely to boost the market in the forecast period.

Technological Advancements in Flow Batteries

Flow batteries have recently gained popularity because they promise substantial reductions in costs, giving them an edge over solid-state storage devices such as lithium-ion batteries. As flow batteries are expected to grow in the upcoming years, manufacturers have been increasingly investing in research and development to enhance the potential of flow batteries. The development of high-density, high-capacity batteries is driving market growth, as several studies and innovations are underway. For instance, researchers at the University of Akron, US, have developed a stable aqueous catholyte for aqueous organic redox flow batteries, storing energy over 6,000 cycles for 16 years.

Restraints

Low Power Density as Compared to Conventional Batteries

Flow batteries have very low densities and relatively low charge and discharge rates as compared to traditional batteries. This is a significant impediment to the complete transition to flow batteries, negatively harming the market. Flow batteries have low energy density because of the limited solubility of ions in the electrolyte solutions. Furthermore, these electrolyte solutions are expensive fluids that are corrosive and toxic. Because of this, conventional batteries compete heavily with flow batteries, which hampers the market growth.

Impact of COVID-19 on Global Flow Battery Market

The unprecedented outbreak of the COVID-19 pandemic disrupted the manufacturing and production operations of many industries. This directly affected the global flow battery market, which saw a steep decline in demand. The demand for flow batteries decreased rapidly during the pandemic as governments started shifting their focus towards healthcare infrastructure, thereby delaying the installation of renewable energy sources. This resulted in the rapid decline for flow batteries. However, the global flow battery market is expected to recover in the post-COVID period as the focus on sustainability, and renewable energy infrastructure grows.

Global Flow Battery Market - By Type

Based on types, the global flow battery market is segmented into redox flow battery and hybrid flow battery. The hybrid flow segment accounts for the largest market share as it offers a wide range of benefits, such as high energy density and smaller size. The hybrid flow batteries also prove cost-efficient, which boosts its market growth. The most common forms of hybrid batteries are zinc-bromine, zinc-cerium, lead-acid, and iron-salt flow batteries, which are in high demand in the market.

Global Flow Battery Market - By Material

Based on materials, the global flow battery market is categorized into vanadium, zinc-bromine, and others. The vanadium flow battery segment accounts for the largest market share. This type of material is very self-contained as well as easy to deploy. The vanadium flow battery is rapidly gaining popularity as a highly effective energy storage method for storing renewable energy. This segment has a lot of room to grow over the next few years because it provides unlimited energy capacity with larger electrolyte storage tanks, which is the need of the future.

Global Flow Battery Market - Regional Insights

Geographically, the global flow battery market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, the Asia-Pacific dominates the market and is also projected to witness the highest CAGR during the forecast period. Emerging economies like China, India, Japan, etc., are significantly investing in energy storage capacities and improvements in battery capacities, which is expected to drive the flow battery market in this region during the forecast period. On the other hand, North America also covers a substantial share of the market.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

The leading players in the global flow battery market are VRB Energy, ViZn Energy Systems Inc., ESS Inc., Vinox Energy, Vanadis Power GmbH, VanadiumCorp Resource Inc., Primus Power Corporation, H2 Energy Solutions Inc., RedFlow Ltd, UniEnergy Technologies, Invinity Energy Systems, CellCube Energy Storage Systems Inc, Rongke Power, Sumitomo Electric Industries, Ltd., EnSync Energy Systems, NanoFlowcell, ELESTOR, JenaBatteries GmbH, Beijing Pu Neng Century Technology Co., Ltd., and other prominent players.

The global flow battery market is highly fragmented, with leading global and regional market players. The companies have been investing significantly in R&D activities and expanding their production capacities to meet the growing market demand. Furthermore, the adoption of competitive strategies like mergers, acquisitions, partnerships, collaborations, etc., is also very prominent in this market.

