The flow battery market was valued at USD 187.7 Million in 2017 and is expected to reach of USD 946.3 million by 2023 at a CAGR of 32.7% during the forecast period. The base year used for this study is 2017 and the forecast period considered is between 2018 and 2023.

The report covers the flow battery market segmented on the basis of type, material, storage, application, and region. The redox segment is expected to hold the largest size of the flow battery market based on type by 2023. The growth of this market is being propelled by the high demand for redox flow battery from various applications such as utilities, industrial, commercial, and military across the world.

The flow battery market based on type is led by the redox segment in terms of size. Redox flow battery is the most widely commercialized flow battery at present. It offers an economical and convenient means to store electrical energy at grid scale and other applications. Redox flow batteries also offer greater flexibility to influence power rating and energy rating for a given application than other electrochemical means for storing electrical energy. Technological advancements and enhancements are expected to alter the designs and use of redox flow battery in the near future.

Based on storage, the market for large-scale flow batteries is expected to witness the highest growth rate during the forecast period. Currently, a majority of verticals—such as utilities, industrial, commercial, and military across the world use large-scale flow battery to efficiently produce and store energy. Large-scale flow battery has been in the market for quite some years. Also, at present, large-scale flow batteries are commonly used in various projects and for several applications worldwide.

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North America held the largest size of the flow battery market in 2017, followed by APAC and Europe. The high number of flow battery installations in the region, mainly in the US and Canada, attributes to the dominating position of the region in the flow battery market. In addition, favorable economic conditions in the US and the increase in the importance of battery energy storage, as well as supportive regulatory policies aiding energy storage in the US and other countries in the region are encouraging many domestic and international manufacturers to deploy flow battery for efficient energy supply. Flow battery market in APAC is expected to grow at the highest rate during the forecast period.

ESS Inc. (US), GILDEMEISTER energy solutions (Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK), SCHMID (Germany), Sumitomo Electric. (Japan), UniEnergy Technologies (US), ViZn Energy (US), and EnSync Energy Systems (US) are the major players operating in this market.

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