Market Overview

The Global Flow Battery Market was valued at USD 308.8 million in 2023 and is expected to reach USD 1,597.1 million by 2031 while growing at a CAGR of 22.8% during the forecast period (2024-2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Market Dynamics

This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global flow battery market growth. A flow battery stores energy in liquid electrolytes in external tanks, distinguishing it from conventional batteries. Its energy capacity is determined by electrolyte tank size. Key components include two tanks, a cell stack, and an ion exchange membrane.

Increasing deployment of renewable energy sources like solar and wind power, coupled with the long cycle life and durability of flow batteries, drives flow battery market growth. However, obstacles such as high initial capital costs and limited market awareness and standardization may hinder expansion.

Furthermore, the global flow battery industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.

Segmentation – By Type Analysis

The Global Flow Battery Market is segmented among Vanadium Redox Flow Battery, Zinc Bromine Flow Battery, Iron Flow Battery, and Zinc Iron Flow Battery, based on Type. In 2023, Zinc Bromine Flow Battery accounted for the majority of the market share*.

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Global Flow Battery Market: Regional Analysis

Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, Asia Pacific dominated the market with the highest market share, while North America is expected to grow with the highest CAGR during the forecast period (2024 – 2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Competitive Landscape

Some of the key players operating in the market are VRB Energy, ESS Tech Inc., Vanadis Power GmbH, Primus Power Corporation, RedFlow Ltd., Invinity Energy Systems PLC, Dalian Rongke Power Co. Ltd., CellCube Energy Storage Systems Inc., Stryten Energy, and H2, Inc.

Table of Contents:

1. Research Methodology and Market Scope

• Research Methodology

• Market Scope

2. Executive Summary

3. Global Flow Battery Market Dynamics

• Drivers

• Restraints

• Opportunity

4. Global Flow Battery Industry Analysis

• PEST Analysis

• Porter's Five Force Analysis

• Recent Deals Analysis

5. Global Flow Battery Market Segmentation, By Type  

• Global Flow Battery Market Share Analysis, By Type  

• Global Flow Battery Market Growth Analysis, By Type  

• Global Flow Battery Market Trends, By Type  

o Vanadium Redox Flow Battery

o Zinc Bromine Flow Battery

o Iron Flow Battery

o Zinc Iron Flow Battery

6. Global Flow Battery Market Segmentation, By Region

• Global Flow Battery Market Share Analysis, By Region

• Global Flow Battery Market Growth Analysis, By Region

• Global Flow Battery Market Trends, By Region

o North America

o Europe

o Asia Pacific

o Latin America

o Middle East

o Africa

7. Competitive Landscape

• VRB Energy*

o Company Overview

o Financial Performance

o Key Development/Strategies

o SWOT Analysis

• ESS Tech Inc.

• Vanadis Power GmbH

• Primus Power Corporation

• RedFlow Ltd.

• Invinity Energy Systems PLC

• Dalian Rongke Power Co. Ltd.

• CellCube Energy Storage Systems Inc.

• Stryten Energy

• H2, Inc.

 *Similar analysis will be provided for each company listed above.