Recent Developments

  • In September 2021, US Vanadium, a US-based chemical manufacturer, announced a USD 2.1 million expansion of its production capacity for ultra-high-purity electrolyte used by grid-level vanadium flow batteries.
  • In September 2021, Vanadium redox battery specialist VRB Energy begun construction on a 100 MW/500 MWh flow battery in Xiangyang in China’s Hubei province.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product Service/Segmentation

By Type, By Material, By Ownership, By Storage

By Application, By Region

Key Players

VRB Energy, ViZn Energy Systems Inc., ESS Inc., Vinox Energy, Vanadis Power GmbH, VanadiumCorp Resource Inc., Primus Power Corporation, H2 Energy Solutions Inc., RedFlow Ltd, UniEnergy Technologies, Invinity Energy Systems, CellCube Energy Storage Systems Inc, Rongke Power, Sumitomo Electric Industries, Ltd., EnSync Energy Systems, NanoFlowcell, ELESTOR, JenaBatteries GmbH, Beijing Pu Neng Century Technology Co., Ltd., and other prominent players.

 

By Type

  • Redox Flow Battery
  • Hybrid Flow Battery

By Material

  • Vanadium
  • Zinc–Bromine
  • Others

By Ownership

  • Customer Owned
  • Third-Party Owned
  • Utility Owned

By Storage

  • Compact
  • Large-Scale

By Application

  • Utilities
  • EV Charging Station
  • Commercial & Industrial
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
    2. Methodology
    3. Regional Split of Primary & Secondary Research
    4. Secondary Research
    5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
    6. Market Size Estimation
    7. Assumptions for the Study
    8. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. Industry Insight and Growth Strategy
    1. Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Increasing Shift Towards Renewable Energy Sources
        2. Technological Advancements In Flow Batteries
      2. Restraints
        1. Low Power Density As Compared To Conventional Batteries
      3. Opportunities
        1. Flourishing Flow Battery Application in Utilities
        2. High Growth Potential in Emerging Economies
      4. Challenges
        1. Negative Influence of the COVID-19 Pandemic
    3. Recent Developments
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
  5. Global Flow Battery Market Overview
    1. Market Estimates & Forecast by Value, 2017-2027
    2. Market Share & Forecast, by Segment
      1. By Type
        1. Redox Flow Battery
        2. Hybrid Flow Battery
      2. By Material
        1. Vanadium
        2. Zinc–Bromine
        3. Others
      3. By Ownership
        1. Customer Owned
        2. Third-Party Owned
        3. Utility Owned
      4. By Storage
        1. Compact
        2. Large-Scale
      5. By Application
        1. Utilities
        2. EV Charging Station
        3. Commercial & Industrial
        4. Others
      6. By Region
        1. North America
        2. Europe
        3. Asia-Pacific (APAC)
        4. Latin America (LATAM)
        5. Middle-East & Africa (MEA)
  6. North America Flow Battery Market Overview
    1. Market Size and Forecast
      1. By Value (USD Million), 2017-2027
    2. Market Share and Forecast
      1. By Type
      2. By Material
      3. By Ownership
      4. By Storage
      5. By Application
      6. By Country
        1. U.S.
        2. Canada
  7. Europe Flow Battery Market Overview
    1. Market Size and Forecast
      1. By Value (USD Million), 2017-2027
    2. Market Share and Forecast
      1. By Type
      2. By Material
      3. By Ownership
      4. By Storage
      5. By Application
      6. By Country
        1. Germany
        2. U.K.
        3. France
        4. Italy
        5. Spain
        6. Netherlands
        7. Rest of Europe
  8. APAC Flow Battery Market Overview
    1. Market Size and Forecast
      1. By Value (USD Million), 2017-2027
    2. Market Share and Forecast
      1. By Type
      2. By Material
      3. By Ownership
      4. By Storage
      5. By Application
      6. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of APAC
  9. LATAM Flow Battery Market Overview
    1. Market Size and Forecast
      1. By Value (USD Million), 2017-2027
    2. Market Share and Forecast
      1. By Type
      2. By Material
      3. By Ownership
      4. By Storage
      5. By Application
      6. By Country
        1. Mexico
        2. Brazil
        3. Rest of LATAM
  10. MEA Flow Battery Market Overview
    1. Market Size and Forecast
      1. By Value (USD Million), 2017-2027
    2. Market Share and Forecast
      1. By Type
      2. By Material
      3. By Ownership
      4. By Storage
      5. By Application
      6. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of MEA
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share / Ranking Analysis (2020)
    3. Competitive Benchmarking, By Operating Parameters
  12. Impact of COVID-19 on Global Flow Battery Market
  13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. VRB Energy
    2. ViZn Energy Systems Inc.
    3. ESS Inc.
    4. Vinox Energy
    5. Vanadis Power GmbH
    6. VanadiumCorp Resource Inc.
    7. Primus Power Corporation
    8. H2 Energy Solutions Inc.
    9. RedFlow Ltd
    10. UniEnergy Technologies
    11. Invinity Energy Systems
    12. CellCube Energy Storage Systems Inc
    13. Rongke Power
    14. Sumitomo Electric Industries, Ltd.
    15. EnSync Energy Systems
    16. NanoFlowcell
    17. ELESTOR
    18. JenaBatteries GmbH
    19. Beijing Pu Neng Century Technology Co., Ltd.
    20. Other Prominent Players
  14. Key Strategic Recommendations

