Flow Battery Market size to grow by USD 510.03 million from 2022 to 2027, Growth driven by the high demand for consumer electronics - Technavio

NEW YORK, Jan. 5, 2024 /PRNewswire/ -- The flow battery market is expected to grow by USD 510.03 million from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 22.16% during the forecast period. To find a preview of the market overviews, market drivers, opportunities, and potentials request a sample report

Flow Battery Market 2023-2027: Company Analysis

The flow battery market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified companies. The global off-grid flow battery market is expected to grow rapidly during the forecast period due to the Increasing demand for battery energy storage to address the erratic nature of renewables. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market's competitive landscape and offers information on several market companies. BASF SE, Elestor BV, ENEROX GMBH, Gebr. SCHMID GmbH, HYDRAREDOX IBERIA SL, Invinity Energy Systems plc, Largo Inc., LE System Co. Ltd., Lockheed Martin Corp., nanoFlowcell Management AG, Nel ASA, Primus Power Solutions, Redflow Ltd., StorEn Technologies Inc., Stryten Energy LLC, Sumitomo Electric Industries Ltd., Vanadis Power GmbH, VFlow Tech Pte Ltd., VoltStorage GmbH, and VRB Energy

Major Companies and Key Offerings:

• Stryten Energy LLC - The company offers flow batteries such as the Stryten Energy E series vanadium redox flow battery.
• Elestor BV - The company offers flow batteries such as Elestor Flow Battery.

Flow Battery Market 2023-2027: Segmentation Analysis

By Type

• The redox segment is estimated to witness significant growth during the forecast period. To store electrolytes containing an active redox agent in external containers, redox flow batteries are built. Electrolytes can be circulated out of a storage tank for an Oxidation Flow battery. Furthermore, redox cells are used in the power supply industry for load balancing when there is a high and low demand as well as on stand-alone electrical systems. 

By Geography 

• North America is estimated to contribute 34% to the growth of the global market during the forecast period. The market in the region is being driven by factors such as increasing the production of electricity from renewable sources and a greater adoption of EVs and hybrid vehicles. The US is a global market leader in flow batteries for the region. Moreover, there has been a strong demand for on-grid energy storage due to the growing production of electricity from renewable sources which is causing an increased demand for flow batteries.
• Europe, APAC, South America, and Middle East and Africa

To know additional highlights and key points on various market segments and their impact in coming years, Get a Sample Report.

Imperative Insights on the following aspects:

• What was the size of the global flow battery market by value?
• What will be the size of the global flow battery market in 2027?
• How has the industry performed over the last 5 years?
• What factors are affecting the strength of competition in the global flow battery market?
• What main segments make up the global flow battery market?

Related Reports:

The floor scrubber battery market size is estimated to grow at a CAGR of 5.45% between 2022 and 2027. The market size is forecast to increase by USD 141.19 million. 

The lithium silicon battery market size is estimated to grow at a CAGR of 54.43% between 2022 and 2027. The market size is forecast to increase by USD 86.46 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Variant

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio