Flow Battery Market by Type (Redox, and Hybrid), Material (Vanadium, Zinc–Bromine), Storage (Compact and Large scale), Application (Utilities, Commercial & Industrial, Military, EV Charging Station), and Geography - Global Forecast to 2023

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

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. The breakdown of the profiles of primaries has been depicted in the following figure:

To know about the assumptions considered for the study, download the pdf brochure

The flow battery ecosystem comprises vendors such as 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) selling these products and solutions to end users according to their unique requirements in the utilities, industrial, commercial, military, and telecommunications verticals.

Target Audience:

• Flow battery manufacturers
• Original equipment manufacturers (OEMs)
• Research organizations and consulting companies
• Flow battery-related associations, organizations, forums, and alliances
• Distributors and traders
• Government bodies such as regulating authorities and policymakers
• Venture capitalists, private equity firms, and startup companies

“The study answers several questions for the target audience, primarily which market segments to focus on in the next 2 to 5 years for prioritizing their efforts and investments.”

Report Scope:

In this report, the flow battery market has been segmented into the following categories:

Flow Battery Market, by Type

• Redox
• Hybrid

Flow Battery Market, by Material

• Vanadium 
• Zinc–Bromine
• Others

Flow Battery Market, by Storage

• Compact
•  Large Scale

Flow Battery Market, by Application

• Utilities
• Commercial & Industrial
• Military
• EV Charging Station
• Others

Geographic Analysis

• North America (US, Canada, and Mexico)
• Europe (UK, Germany, France, and Rest of Europe)
• Asia Pacific (China, Japan, India, Australia, and Rest of APAC)
• Rest of the World (South America, Middle East, and Africa)

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of the company. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 13)
    1.1 Objectives of the Study
    1.2 Definition
    1.3 Scope of the Study
           1.3.1 Geographic Scope
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
    2.2 Secondary and Primary Research
           2.2.1 Secondary Data
                    2.2.1.1 Secondary Sources
           2.2.2 Primary Data
                    2.2.2.1 Primary Sources
                    2.2.2.2 Key Industry Insights
                    2.2.2.3 Breakdown of Primaries
    2.3 Market Size Estimation
           2.3.1 Bottom-Up Approach
                    2.3.1.1 Approach for Arriving at the Market Share By Bottom-Up Approach (Demand Side)
           2.3.2 Top-Down Approach
                    2.3.2.1 Approach for Arriving at the Market Share By Top-Down Analysis (Supply Side)
    2.4 Data Triangulation
    2.5 Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 33)
    4.1 Attractive Growth Opportunities in the Flow Battery Market
    4.2 Flow Battery Market, By Material
    4.3 Market in North America, By Country and Application
    4.4 Market, By Type
    4.5 Market, By Region, 2018

5 Market Overview (Page No. - 36)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Inherent Advantages of Flow Battery
                    5.2.1.2 Increasing Investment in Renewable Energy
                    5.2.1.3 High Demand From Utilities Sector
                    5.2.1.4 Rise in Telecommunications Tower Installations
           5.2.2 Restraints
                    5.2.2.1 High Construction Cost of Flow Batteries
                    5.2.2.2 Technical Hindrance Restraining the Market
                    5.2.2.3 Lack of Proper Standards for Development of Flow Battery System
           5.2.3 Opportunities
                    5.2.3.1 Large Storage Requirements in Data Centers
                    5.2.3.2 Growing Penetration in Residential Applications
                    5.2.3.3 Technological Innovations With Improved Capabilities
           5.2.4 Challenges
                    5.2.4.1 High Competition From Conventional Battery Technologies
    5.3 Value Chain Analysis
    5.4 Flow Battery Projects

6 Flow Battery Market, By Type (Page No. - 52)
    6.1 Introduction
    6.2 Redox Flow Battery
    6.3 Hybrid Flow Battery

7 Flow Battery Market, By Material (Page No. - 57)
    7.1 Introduction
    7.2 Vanadium
    7.3 Zinc–Bromine
    7.4 Others

8 Flow Battery Market, By Storage (Page No. - 62)
    8.1 Introduction
    8.2 Compact
    8.3 Large Scale

9 Flow Battery Market, By Application (Page No. - 67)
    9.1 Introduction
    9.2 Utilities
    9.3 Commercial and Industrial
    9.4 Military
    9.5 EV Charging Station
    9.6 Others

10 Geographic Analysis (Page No. - 92)
     10.1 Introduction
     10.2 North America
             10.2.1 US
             10.2.2 Canada
             10.2.3 Mexico
     10.3 Europe
             10.3.1 Germany
             10.3.2 UK
             10.3.3 France
             10.3.4 Rest of Europe
     10.4 APAC
             10.4.1 China
             10.4.2 Japan
             10.4.3 India
             10.4.4 Australia
             10.4.5 Rest of APAC
     10.5 RoW
             10.5.1 Middle East
             10.5.2 South America
             10.5.3 Africa

11 Competitive Landscape (Page No. - 122)
     11.1 Overview
     11.2 Market Ranking Analysis, 2017
     11.3 Competitive Situation and Trends
             11.3.1 Contracts, Collaborations, and Agreements
             11.3.2 Product Launches and Developments
             11.3.3 Partnership and Expansion

12 Company Profiles (Page No. - 127)
(Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     12.1 Key Players
             12.1.1 Gildemeister Energy Solutions
             12.1.2 Redt Energy
             12.1.3 Sumitomo Electric
             12.1.4 Unienergy Technologies
             12.1.5 Vizn Energy Systems
             12.1.6 Ensync Energy Systems
             12.1.7 ESS Inc.
             12.1.8 Primus Power
             12.1.9 Redflow
             12.1.10 Schmid
             12.1.11 Vionx Energy
     12.2 Other Companies
             12.2.1 Elestor
             12.2.2 Jenabatteries
             12.2.3 Volterion
             12.2.4 Voltstorage
             12.2.5 Lockheed Martin
             12.2.6 H2 Inc.
             12.2.7 Pu Neng Energy
             12.2.8 Kemwatt
             12.2.9 Nanoflowcell

*Details on Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 156)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports
     13.7 Author Details

List of Tables (64 Tables)

Table 1 Market, By Type, 2015–2023 (USD Million)
Table 2 Redox Flow Battery Market, By Material, 2015–2023 (USD Million)
Table 3 Hybrid Flow Battery Market, By Material, 2015–2023 (USD Million)
Table 4 Market, By Material, 2015–2023 (USD Million)
Table 5 Market, By Storage, 2015–2023 (USD Million)
Table 6 Compact Flow Battery Market, By Application, 2015–2023 (USD Million)
Table 7 Larger-Scale Flow Battery Market, By Application, 2015–2023 (USD Million)
Table 8 Flow Battery Market, By Application, 2015–2023 (USD Million)
Table 9 Flow Battery Market, By Utilities Application 2015–2023 (USD Million)
Table 10 Flow Battery Market for Utilities Application, By Storage, 2015–2023 (USD Million)
Table 11 Flow Battery Market for Utilities Application, By Region, 2015–2023 (USD Million)
Table 12 Flow Battery Market for Utilities Application in North America, By Country, 2015–2023 (USD Million)
Table 13 Market for Utilities Application in Europe, By Country, 2015–2023 (USD Million)
Table 14 Market for Utilities Application in APAC, By Country, 2015–2023 (USD Million)
Table 15 Market for Utilities Application in RoW, By Region, 2015–2023 (USD Thousand)
Table 16 Market for Commercial and Industrial Application, By Storage, 2015–2023 (USD Million)
Table 17 Market for Commercial and Industrial Application, By Region, 2015–2023 (USD Million)
Table 18 Market for Commercial and Industrial Application in North America, By Country, 2015–2023 (USD Million)
Table 19 Flow Battery Market for Commercial and Industrial Application in Europe, By Country, 2015–2023 (USD Million)
Table 20 Market for Commercial and Industrial Application in APAC, By Country, 2015–2023 (USD Million)
Table 21 Market for Commercial and Industrial Application in RoW, By Region, 2015–2023 (USD Thousand)
Table 22 Market for Military Application, By Storage, 2015–2023 (USD Million)
Table 23 Market for Military Application, By Region, 2015–2023 (USD Thousand)
Table 24 Market for Military Application in North America, By Country, 2015–2023 (USD Thousand)
Table 25 Market for Military Application in Europe, By Country, 2015–2023 (USD Thousand)
Table 26 Market for Military Application in APAC, By Country, 2015–2023 (USD Thousand)
Table 27 Market for Military Application in RoW, By Region, 2015–2023 (USD Thousand)
Table 28 Market for EV Charging Station Application, By Storage, 2015–2023 (USD Million)
Table 29 Market for EV Charging Station Application, By Region, 2015–2023 (USD Million)
Table 30 Market for EV Charging Station Application in North America, By Country, 2015–2023 (USD Thousand)
Table 31 Market for EV Charging Station Application in Europe, By Country, 2015–2023 (USD Million)
Table 32 Market for EV Charging Station Application in APAC, By Country, 2015–2023 (USD Thousand)
Table 33 Market for EV Charging Station Application in RoW, By Region, 2015–2023 (USD Thousand)
Table 34 Market for Other Applications, By Storage, 2015–2023 (USD Million)
Table 35 Market for Other Applications, By Region, 2015–2023 (USD Thousand)
Table 36 Market for Other Applications in North America, By Country, 2015–2023 (USD Thousand)
Table 37 Market for Other Applications in Europe, By Country, 2015–2023 (USD Thousand)
Table 38 Market for Other Applications in APAC, By Country, 2015–2023 (USD Thousand)
Table 39 Market for Other Applications in RoW, By Region, 2015–2023 (USD Thousand)
Table 40 Market, By Region, 2015–2023 (USD Million)
Table 41 Market in North America, By Country, 2015–2023 (USD Million)
Table 42 Market in North America, By Application, 2015–2023 (USD Million)
Table 43 Market in the US, By Application, 2015–2023 (USD Million)
Table 44 Market in Canada, By Application, 2015–2023 (USD Thousand)
Table 45 Market in Mexico, By Application, 2015–2023 (USD Thousand)
Table 46 Market in Europe, By Country, 2015–2023 (USD Million)
Table 47 Market in Europe, By Application, 2015–2023 (USD Million)
Table 48 Market in Germany, By Application, 2015–2023 (USD Million)
Table 49 Market in the UK, By Application, 2015–2023 (USD Thousand)
Table 50 Market in France, By Application, 2015–2023 (USD Thousand)
Table 51 Market in Rest of Europe, By Application, 2015–2023 (USD Thousand)
Table 52 Market in APAC, By Country, 2015–2023 (USD Million)
Table 53 Market in APAC, By Application, 2015–2023 (USD Million)
Table 54 Market in China, By Application, 2015–2023 (USD Million)
Table 55 Market in Japan, By Application, 2015–2023 (USD Million)
Table 56 Market in India, By Application, 2015–2023 (USD Thousand)
Table 57 Market in Australia, By Application, 2015–2023 (USD Thousand)
Table 58 Market in Rest of APAC, By Application, 2015–2023 (USD Thousand)
Table 59 Market in RoW, By Region, 2015–2023 (USD Million)
Table 60 Market in RoW, By Application, 2015–2023 (USD Thousand)
Table 61 Market in the Middle East, By Application, 2015–2023 (USD Thousand)
Table 62 Market in South America, By Application, 2015–2023 (USD Thousand)
Table 63 Market in Rest of APAC, By Application, 2015–2023 (USD Thousand)
Table 64 Market: Ranking Analysis (2017)

List of Figures (55 Figures)

Figure 1 Research Design
Figure 2 Bottom-Up Approach
Figure 3 Top-Down Approach
Figure 4 Data Triangulation
Figure 5 Snapshot of Flow Battery Market: Redox Flow Battery Expected to Hold the Largest Market Size in 2018
Figure 6 Market for Zinc–Bromine Expected to Grow at the Highest CAGR Between 2018 and 2023
Figure 7 Large-Scale Flow Battery Expected to Dominate the Market During the Forecast Period
Figure 8 Market for Utilities Application Expected to Grow at the Highest CAGR During the Forecast Period
Figure 9 North America Held the Largest Share of the Market in 2018
Figure 10 Increasing Investment in Renewable Energy to Attract Growth Opportunities in the Market
Figure 11 Market for Zinc-Bromine Material Expected to Grow at the Highest CAGR During the Forecast Period
Figure 12 North America Expected to Hold the Largest Share of the Market in 2023
Figure 13 Hybrid Flow Battery Market Expected to Grow at A Higher Rate During the Forecast Period (2018–2023)
Figure 14 US Expected to Hold the Largest Share of the Market in 2018
Figure 15 Inherent Advantages Drive the Growth of the Market
Figure 16 Global Investment in Renewable Energy Sources, 2004–2016 (USD Billion)
Figure 17 Number of Grid-Scale Battery Projects in the US, 2015
Figure 18 Market: A Major Value Added By Manufacturers and Component Providers
Figure 19 Market, By Type
Figure 20 Hybrid Flow Battery Market Expected to Grow at A Higher CAGR Between 2018 and 2023
Figure 21 Vanadium Expected to Dominate the Redox Flow Battery Market Between 2018 and 2023
Figure 22 Market, By Material
Figure 23 Market for Zinc–Bromine Expected to Grow at the Highest CAGR Between 2018 and 2023
Figure 24 Market, By Storage
Figure 25 Large-Scale Flow Battery Expected to Dominate the Market Between 2018 and 2023
Figure 26 Commercial and Industrial Application Expected to Hold the Largest Size of the Compact Market Between 2018 and 2023
Figure 27 Market, By Application
Figure 28 Utilities Application Expected to Dominate the Flow Battery Market Between 2018 and 2023
Figure 29 Large-Scale Flow Battery Expected to Dominate the Flow Battery Market for Utilities Application During the Forecast Period
Figure 30 Market in India Expected to Grow at the Highest Rate Between 2018 and 2023
Figure 31 North America to Dominate the Market for Commercial and Industrial Application During the Forecast Period
Figure 32 Large-Scale Flow Battery Expected to Dominate the Market for Military Application During the Forecast Period
Figure 33 Germany Expected to Dominate the Market Between 2019 and 2023
Figure 34 US to Dominate the Market for EV Charging Station Application During the Forecast Period
Figure 35 Large-Scale Flow Battery Expected to Dominate the Market for Other Applications During the Forecast Period
Figure 36 Australia Expected to Hold the Largest Market Size for Other Applications During the Forecast Period
Figure 37 Geographic Snapshot: Chinese and Indian Markets Expected to Grow at A Significant CAGR During the Forecast Period
Figure 38 North America Held the Largest Share of the Market in 2017
Figure 39 Market Snapshot: North America
Figure 40 Market in Canada Expected to Grow at the Highest CAGR Between 2018 and 2023
Figure 41 Utility Application Expected to Dominate the Market in Canada Between 2019 and 2023
Figure 42 Market Snapshot: Europe
Figure 43 Market in France Expected to Grow at the Highest CAGR Between 2018 and 2023
Figure 44 Utilities Application Expected to Dominate the Market in the UK Between 2019 and 2023
Figure 45 Market Snapshot: APAC
Figure 46 Market in India Expected to Grow at the Highest CAGR Between 2018 and 2023
Figure 47 Utilities Application Expected to Hold the Largest Size of Market in Japan Between 2019 and 2023
Figure 48 Africa Expected to Dominate Market in RoW Between 2019 and 2023
Figure 49 Market for Commercial and Industrial Application Expected to Grow at the Highest CAGR Between 2019 and 2023
Figure 50 Companies Adopted Contracts and Collaborations as Key Growth Strategies Between 2015 and December 2017
Figure 51 Market Evaluation Framework
Figure 52 Redt Energy: Company Snapshot
Figure 53 Sumitomo Electric: Company Snapshot
Figure 54 Ensync Energy Systems: Company Snapshot
Figure 55 Redflow: Company Snapshot

The overall flow battery market is estimated to be valued at USD 230.2 Million in 2018 and is expected to reach of USD 946.3 Million by 2023, at a CAGR of 32.7% between 2018 and 2023. The growth of this market is being propelled by the increasing investment in renewable energy, inherent advantages of flow battery, high demand from utilities, and rising telecommunications tower installations.

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 “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.

North America held the largest size of the flow battery market in 2017. 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 market. The flow battery market in APAC is expected to grow the highest CAGR during the forecast period. By 2023, APAC is expected to account for the largest share of the market. This attributed to the growing number of flow battery projects for utilities, residential, industrial, and commercial applications in the region.

In recent years, though flow battery has emerged as a potential technology that provides various energy storage advantages, it also encompasses a few technical drawbacks that hamper its market growth. The 2 major drawbacks of flow battery are lower power density and complexity of the structure. Flow batteries are more complicated than standard batteries as these require pumps, sensors, flow and power management, and secondary containment vessels to function. These components and its functional design make the battery comparably larger and heavier, which, in turn, restricts its application to large-scale areas, e.g., the utilities sector.

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 some of the major companies operating in the flow battery market.

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