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 objectives of the study are as follows:
To define, describe, segment and forecast the flow battery market, in terms of value, segmented on the basis of type, material, storage, application, and geography
To forecast the market size for various segments, in terms of value, with regard to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
To provide detailed information regarding the major factors influencing the growth of the flow battery market (drivers, restraints, opportunities, and challenges)
To analyze the micromarkets with respect to the individual growth trends, prospects, and contribution to the total market
To provide a detailed overview of the value chain in the flow battery market
To analyze the opportunities in the flow battery market for various stakeholders by identifying the high-growth segments of the market
To strategically profile the key players in the market and comprehensively analyze their market position in terms of the ranking and core competencies, along with detailing the competitive landscape for market leaders
To analyze the strategic developments such as product launches and developments, agreements, contracts, collaborations, expansions, and partnerships carried out in the market
North America expected to hold the largest size of the flow battery market during the forecast period
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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