 

List of Figures

 

Figure 1: Global Flow Battery Segmentation

 

Figure 2: Global Flow Battery Market Value Chain Analysis,

 

Figure 3: Company Market Share Analysis, 2020

 

Figure 4: Global Flow Battery Market Size, By Value (USD Million), 2017-2027

 

Figure 5: Global Flow Battery Market Share (%), By Type, By Value, 2017-2027

 

Figure 6: Global Flow Battery Market Share (%), By Material, By Value, 2017-2027

 

Figure 7: Global Flow Battery Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 8: Global Flow Battery Market Share (%), By Storage, By Value, 2017-2027

 

Figure 9: Global Flow Battery Market Share (%), By Application, By Value, 2017-2027

 

Figure 10: Global Flow Battery Market Share (%), By Region, By Value, 2017-2027

 

Figure 11: North America Flow Battery Market Size, By Value (USD Million), 2017-2027

 

Figure 12: North America Flow Battery Market Share (%), By Type, By Value, 2017-2027

 

Figure 13: North America Flow Battery Market Share (%), By Material, By Value, 2017-2027

 

Figure 14: North America Flow Battery Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 15: North America Flow Battery Market Share (%), By Storage, By Value, 2017-2027

 

Figure 16: North America Flow Battery Market Share (%), By Application, By Value, 2017-2027

 

Figure 17: North America Flow Battery Market Share (%), By Country, By Value, 2017-2027

 

Figure 18: Europe Flow Battery Market Size, By Value (USD Million), 2017-2027

 

Figure 19: Europe Flow Battery Market Share (%), By Type, By Value, 2017-2027

 

Figure 20: Europe Flow Battery Market Share (%), By Material, By Value, 2017-2027

 

Figure 21: Europe Flow Battery Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 22: Europe Flow Battery Market Share (%), By Storage, By Value, 2017-2027

 

Figure 23: Europe Flow Battery Market Share (%), by Application, By Value, 2017-2027

 

Figure 24: Europe Flow Battery Market Share (%), By Country, By Value, 2017-2027

 

Figure 25: Asia-Pacific Flow Battery Market Size, By Value (USD Million), 2017-2027

 

Figure 26: Asia-Pacific Flow Battery Market Share (%), By Type, By Value, 2017-2027

 

Figure 27: Asia-Pacific Flow Battery Market Share (%), By Material, By Value, 2017-2027

 

Figure 28: Asia-Pacific Flow Battery Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 29: Asia-Pacific Flow Battery Market Share (%), By Storage, By Value, 2017-2027

 

Figure 30: Asia-Pacific Flow Battery Market Share (%), By Application, By Value, 2017-2027

 

Figure 31: Asia-Pacific Flow Battery Market Share (%), By Country, By Value, 2017-2027

 

Figure 32: Latin America Flow Battery Market Size, By Value (USD Million), 2017-2027

 

Figure 33: Latin America Flow Battery Market Share (%), By Type, By Value, 2017-2027

 

Figure 34: Latin America Flow Battery Market Share (%), By Material, By Value, 2017-2027

