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.
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.
The research methodology used to estimate and forecast the flow battery market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources used in this research include information from various journals and databases such as Department of Energy (DOE), Energy Storage Journals and Magazines, Factiva, Hoovers, and OneSource. Moreover, the vendor offerings have been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the flow battery market from the revenue of the key players in the market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have been verified through primary research by conducting extensive interviews with the officials holding key positions in the industry such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
Speak To [email protected]
The “vanadium” segment held a larger share of the overall flow battery market based on material. A vanadium-based flow battery is the most mature technology and is widely adopted in flow batteries. Currently, over 45 vanadium-based flow batteries have been installed worldwide for microgrid, grid, commercial, EV charging station, military, and telecommunications applications. Moreover, comparatively a higher number of flow battery provider employ vanadium material in their flow battery systems over other materials. However, the market for the zinc–bromine material is expected to grow at a significant CAGR during the forecast period. The major factors encouraging the zinc–bromine flow battery market are its benefits over vanadium material such as low cost and high availability.
The flow battery market for the utilities application is expected to grow at the highest CAGR during the forecast period. The utilities sector also holds the highest number of operational flow battery projects to date across the world. Further, there are various large-scale projects under construction that involve installations of flow batteries with capacity over a 1,000 MW.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441