Flow Battery Market worth $805 million by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 20, 2023 /PRNewswire/ -- The global flow battery market size is expected to grow from USD 289 million in 2023 to USD 805 million by 2028, at a CAGR of 22.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. The rising investments in renewable energy and the growing adoption of flow batteries in utilities sector is driving the growth of flow battery market. Utilities, commercial & industrial, EV charging stations, residential, and telecommunications are some of the potential applications of flow batteries.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=82953888

Browse in-depth TOC on "Flow Battery Market" 
130 – Tables
50 – Figures
210 – Pages

Flow Battery Market Report Scope:

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

Flow batteries have always been bulky and require more space as their design includes two large external tanks where the electrolytes are stored. Large-scale flow batteries are durable and relatively efficient and their storage capacity is based on the size of the tanks. Initially, these batteries were specifically designed for utilities; however, they have now been used in military, industrial, commercial, and telecommunication applications. At present, high demand for large-scale flow batteries is observed from utility applications. Besides, various large-scale projects of flow batteries are under construction in countries like the US, UK, Japan, China, etc., which is driving the market growth.

The EV charging stations application is projected to grow at an impressive CAGR during the forecast period.

An electric vehicle (EV) charging station is among the newly explored applications of the flow battery. Plug-in electric vehicles are expected to become more popular in the coming years. The growing use of EVs has important implications for the electricity grid due to the increase in electric energy consumption. This generates the need for efficient energy storage systems at these stations to ensure uninterrupted power supply. Thus, the use of electricity storage systems—such as flow batteries—for EV charging station applications is 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.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=82953888

Europe is expected to hold a significant market share of the flow battery market during the forecast period.

The European flow battery industry has been studied for Germany, the UK, France, and the rest of Europe. The regional market's growth is majorly attributed to the increasing deployment of energy storage systems in utilities, industrial and commercial sectors. Besides, European policies related to the environment and carbon emissions promote renewable energy and have increased the need for energy storage systems. The region is home to several flow battery manufacturers that provide advanced flow battery systems for various applications, which is further driving the adoption of the batteries and creating demand by developing flow battery systems in the market to cater to new applications.

The major players in this flow battery companies include Sumitomo Electric Industries, Ltd. (Japan), VRB Energy (Canada), Invinity Energy Systems (UK), Largo Inc. (Canada), Enerox GmbH (Austria), Redflow Limited (Australia), Stryten Energy (US), ViZn Energy Systems (US), Lockheed Martin Corporation (US), Jenabatteries GmbH (Germany), SCHMID Group (Germany), Elestor BV (The Netherlands), Primus Power Solutions (US), ESS Inc. (US) and others.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=82953888

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Battery Energy Storage Market by Element, Battery Type (Lithium-ion, Advanced Lead Acid, Flow), Connection Type (On-Grid and Off-Grid), Ownership (Customer Owned, Third-Party Owned, Utility Owned), Energy Capacity - Global Forecast to 2028

Battery Technology Market by Lithium-ion Type (Lithium Cobalt Oxide, Li-Iron Phosphate), Lead-Acid Type (Flooded, Valve Regulated), Nickel Metal Hydride, Flow, Metal-Air, Nickel-Cadmium & Solid State Battery), Vertical, Region - Global Forecast to 2027

Lithium-ion Battery Market by Type (Lithium Nickel Manganese Cobalt Oxide (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO)), Capacity, Voltage, Industry (Consumer Electronics, Automotive, Aerospace) and Region - Global Forecast to 2031

Metal-air Battery Market by Metal (Zinc, Lithium, Aluminum, Iron), Voltage, Type (Primary, Secondary), Application (Electric Vehicles, Military Electronics, Electronic Devices, Stationary Power) and Region - Global Forecast to 2027

Battery Management System Market by Type (Motive Battery and Stationary Battery), Battery Type (Lithium-ion, Lead-acid, Nickel-based, Solid-state, Flow battery), Topology (Centralized, Distributed and Modular), Application and Region - Global Forecast to 2028

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/flow-battery-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/flow-battery.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg