Flow Battery Market worth $1.18 billion by 2030 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Dec. 20, 2024 /PRNewswire/ -- The global flow battery market will be USD 1.18 billion by 2030 from USD 0.34 billion by 2024, at a CAGR of 23.0% during the forecast period according to a new report by MarketsandMarkets^™. The Flow Battery is an energy storage system that has varying applications from utility, telecoms, commercial, industrial and military. It has recently gained widespread use in residential and electric vehicle charging applications because of the technical superiority over the lithium-ion and lead-acid batteries. In conventional batteries, energy is embodied in the electrode material; whereas, in flow batteries, the energy is stored in external tanks containing liquid electrolytes which are circulated through cells to create the electrochemical reaction.

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

Browse in-depth TOC on "Flow Battery Market" 
160 – Tables
60 – Figures
220 – Pages

Flow Battery Market Report Scope:

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

A large-scale flow battery is the most common flow battery used today. Flow batteries have always been bulky and require more space as their design includes two large external tanks where the electrolytes are stored. These batteries are based on reversible chemical reactions. Besides, the charging and discharging of large-scale flow batteries do not degrade the electrolytes or the cell, resulting in extended battery life compared to other batteries. Large-scale flow batteries are durable and relatively efficient and are limited in their storage capacity by the size of the tanks. Initially, these batteries were designed explicitly for utilities; however, they have recently been used in military, industrial, commercial, and telecommunication applications. At present, high demand for large- scale flow batteries are observed from utilities. Besides, the increasing number of flow battery installation projects across the globe is estimated to fuel the demand for large-scale storage systems in the coming years.

The EV charging station segment is to grow at an impressive CAGR during the forecast period.

An electric vehicle (EV) charging station is among the newly explored flow battery applications. Electric vehicles are expected to become more prevalent in the coming years. The growing use of EVs has essential implications for the electricity grid due to increased electric energy consumption. This generates additional energy and enhances the transmission and distribution systems by adding more capacity to transmit and deliver additional electricity during the grid's peak demands. Thus, electricity storage systems such as flow batteries for EV charging station applications are 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. This will likely increase the demand for flow batteries in the fueling stations. Flow batteries also reduce operational costs, offering benefits such as a long-life cycle and power supply during peak times.

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

Asia Pacific is expected to grow at significant CAGR during the forecast period.

Asia Pacific flow battery industry is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. During the forecast period, the regional market is predicted to grow at the highest rate primarily due to the surging demand for flow batteries in significant countries, such as Japan and Australia. Furthermore, the adoption of energy storage solutions in industrial, utilities, and other applications, along with the growing demand for flow batteries from the grid and microgrid applications in India and China, and the rising number of operational projects with flow battery installations are all expected to drive the regional market growth in the forecast period.

The key companies in the flow battery companies include Infinite 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).

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 System Market Size, Share & Industry Trends Growth Analysis Report by Battery Type (Lithium-ion, Advanced Lead Acid, Flow, Nickel-based), Energy Capacity (Below 100 MWh, Between 100 MWh & 500 MWh, Above 500 MWh), Connection Type, Ownership and Region - Global Forecast to 2029

Battery Technology Market Size, Share, Statistics and Industry Growth Analysis Report 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

About MarketsandMarkets^™

MarketsandMarkets^™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

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.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

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. Rohan Salgarkar
MarketsandMarkets^™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: [email protected]
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/1951202/4609423/MarketsandMarkets.jpg

SOURCE MarketsandMarkets