Top Players Shaping the Flow Battery Market: Innovations and Strategies

The global flow battery market is projected to grow from USD 0.34 billion in 2024 to USD 1.18 billion by 2030, at a CAGR of 23.0% from 2024 to 2030.

The energy and power industry has seen a rising demand for storage that is both effective and cheap, and this is where flow batteries fit in. These are tried and implemented in utilities, industrial, commercial, and home usage. Flow batteries are mainly used in grid-scale applications, and therefore, the growth of the market is supported by the progressing deployment of these applications globally. The features of flow batteries include the following; long life span, recharging duration and extended hours of discharge, thus making it appropriate to a variety of industries.

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By battery type, hybrid segment is expected to grow at an impressive CAGR during the forecast period. At present, much attention has been paid to the hybrid flow batteries for large-scale energy storage power systems. Because of their capability to store large quantities of energy and discharge it in a short time, they are suitable in grid energy storage, smoothing of renewable power fluctuations, and as backup power sources. In addition, efforts to implement hybrid flow batteries are designed to be easily maintained and are projected to have longer cycles than other types of energy storage solutions.

By material, the zinc-bromine segment is expected to grow at an impressive CAGR. Zinc bromine offers one of the highest cell voltages, energy densities, excellent reversibility, and deep discharge capabilities of all flow batteries. However, the design for the zinc-bromine batteries is very complex, which results in increased cost and complications in the development. These batteries have relatively low cycle efficiencies compared to traditional batteries, limiting their scope of application. However, manufacturers are working on tackling these drawbacks to increase the adoption of these batteries in diverse applications.

It is predicted that one of the major adopters of the flow batteries will be the commercial & Industrial segment. Commercial & industrial energy storage prioritizes safety and cost-effectiveness and often finds flow batteries suitable. Flow batteries offer long cycle life, minimal environmental impact, high energy recovery rate, and large capacity, making them well-suited for extreme environments. Flow battery energy storage is highly suitable for industrial and commercial applications because it facilitates peak-valley spread arbitrage, provides intrinsic safety, and handles large capacity requirements.

The European region is expected to grow significantly in adopting flow batteries for various applications. The market growth for the region is owed to the increased deployment of energy storage in utilities, industrial & commercial sectors, and EV charging stations. Besides, European policies related to the environment and carbon emissions promote renewable energy and have increased the need for energy storage systems.

Key players in the flow battery market are Invinity 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).