 

Figure 35: Latin America Flow Battery Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 36: Latin America Flow Battery Market Share (%), By Storage, By Value, 2017-2027

 

Figure 37: Latin America Flow Battery Market Share (%), By Application, By Value, 2017-2027

 

Figure 38: Latin America Flow Battery Market Share (%), By Country, By Value, 2017-2027

 

Figure 39: Middle East & Africa Flow Battery Market Size, By Value (USD Million), 2017-2027

 

Figure 40: Middle East & Africa Flow Battery Market Share (%), By Type, By Value, 2017-2027

 

Figure 41: Middle East & Africa Flow Battery Market Share (%), By Material, By Value, 2017-2027

 

Figure 42: Middle East & Africa Flow Battery Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 43: Middle East & Africa Flow Battery Market Share (%), By Storage, By Value, 2017-2027

 

Figure 44: Middle East & Africa Flow Battery Market Share (%), By Application, By Value, 2017-2027

 

Figure 45: Middle East & Africa Flow Battery Market Share (%), By Region, By Value, 2017-2027

 

 

 

List of Tables

 

 

Table 1: Global Flow Battery Market Size, By Type, By Value, 2017-2027

 

Table 2: Global Flow Battery Market Size, By Material, By Value(USD Million), 2017-2027

 

Table 3: Global Flow Battery Market Size, By Ownership, By Value(USD Million), 2017-2027

 

Table 4: Global Flow Battery Market Size, By Storage, By Value(USD Million), 2017-2027

 

Table 5: Global Flow Battery Market Size, By Application, By Value(USD Million), 2017-2027

 

Table 6: Global Flow Battery Market Size, By Region, By Value(USD Million), 2017-2027

 

Table 7: North America Flow Battery Market Size, By Type, By Value (USD Million), 2017-2027

 

Table 8: North America Flow Battery Market Size, By Material, By Value (USD Million), 2017-2027

 

Table 9: North America Flow Battery Market Size, By Ownership, By Value (USD Million), 2017-2027

 

Table 10: North America Flow Battery Market Size, By Storage, By Value (USD Million), 2017-2027

 

Table 11: North America Flow Battery Market Size, By Application, By Value (USD Million), 2017-2027,

 

Table 12: Europe Flow Battery Market Size, By Type, By Value (USD Million), 2017-2027

 

Table 13: Europe Flow Battery Market Size, By Material, By Value (USD Million), 2017-2027

 

Table 14: Europe Flow Battery Market Size, By Ownership, By Value (USD Million), 2017-2027

 

Table 15: Europe Flow Battery Market Size, By Storage, By Value (USD Million), 2017-2027

 

Table 16: Europe Flow Battery Market Size, By Application, By Value (USD Million), 2017-2027

 

Table 17: the Asia-Pacific Flow Battery Market Size, By Type, By Value (USD Million), 2017-2027

 

Table 18: the Asia-Pacific Flow Battery Market Size, By Material, By Value (USD Million), 2017-2027

 

Table 19: the Asia-Pacific Flow Battery Market Size, By Ownership, By Value (USD Million), 2017-2027

 

Table 20:the Asia-Pacific Flow Battery Market Size, By Storage, By Value (USD Million), 2017-2027

 

Table 21: the Asia-Pacific Flow Battery Market Size, By Application, By Value (USD Million), 2017-2027

 

Table 22: Latin America Flow Battery Market Size, By Type, By Value (USD Million), 2017-2027

 

Table 23: Latin America Flow Battery Market Size, By Material, By Value (USD Million), 2017-2027

 

Table 24: Latin America Flow Battery Market Size, By Ownership, By Value (USD Million), 2017-2027

 

Table 25: Latin America Flow Battery Market Size, By Storage, By Value (USD Million), 2017-2027

 

Table 26: Latin America Flow Battery Market Size, By Application, By Value (USD Million), 2017-2027

 

Table 27: The Middle-East & Africa Flow Battery Market Size, By Type, By Value (USD Million), 2017-2027

 

Table 28: The Middle-East & Africa Flow Battery Market Size, By Material, By Value (USD Million), 2017-2027

 

Table 29: The Middle-East & Africa Flow Battery Market Size, By Ownership, By Value (USD Million), 2017-2027

 

Table 30: The Middle-East & Africa Flow Battery Market Size, By Storage, By Value (USD Million), 2017-2027

 

Table 31: The Middle-East & Africa Flow Battery Market Size, By Application, By Value (USD Million), 2017-2027

 

Table 32: VRB Energy Financial Analysis

Table 33: VRB Energy Business Overview

Table 34: ViZn Energy Systems Inc.Financial Analysis

Table 35: ViZn Energy Systems Inc.Business Overview

Table 36: ESS Inc.Financial Analysis

Table 37: ESS Inc. Business Overview

Table 38: Vinox EnergyFinancial Analysis

Table 39: Vinox Energy Business Overview

Table 40: Vanadis Power GmbH Financial Analysis

Table 41: Vanadis Power GmbHBusiness Overview

Table 42: VanadiumCorp Resource Inc. Financial Analysis

Table 43: VanadiumCorp Resource Inc. Business Overview

Table 44: Primus Power Corporation Financial Analysis

Table 45: Primus Power Corporation Business Overview

Table 46: H2 Energy Solutions Inc. Financial Analysis

Table 47:H2 Energy Solutions Inc. Business Overview

Table 48: RedFlow LtdFinancial Analysis

Table 49: RedFlow LtdBusiness Overview

Table 50: UniEnergy Technologies Financial Analysis

Table 51: UniEnergy Technologies Business Overview

Table 52: Invinity Energy Systems Financial Analysis

Table 53: Invinity Energy SystemsFinancial Analysis

Table 52: CellCube Energy Storage Systems Inc Financial Analysis

Table 53: CellCube Energy Storage Systems Inc Business Overview

Table 54:Rongke PowerFinancial Analysis

Table 55:Rongke PowerBusiness Overview

Table 56:Sumitomo Electric Industries, Ltd.Financial Analysis

Table 57:Sumitomo Electric Industries, Ltd.Business Overview

Table 58:EnSync Energy SystemsFinancial Analysis

Table 59:EnSync Energy SystemsBusiness Overview

Table 60:NanoFlowcellFinancial Analysis

Table 61:NanoFlowcellBusiness Overview

Table 62:ELESTORFinancial Analysis

Table 63:ELESTORBusiness Overview

Table 64:JenaBatteries GmbHFinancial Analysis

Table 65:JenaBatteries GmbHBusiness Overview

Table 66:Beijing Pu Neng Century Technology Co., Ltd.Financial Analysis

Table 67:Beijing Pu Neng Century Technology Co., Ltd.Business Overview

 

Market Segmentation

By Type

  • Redox Flow Battery
  • Hybrid Flow Battery

By Material

  • Vanadium
  • Zinc–Bromine
  • Others

By Ownership

  • Customer Owned
  • Third-Party Owned
  • Utility Owned

By Storage

  • Compact
  • Large-Scale

By Application

  • Utilities
  • EV Charging Station
  • Commercial & Industrial
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)
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Frequently Asked Questions (FAQs):

Ans: Global flow battery market reached USD 182.2 million in 2020.
Ans: The major factors driving the growth of the global flow battery market are; increasing shift towards renewable energy sources and technological advancements in flow batteries.
Ans: The key players in the global flow battery market are: VRB Energy, ViZn Energy Systems Inc., ESS Inc., Vinox Energy, Vanadis Power GmbH, VanadiumCorp Resource Inc., Primus Power Corporation, H2 Energy Solutions Inc., RedFlow Ltd, UniEnergy Technologies, Invinity Energy Systems, CellCube Energy Storage Systems Inc, Rongke Power, Sumitomo Electric Industries, Ltd., EnSync Energy Systems, NanoFlowcell, ELESTOR, JenaBatteries GmbH, Beijing Pu Neng Century Technology Co., Ltd., and other prominent players.
Ans: The vanadium segment accounted for the largest share in the global flow battery market.
Ans: Asia-Pacific has the largest share in the global flow battery market.