Flow Battery Market to Be Worth $1.03 Billion by 2031 - Exclusive Report by Meticulous Research®

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09 May, 2024, 14:01 GMT

REDDING, Calif., May 9, 2024 /PRNewswire/ -- According to a new market research report titled, '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—Global Forecast to 2031,' the flow battery market is projected to reach $1.03 billion by 2031, at a CAGR of 16.5% from 2024–2031.

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A flow battery is an electrochemical device that converts the chemical energy from electro-active materials directly into electrical energy. Flow batteries have emerged as a promising energy storage solution, offering efficiency and flexibility for a wide range of applications. These advanced batteries utilize chemical reactions to store and release energy, making them ideal for renewable energy integration, grid-scale storage, and load management.

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.

The global flow battery market is segmented by offering (batteries, energy storage systems, and services), battery type (vanadium redox flow batteries, zinc-bromine flow batteries, all-iron flow batteries, and other flow batteries), material (zinc-bromine, vanadium, hydrogen-bromine, and other materials), ownership (customer-owned, third-party-owned, and utility-owned), application (peak shaving, load shifting, transmission & distribution, frequency regulation, commercial, EV charging, residential, and other applications), and end user (utilities, commercial & industrial, EV charging stations, off-grid & micro-grid power, residential, and other end users). The study also evaluates industry competitors and analyzes the market at geographical levels.

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Based on offering, the global flow batteries market is segmented into batteries, energy storage systems, and services. In 2024, the energy storage systems segment is expected to account for the largest share of 47% of the 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.

Based on battery type, the global flow batteries market is segmented into vanadium redox flow batteries, zinc-bromine flow batteries, all-iron flow batteries, and other flow batteries. In 2024, the vanadium redox flow batteries segment is expected to account for the largest share of 50% of the 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.