Flow Battery Market

Flow Battery Market with COVID-19 Impact, by Type (Redox Flow Battery, Hybrid Flow Battery), Material, Storage (Compact and Large scale), Application (Utilities, Commercial & Industrial, EV Charging Station), and Region - Global Forecast to 2026

Report Code: SE 5914 Jun, 2021, by marketsandmarkets.com

Flow Battery Market

Flow Battery Market and Top Companies

Sumitomo Electric Industries Ltd.

Sumitomo Electric Industries, Ltd. is one of the leading manufacturers of optical fiber cables and electric wires. The company operates through five business segments, namely, Automotive, Info Communications, Electronics, Energy & Environment, and Industrial Materials. It offers redox flow batteries through the Energy & Environment segment. These redox flow batteries are ideal for use in power grid systems and are well known for their safety features, long life, and operation in flexible working environments. Sumitomo Electric offers various products and solutions under various categories that include raw materials, components, modules, end products, and systems. These products and solutions find applications in numerous industries, including automotive, IT, electronics, and energy & environment.

UniEnergy Technologies

UniEnergy Technologies is engaged in the manufacturing of energy storage systems. The company majorly provides grid-scale energy storage systems and new advanced redox flow batteries, which stores electrical energy in the form of liquid electrolytes, to various industry leaders in the related fields. The primary product provided by the company is an advanced vanadium redox flow battery named ReFlex battery. The ReFlex battery finds applications in various micro-grids, utilities, and commercial and industrial projects. The battery is well known for its characteristics such as flexibility and resiliency in the working environment, compact size, safety, 1GWh cycling capacity, and capability of 100kW–10MW storage.

ViZn Energy Systems

ViZn Energy Systems provides safe, versatile, and economical energy storage solutions. The company offers hybrid zinc/iron flow batteries that utilize alkaline electrochemical components dissolved in electrolytes for energy storage. These flow batteries are designed for applications in utilities, microgrids, solar and wind plants, military and public sectors, and industrial and commercial projects. The batteries are known for their robust performance, safety, low lifecycle cost, and high power.

Primus Power

Primus Power is one of the leading providers of low-cost, fade-free, grid-scale, and long-duration energy storage solutions. The company provides a zinc bromide flow battery, namely, EnergyPod2, which exhibits provides long-duration, full power, multi-decade life without any fire risk and electrode stack replacement. The energy storage solutions by Primus Power serve multiple storage applications for numerous commercial and industrial, data center, microgrid, and utility customers. The company is gaining demand for flow batteries on the global level—EnergyPod2 is being shipped worldwide.

ESS, Inc.

ESS, Inc. is one of the leading manufacturers of energy storage systems. The company offers iron flow battery systems as an energy storage solution known for their water-based, non-hazardous, safe, and fully recyclable functioning. It provides these flow batteries for applications in utility-scale, commercial, and industrial projects, microgrids, distributed energy management systems (DERMS), and virtual power plants (VPPs). The iron flow batteries are designed to provide more than 20,000 power cycles and fast electrical response time with low maintenance needs. The batteries are featured to have a life of over 20 years. The solutions offered by the company include the Energy Warehouse (EW) and Energy Center (EC), which act as platforms for energy storage using iron, salt, and water for the electrolyte.

Flow Battery Market and Top applications

Utilities

The role of flow batteries in the utility application segment is mostly as a buffer between the demand for electricity and available energy from the electric grid. The flow batteries have the capability to store and discharge a reliable amount of electricity, which helps utility owners to avoid overproduction. Besides, utilities require batteries that are resilient, have long-operating life, and are capable of dealing with a large amount of renewable energy penetration across the grid. The vanadium redox flow batteries are majorly used in utilities for longer discharge durations. The growing need for electricity in rural and urban areas has increased the focus on the enhancement of the electric grid systems.

Commercial & Industrial

Commercial & Industrial applications are impacted by the interrupted power supply, machine downtime, and blackouts, which can hamper businesses to a large extent as power outages lead to damage to the production lines and products and delay deliveries. Unexpected power dropouts can last from minutes or hours to days or weeks in some locations. Here, flow batteries play a vital role and help commercial and industrial companies reduce utility costs and improve power quality and reliability. They also reduce the risk of production loss during blackouts or shortage of power supply. Battery storage systems facilitate the installation of renewable energy systems for cost-effective and eco-friendly power supply and generation of revenues by selling unused energy or grid-stabilizing services.

Flow Battery by top TYPE

Redox flow battery

Redox flow battery batteries have the capability of converting chemical energy into electrical energy via reversible reduction and oxidation of working fluids. The reaction is reversible, which enables the battery to be charged, discharged, and recharged. The benefits provided by the redox flow battery, such as long operational life with nearly no degradation of electrodes and electrolytes, high safety as it is free of combustible materials, and capability to operate under extreme conditions, have made it ideal for large applications as it scales-up in a more cost-effective manner than other batteries. Redox flow batteries find applications in microgrids, utilities, and commercial and industrial facilities.

[236 Pages Report] The global flow battery market size is expected to grow from USD 214 million in 2021 to USD 489 million by 2026, at a CAGR of 18.0%. The growth of the market is attributed to inherent advantages of flow batteries, increasing investments in renewable energy, high demand for flow batteries in utilities, and increase in telecommunication tower installations. However, factors such as requirement of high initial investment for manufacturing of flow batteries, technical drawbacks and low charge and discharge rates, and lack of proper standards for development of flow battery systems are restraining the market growth. On the flip side, growing need for power supply attributed to increasing number of data centers, increasing penetration of flow batteries in residential applications, and technological innovations with improved capabilities are expected to create opportunities for the adoption of flow batteries in the coming years. Moreover, the high competition from providers of conventional batteries and decline in deployment rate of flow batteries due to COVID-19 pandemic acts as a challenge for the flow battery market.

Flow Battery Market

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Impact of COVID-19 on the flow battery market

COVID-19 has severely impacted the global economy and all the industries throughout the globe. Governments of various countries have imposed lockdowns to contain the spread of the epidemic. The complete global lockdown in the initial stage of the pandemic in various countries severely impacted the livelihoods of people and quality of life. This has resulted into the disruptions in the supply chain across the globe. The economies across the world have declined as there is a major decline in the demand for products. The production across industries has been limited due to the pandemic resulting in the shortage of raw material. The decline in exports and the disruptions in the supply chain are the major factors contributing to the decline in production.

The sudden outbreak of the novel coronavirus has adversely affected the growth of industrial and commercial applications. A decline had been witnessed in the installation of flow batteries in various projects in the country in 2020. Besides, shutdown of manufacturing facilities across the world in the Q1 and Q2 of 2020 is also responsible for the decline in the growth of the market in 2020. However, the increasing installation of flow batteries in the operational projects and rising focus of government towards modernizing the power sector is estimated to increase adoption of flow battery. However, the market value may not reach that of the pre-COVID-19 value until 2026.

Market Dynamics

DRIVERS: Inherent advantages of flow batteries

The flow battery is an energy storage system of a large capacity. It is widely used in utilities, telecommunications, commercial, industrial, and military applications and is witnessing increasing penetration in application areas such as residential and electric vehicle charging stations attributed to its technical advantages over many batteries, including lithium-ion, lead-acid, and solid-state. Unlike conventional batteries that store energy in an electrode material, flow batteries store energy in liquid electrolytes in external tanks and are pumped into cells to generate electrochemical reactions. The easy replacement process of electrolytes is among the major advantages associated with flow batteries. Their storage capacity is based on the size of the storage tank and thus can be scaled to suit a wide variety of energy needs from residential to grid storage applications. In the flow batteries, power is determined by the size of the electrochemical cell, whereas the energy is proportional to the size of the storage tanks.

RESTRAINT: Requirement of high initial investment for manufacturing of flow batteries

Over the years, flow battery has evolved as a potential substitute for conventional batteries, including lithium-ion battery, lead-acid battery, and sodium-based battery; however, the high cost of flow batteries can act as a major restraining factor for the market growth. The overall cost associated with the flow battery includes capital cost, component cost, material cost, installation cost, and repair & maintenance cost, which is an extensive investment for small- and medium-sized enterprises. Besides, the components and chemicals used in most of the flow batteries are relatively high priced. Among the other flow battery types, the vanadium flow battery, one of the most common and widely commercialized flow battery types, is manufactured using vanadium material, which in itself is a significant cost driver, as the extraction of vanadium material is very costly. The price of vanadium material contributes ~50% of the overall cost of the battery system. Vanadium redox flow batteries can also have a low energy density, however, this can possibly be addressed by integrating additional large electrolyte tanks, which, in turn, adds to the cost of the system.

OPPORTUNITIES: Growing need for power supply attributed to increasing number of data centers

Datacenter is one of the major clients of power utilities and plays a vital role in peak power draw. According to the data from the US Department of Energy, the annual energy consumption by data centers in 2020 covered a range between 200 and 1,000 TWh, with an assumption that data centers would need to meet the average load of 600 TWh for up to 20 minutes. Power consumption in data centers has raised cost, environmental, and scalability concerns. They need to maintain the uptime of the site by deploying cost-effective and energy-efficient alternatives.

CHALLENGES: High competition from providers of conventional batteries

The manufacturers of flow batteries face fierce competition from the providers of widely adopted conventional batteries, such as lithium-ion, lead-acid, and sodium-based. Among these, lithium-ion batteries are the most popular and widely used. They are highly used in the transportation sector, consumer electronics industry, and stationary applications. According to the data from the US Department of Energy (DOE), since 2010, more than half of the global grid-scale battery installations of 1,280 MWh constituted lithium-ion batteries. In 2019, the installation of these batteries in the transportation sector, consumer electronics industry, and stationary applications was 195 GWh.

“Utilities application to dominate the flow battery market in 2020”

The adoption of flow batteries is increasing in utilities attributed to the growing need for electrification. Besides, the growing use of renewable energy across grids has, in turn, increased the need for efficient, flexible, and long operating life energy storage solutions. A flow battery, with all its attractive features, has become the most preferred energy storage technology for utility-based storage as large-scale utilities require technologies that can cost-effectively store renewable energy for future grid use at any location.

“Hybrid flow battery to hold the largest share of flow battery market by 2026”

The adoption of hybrid batteries is increasing at a substantial rate attributed to their benefits, such as high energy density, compact size, and low cost. Zinc-bromine, zinc-cerium, and lead-acid are the most prominent types of hybrid flow battery types. The zinc–bromine hybrid battery offers the highest energy density as compared to other flow batteries. In recent years, several research programs have been conducted in several countries to explore the potential of hybrid flow batteries and build more compact and low-cost systems.

Flow Battery Market  by Region

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“Flow battery in APAC to grow at the highest CAGR”

APAC is expected to hold the largest growth rate of the global flow battery market during the forecast period. APAC has several operational flow battery installations with large power ratings. Australia has the most flow battery projects for utilities, residential, industrial, and commercial applications from various players across the world, whereas China holds the highest capacity of flow batteries installed to date among other countries in the region. The growth of the region is attributed to the increasing demand for flow batteries in major countries such as Japan and Australia. Besides, the growing adoption of energy storage solutions in industrial, utilities, and other applications, rising demand for flow batteries from the grid and microgrid applications in India and China, and increasing number of operational projects with flow battery installations are expected to fuel the growth of the regional market during the forecast period.

Key Market Players

Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), ViZn Energy Systems (US), Primus Power (US), ESS, Inc. (US), Redflow Limited (Australia), and Invinity Energy Systems (UK) are a few major players in flow battery market.

Scope of the Report

Report Metric

Details

Market Size Available for Years

2017–2026

Base Year

2020

Forecast Period

2021–2026

Units

Value (USD Million/Thousand)

Segments Covered

Type, Material, Ownership, Storage, and Application

Geographic Regions Covered

North America, APAC, Europe, and RoW

Companies Covered

Major Players: Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), ViZn Energy Systems (US), Primus Power (US), ESS, Inc. (US), Redflow Limited (Australia), Invinity Energy Systems (UK), Lockheed Martin Corporation (US), Largo Clean Energy (US), and CellCube Energy Storage Systems Inc. (Austria) and Others- total 25 players have been covered

This research report categorizes the flow battery market by frequency type, material, ownership, storage, application, and region.

By Type:

  • Redox Flow Battery
  • Hybrid Flow Battery

By Material:

  • Vanadium
  • Zinc–Bromine
  • Others

By Ownership:

  • Customer-Owned
  • Third-party Owned
  • Utility Owned

By Storage:

  • Compact
  • Large Scale

By Application:

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

By Region:

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

Recent Developments

  • In March 2021, JenaBatteries GmbH has developed resource-efficient and sustainable energy storage devices, namely, metal-free redox flow batteries, which make green electricity from wind and solar parks.
  • In February 2021, ESS Inc. has announced the launch of a new energy storage system with a 3MW power capacity and 6–16 hours discharge duration. The storage system is developed to support large-scale renewable energy projects, transmission and distribution applications, and supply peaking energy capacity to replace peaker gas plants.
  • In September 2020, Invinity, in partnership with Bushveld Minerals, announced the formation of a special purpose company Vanadium Electrolyte Rental Limited (VERL), which will provide electrolytes on rent to customers.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 31)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION AND SCOPE
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 35)
    2.1 RESEARCH DATA
           FIGURE 1 FLOW BATTERY MARKET: RESEARCH DESIGN
           2.1.1 PRIMARIES
           2.1.2 SECONDARY & PRIMARY RESEARCH
           2.1.3 SECONDARY DATA
                    2.1.3.1 List of major secondary sources
           2.1.4 PRIMARY DATA
                    2.1.4.1 Primary interviews with experts
                    2.1.4.2 Key data from primary sources
                    2.1.4.3 Key industry insights
                    2.1.4.4 Breakdown of primaries
    2.2 MARKET SIZE ESTIMATION
           FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH (SUPPLY SIDE): REVENUE OF PRODUCTS/SOLUTIONS/SERVICES OF FLOW BATTERY MARKET
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for arriving at market share by bottom-up analysis (demand side)
                               FIGURE 3 FLOW BATTERY MARKET: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for capturing market share by top-down analysis (supply side)
                               FIGURE 4 FLOW BATTERY MARKET: TOP-DOWN APPROACH
    2.3 MARKET BREAKDOWN & DATA TRIANGULATION
           FIGURE 5 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS
    2.5 RISK ASSESSMENT
           TABLE 1 LIMITATIONS & ASSOCIATED RESULTS

3 EXECUTIVE SUMMARY (Page No. - 46)
    FIGURE 6 COVID-19 IMPACT ANALYSIS ON FLOW BATTERY MARKET
    3.1 REALISTIC SCENARIO
    3.2 PESSIMISTIC SCENARIO
    3.3 OPTIMISTIC SCENARIO
           FIGURE 7 REDOX FLOW BATTERY SEGMENT TO HOLD LARGEST SIZE OF FLOW BATTERY MARKET BY 2026
           FIGURE 8 ZINC–BROMINE MATERIAL SEGMENT TO HOLD LARGEST SHARE OF FLOW BATTERY MARKET IN 2021
           FIGURE 9 LARGE-SCALE FLOW BATTERY SEGMENT TO DOMINATE FLOW BATTERY MARKET DURING FORECAST PERIOD
           FIGURE 10 UTILITIES APPLICATION SEGMENT TO HOLD LARGEST SHARE OF FLOW BATTERY MARKET BY 2026
           FIGURE 11 NORTH AMERICA TO HOLD LARGEST SHARE OF FLOW BATTERY MARKET IN 2021

4 PREMIUM INSIGHTS (Page No. - 52)
    4.1 ATTRACTIVE GROWTH OPPORTUNITIES FOR FLOW BATTERY MARKET
           FIGURE 12 INCREASE IN NUMBER OF PROJECTS THAT REQUIRE FLOW BATTERIES TO CREATE LUCRATIVE OPPORTUNITIES FOR APAC FLOW BATTERY MARKET
    4.2 FLOW BATTERY MARKET, BY TYPE
           FIGURE 13 HYBRID FLOW BATTERY SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD
    4.3 FLOW BATTERY MARKET, BY APPLICATION
           FIGURE 14 UTILITIES APPLICATION SEGMENT TO HOLD LARGEST SHARE OF FLOW BATTERY MARKET IN 2026
    4.4 FLOW BATTERY MARKET, BY GEOGRAPHY
           FIGURE 15 NORTH AMERICA TO HOLD LARGEST SIZE OF FLOW BATTERY MARKET IN 2021

5 MARKET OVERVIEW (Page No. - 54)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 16 GLOBAL SMART MANUFACTURING PLATFORM MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Inherent advantages of flow batteries
                    5.2.1.2 Increasing investments in renewable energy
                               FIGURE 17 GLOBAL INVESTMENTS IN RENEWABLE ENERGY SOURCES, 2004–2019 (USD BILLION)
                    5.2.1.3 High demand for flow batteries in utilities
                    5.2.1.4 Increase in telecommunication tower installations
                               FIGURE 18 DRIVERS OF FLOW BATTERY MARKET AND THEIR IMPACT
           5.2.2 RESTRAINTS
                    5.2.2.1 Requirement of high initial investment for manufacturing of flow batteries
                    5.2.2.2 Technical drawbacks and low charge and discharge rates
                    5.2.2.3 Lack of proper standards for development of flow battery systems
                               FIGURE 19 RESTRAINTS FOR FLOW BATTERY MARKET AND THEIR IMPACT
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Growing need for power supply attributed to increasing number of data centers
                    5.2.3.2 Increasing penetration of flow batteries in residential applications
                    5.2.3.3 Technological innovations with improved capabilities
                               FIGURE 20 OPPORTUNITIES FOR GLOBAL FLOW BATTERY MARKET AND THEIR IMPACT
           5.2.4 CHALLENGES
                    5.2.4.1 High competition from providers of conventional batteries
                    5.2.4.2 Decline in deployment rate of flow batteries due to COVID-19 pandemic
                               FIGURE 21 CHALLENGES FOR GLOBAL FLOW BATTERY MARKET AND THEIR IMPACT
    5.3 VALUE CHAIN
           FIGURE 22 VALUE CHAIN ANALYSIS: GLOBAL FLOW BATTERY MARKET
    5.4 ECOSYSTEM
           FIGURE 23 GLOBAL FLOW BATTERY MARKET: ECOSYSTEM
           TABLE 2 FLOW BATTERY MARKET: ECOSYSTEM
    5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
    5.6 PORTER’S FIVE FORCE ANALYSIS
           TABLE 3 IMPACT OF EACH FORCE ON FLOW BATTERY MARKET
    5.7 CASE STUDY
           5.7.1 USE CASE 1: INVINITY ENERGY SYSTEMS
           5.7.2 USE CASE 2: REDFLOW LIMITED.
    5.8 TECHNOLOGY TRENDS
           5.8.1 SODIUM-SULFUR BATTERY
           5.8.2 COBALT-FREE BATTERY
           5.8.3 METAL-AIR BATTERY
           5.8.4 LIQUID METAL BATTERIES
           5.8.5 POTASSIUM METAL BATTERIES
    5.9 PRICING ANALYSIS
    5.10 TRADE ANALYSIS
           FIGURE 24 IMPORT DATA OF BERYLLIUM, CHROMIUM, GERMANIUM, VANADIUM, GALLIUM, HAFNIUM, INDIUM, NIOBIUM, RHENIUM, AND THALLIUM, BY KEY COUNTRIES, 2016–2020 (USD MILLION)
           FIGURE 25 EXPORT DATA FOR BERYLLIUM, CHROMIUM, GERMANIUM, VANADIUM, GALLIUM, HAFNIUM, INDIUM, NIOBIUM, RHENIUM, AND THALLIUM, BY KEY COUNTRIES, 2016–2020 (USD MILLION)
    5.11 PATENT ANALYSIS
           FIGURE 26 TOP COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS
           FIGURE 27 PATENT ANALYSIS RELATED TO FLOW BATTERY MARKET
           5.11.1 LIST OF MAJOR PATENTS
    5.12 MARKET STANDARDS
           5.12.1 IEC 62932-1:2020
                    5.12.1.1 IEC 62932-2-1:2020
                    5.12.1.2 IEC 62932-2-2:2020
           5.12.2 IEC TC 120
           5.12.3 CWA 50611: 2013

6 FLOW BATTERY MARKET, BY TYPE (Page No. - 80)
    6.1 INTRODUCTION
           FIGURE 28 FLOW BATTERY MARKET, BY TYPE
           FIGURE 29 REDOX FLOW BATTERY SEGMENT HOLD LARGEST SHARE OF FLOW BATTERY MARKET BY 2026
           TABLE 4 FLOW BATTERY MARKET, BY TYPE, 2017–2020 (USD MILLION)
           TABLE 5 FLOW BATTERY MARKET, BY TYPE, 2021–2026 (USD MILLION)
    6.2 REDOX FLOW BATTERY
           6.2.1 SEVERAL ADVANTAGES ASSOCIATED WITH REDOX FLOW BATTERIES OVER OTHER BATTERIES ARE FUELING THEIR DEMAND
                    TABLE 6 FLOW BATTERY MARKET FOR REDOX FLOW BATTERY, BY MATERIAL, 2017–2020 (USD MILLION)
                    TABLE 7 FLOW BATTERY MARKET FOR REDOX FLOW BATTERY, BY MATERIAL, 2021–2026 (USD MILLION)
    6.3 HYBRID FLOW BATTERY
           6.3.1 HYBRID FLOW BATTERY SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD
                    TABLE 8 FLOW BATTERY MARKET FOR HYBRID FLOW BATTERY, BY MATERIAL, 2017–2020 (USD MILLION)
                    TABLE 9 FLOW BATTERY MARKET FOR HYBRID FLOW BATTERY, BY MATERIAL, 2021–2026 (USD MILLION)

7 FLOW BATTERY MARKET, BY MATERIAL (Page No. - 85)
    7.1 INTRODUCTION
           FIGURE 30 FLOW BATTERY MARKET, BY MATERIAL
           FIGURE 31 ZINC-BROMINE SEGMENT HELD LARGEST SIZE OF FLOW BATTERY MARKET IN 2021
           TABLE 10 FLOW BATTERY MARKET, BY MATERIAL, 2017–2020 (USD MILLION)
           TABLE 11 FLOW BATTERY MARKET, BY MATERIAL, 2021–2026 (USD MILLION)
    7.2 VANADIUM
           7.2.1 GROWING ADOPTION OF VANADIUM IN MANUFACTURING OF REDOX FLOW BATTERIES TO BOOST MARKET GROWTH
    7.3 ZINC–BROMINE
           7.3.1 ZINC–BROMINE SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
    7.4 OTHERS

8 FLOW BATTERY MARKET, BY OWNERSHIP (Page No. - 89)
    8.1 INTRODUCTION
           FIGURE 32 FLOW BATTERY MARKET, BY OWNERSHIP
    8.2 CUSTOMER OWNED
           8.2.1 GROWING USE OF CUSTOMER-OWNED FLOW BATTERIES IN VARIOUS APPLICATIONS TO DRIVE MARKET GROWTH
    8.3 THIRD-PARTY OWNED
           8.3.1 INCREASING PARTNERSHIPS BETWEEN VENDORS AND CUSTOMERS FOR STORAGE SERVICES TO FUEL DEMAND FOR THIRD-PARTY-OWNED FLOW BATTERIES
    8.4 UTILITY OWNED
           8.4.1 INCREASING REQUIREMENT FOR ELECTRICITY TO DRIVE DEMAND FOR UTILITY-OWNED FLOW BATTERIES DURING FORECAST PERIOD

9 FLOW BATTERY MARKET, BY STORAGE (Page No. - 92)
    9.1 INTRODUCTION
           FIGURE 33 FLOW BATTERY MARKET, BY STORAGE
           FIGURE 34 LARGE-SCALE FLOW BATTERY SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
           TABLE 12 FLOW BATTERY MARKET, BY STORAGE, 2017–2020 (USD MILLION)
           TABLE 13 FLOW BATTERY MARKET, BY STORAGE, 2021–2026 (USD MILLION)
    9.2 COMPACT
           9.2.1 GROWING DEMAND FOR COMPACT FLOW BATTERIES IN RESIDENTIAL APPLICATIONS
                    TABLE 14 FLOW BATTERY MARKET FOR COMPACT STORAGE, BY APPLICATION, 2017–2020 (USD MILLION)
                    TABLE 15 FLOW BATTERY MARKET FOR COMPACT STORAGE, BY APPLICATION, 2021–2026 (USD MILLION)
    9.3 LARGE-SCALE
           9.3.1 INCREASING DEMAND FOR LARGE-SCALE ENERGY STORAGE SYSTEMS TO BOOST GROWTH OF FLOW BATTERY MARKET
                    TABLE 16 FLOW BATTERY MARKET FOR LARGE-SCALE STORAGE, BY APPLICATION, 2017–2020 (USD MILLION)
                    TABLE 17 FLOW BATTERY MARKET FOR LARGE-SCALE STORAGE, BY APPLICATION, 2021–2026 (USD MILLION)

10 FLOW BATTERY MARKET, BY APPLICATION (Page No. - 97)
     10.1 INTRODUCTION
           FIGURE 35 FLOW BATTERY MARKET, BY APPLICATION
           FIGURE 36 UTILITIES SEGMENT HELD LARGEST SHARE OF FLOW BATTERY MARKET IN 2021
           TABLE 18 FLOW BATTERY MARKET, BY APPLICATION, 2017–2020 (USD MILLION)
           TABLE 19 FLOW BATTERY MARKET, BY APPLICATION, 2021–2026 (USD MILLION)
     10.2 UTILITIES
             10.2.1 GROWING ADOPTION OF FLOW BATTERIES IN UTILITIES TO BOOST MARKET GROWTH
                        TABLE 20 FLOW BATTERY MARKET, BY UTILITIES, 2017–2020 (USD MILLION)
                        TABLE 21 FLOW BATTERY MARKET, BY UTILITIES, 2021–2026 (USD MILLION)
                        FIGURE 37 LARGE-SCALE FLOW BATTERY SEGMENT, BY STORAGE, TO DOMINATE FLOW BATTERY MARKET FOR UTILITIES APPLICATION DURING FORECAST PERIOD
                        TABLE 22 FLOW BATTERY MARKET FOR UTILITIES APPLICATION, BY STORAGE, 2017–2020 (USD MILLION)
                        TABLE 23 FLOW BATTERY MARKET FOR UTILITIES APPLICATION, BY STORAGE, 2021–2026 (USD MILLION)
                        TABLE 24 FLOW BATTERY MARKET FOR UTILITIES APPLICATION, BY REGION, 2017–2020 (USD MILLION)
                        TABLE 25 FLOW BATTERY MARKET FOR UTILITIES APPLICATION, BY REGION, 2021–2026 (USD MILLION)
     10.3 COMMERCIAL & INDUSTRIAL
             10.3.1 COMMERCIAL & INDUSTRIAL SEGMENT TO HOLD SIGNIFICANT MARKET SHARE DURING FORECAST PERIOD
                        FIGURE 38 NORTH AMERICA TO DOMINATE FLOW BATTERY MARKET FOR COMMERCIAL & INDUSTRIAL APPLICATION DURING FORECAST PERIOD
                        TABLE 26 FLOW BATTERY MARKET FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY STORAGE, 2017–2020 (USD MILLION)
                        TABLE 27 FLOW BATTERY MARKET FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY STORAGE, 2021–2026 (USD MILLION)
                        TABLE 28 FLOW BATTERY MARKET FOR COMMERCIAL & INDUSTRIAL APPLICATION, BY REGION, 2017–2020 (USD MILLION)
                        TABLE 29 FLOW BATTERY MARKET FOR COMMERCIAL & INDUSTRIAL APPLICATION,BY REGION, 2021–2026 (USD MILLION)
     10.4 EV CHARGING STATION
             10.4.1 NEED FOR FAST RECHARGING OF VEHICLES HAS INCREASED ADOPTION OF FLOW BATTERIES IN CHARGING STATIONS
                        TABLE 30 FLOW BATTERY MARKET FOR EV CHARGING STATION APPLICATION, BY STORAGE, 2021–2026 (USD MILLION)
                        TABLE 31 FLOW BATTERY MARKET FOR EV CHARGING STATION APPLICATION, BY REGION, 2021–2026 (USD MILLION)
     10.5 OTHERS
             FIGURE 39 LARGE-SCALE FLOW BATTERY TO DOMINATE FLOW BATTERY MARKET FOR OTHER APPLICATIONS DURING FORECAST PERIOD
             TABLE 32 FLOW BATTERY MARKET FOR OTHER APPLICATIONS, BY STORAGE, 2017–2020 (USD MILLION)
             TABLE 33 FLOW BATTERY MARKET FOR OTHER APPLICATIONS, BY STORAGE, 2021–2026 (USD MILLION)
             TABLE 34 FLOW BATTERY MARKET FOR OTHER APPLICATIONS, BY REGION, 2017–2020 (USD THOUSAND)
             TABLE 35 FLOW BATTERY MARKET FOR OTHER APPLICATIONS, BY REGION, 2021–2026 (USD THOUSAND)

11 FLOW BATTERY MARKET, BY GEOGRAPHY (Page No. - 108)
     11.1 INTRODUCTION
             FIGURE 40 FLOW BATTERY MARKET, BY REGION
             FIGURE 41 GEOGRAPHIC SNAPSHOT: FLOW BATTERY MARKET
             TABLE 36 FLOW BATTERY MARKET, BY REGION, 2017–2020 (USD MILLION)
             TABLE 37 FLOW BATTERY MARKET, BY REGION, 2021–2026 (USD MILLION)
     11.2 NORTH AMERICA
             11.2.1 IMPACT OF COVID-19 NORTH AMERICAN MARKET
                        FIGURE 42 SNAPSHOT: FLOW BATTERY MARKET IN NORTH AMERICA
                        FIGURE 43 MEXICO TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
                        TABLE 38 FLOW BATTERY MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION)
                        TABLE 39 FLOW BATTERY MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
                        TABLE 40 FLOW BATTERY MARKET IN NORTH AMERICA, BY APPLICATION, 2017–2020 (USD MILLION)
                        TABLE 41 FLOW BATTERY MARKET IN NORTH AMERICA, BY APPLICATION, 2021–2026 (USD MILLION)
                        TABLE 42 FLOW BATTERY MARKET IN US, BY APPLICATION, 2017–2020 (USD MILLION)
                        TABLE 43 FLOW BATTERY MARKET IN US, BY APPLICATION, 2021–2026 (USD MILLION)
             11.2.2 US
                        11.2.2.1 Increasing government-led investments in advancements of flow battery systems to fuel market growth
             11.2.3 CANADA
                        11.2.3.1 Growing adoption of flow batteries in various applications to create growth opportunities for Canadian market
                                     FIGURE 44 UTILITY APPLICATION SEGMENT DOMINATED FLOW BATTERY MARKET IN CANADA IN 2021
                                     TABLE 44 FLOW BATTERY MARKET IN CANADA, BY APPLICATION, 2017–2020 (USD MILLION)
                                     TABLE 45 FLOW BATTERY MARKET IN CANADA, BY APPLICATION, 2021–2026 (USD MILLION)
             11.2.4 MEXICO
                        11.2.4.1 Mexico to record highest growth during forecast period
                                     TABLE 46 FLOW BATTERY MARKET IN MEXICO, BY APPLICATION, 2017–2020 (USD THOUSAND)
                                     TABLE 47 FLOW BATTERY MARKET IN MEXICO, BY APPLICATION,2021–2026 (USD THOUSAND)
     11.3 EUROPE
             11.3.1 IMPACT OF COVID-19 ON EUROPEAN MARKET
                        FIGURE 45 SNAPSHOT: FLOW BATTERY MARKET IN EUROPE
                        FIGURE 46 FLOW BATTERY MARKET IN GERMANY TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
                        TABLE 48 FLOW BATTERY MARKET IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION)
                        TABLE 49 FLOW BATTERY MARKET IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
                        TABLE 50 FLOW BATTERY MARKET IN EUROPE, BY APPLICATION, 2017–2020 (USD THOUSAND)
                        TABLE 51 FLOW BATTERY MARKET IN EUROPE, BY APPLICATION, 2021–2026 (USD THOUSAND)
             11.3.2 GERMANY
                        11.3.2.1 Germany to hold largest share of European flow battery market
                                     TABLE 52 FLOW BATTERY MARKET IN GERMANY, BY APPLICATION, 2017–2020 (USD MILLION)
                                     TABLE 53 FLOW BATTERY MARKET IN GERMANY, BY APPLICATION, 2021–2026 (USD MILLION)
             11.3.3 UK
                        11.3.3.1 Increasing focus on new approaches in electrification to drive market growth
                                     FIGURE 47 UTILITIES APPLICATION SEGMENT TO DOMINATE FLOW BATTERY MARKET IN UK CAGR DURING FORECAST PERIOD
                                     TABLE 54 FLOW BATTERY MARKET IN UK, BY APPLICATION, 2017–2020 (USD THOUSAND)
                                     TABLE 55 FLOW BATTERY MARKET IN UK, BY APPLICATION, 2021–2026 (USD THOUSAND)
             11.3.4 FRANCE
                        11.3.4.1 Increasing penetration of renewable energy to increase deployment of flow batteries in France
                                     TABLE 56 FLOW BATTERY MARKET IN FRANCE, BY APPLICATION, 2017–2020 (USD THOUSAND)
                                     TABLE 57 FLOW BATTERY MARKET IN FRANCE, BY APPLICATION, 2021–2026 (USD THOUSAND)
             11.3.5 REST OF EUROPE
                        TABLE 58 FLOW BATTERY MARKET IN ROE, BY APPLICATION, 2017–2020 (USD THOUSAND)
                        TABLE 59 FLOW BATTERY MARKET IN ROE, BY APPLICATION, 2021–2026 (USD THOUSAND)
     11.4 APAC
             11.4.1 IMPACT OF COVID-19 ON APAC MARKET
                        FIGURE 48 SNAPSHOT: FLOW BATTERY MARKET IN APAC
                        FIGURE 49 FLOW BATTERY MARKET IN INDIA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
                        TABLE 60 FLOW BATTERY MARKET IN APAC, BY COUNTRY, 2017–2020 (USD MILLION)
                        TABLE 61 FLOW BATTERY MARKET IN APAC, BY COUNTRY, 2021–2026 (USD MILLION)
                        TABLE 62 FLOW BATTERY MARKET IN APAC, BY APPLICATION, 2017–2020 (USD MILLION)
                        TABLE 63 FLOW BATTERY MARKET IN APAC, BY APPLICATION, 2021–2026 (USD MILLION)
             11.4.2 CHINA
                        11.4.2.1 Increasing focus on large-scale energy storage capacity to boost market growth
                                     TABLE 64 FLOW BATTERY MARKET IN CHINA, BY APPLICATION, 2017–2020 (USD MILLION)
                                     TABLE 65 FLOW BATTERY MARKET IN CHINA, BY APPLICATION, 2021–2026 (USD MILLION)
             11.4.3 JAPAN
                        11.4.3.1 Development of microgrids has increased deployment of flow batteries in Japan
                                     TABLE 66 FLOW BATTERY MARKET IN JAPAN, BY APPLICATION, 2017–2020 (USD MILLION)
                                     TABLE 67 FLOW BATTERY MARKET IN JAPAN, BY APPLICATION, 2021–2026 (USD MILLION)
             11.4.4 INDIA
                        11.4.4.1 Increasing government initiatives for modernization of power sector to fuel growth of market in India
                                     TABLE 68 FLOW BATTERY MARKET IN INDIA, BY APPLICATION, 2021–2026 (USD THOUSAND)
             11.4.5 AUSTRALIA
                        11.4.5.1 Australia held largest share of flow battery market in APAC in 2020
                                     TABLE 69 FLOW BATTERY MARKET IN AUSTRALIA, BY APPLICATION, 2017–2020 (USD THOUSAND)
                                     TABLE 70 FLOW BATTERY MARKET IN AUSTRALIA, BY APPLICATION, 2021–2026 (USD THOUSAND)
             11.4.6 REST OF APAC
                        TABLE 71 FLOW BATTERY MARKET IN ROAPAC, BY APPLICATION, 2017–2020 (USD THOUSAND)
                        TABLE 72 FLOW BATTERY MARKET IN ROAPAC, BY APPLICATION, 2021–2026 (USD THOUSAND)
     11.5 ROW
             11.5.1 IMPACT OF COVID-19 ON ROW MARKET
                        FIGURE 50 AFRICA TO DOMINATE FLOW BATTERY MARKET IN ROW DURING FORECAST PERIOD
                        TABLE 73 FLOW BATTERY MARKET IN ROW, BY REGION, 2017–2020 (USD THOUSAND)
                        TABLE 74 FLOW BATTERY MARKET IN ROW, BY REGION, 2021–2026 (USD THOUSAND)
             11.5.2 MIDDLE EAST
                        11.5.2.1 Development and deployment of vanadium redox flow batteries to boost market growth
                                     TABLE 75 FLOW BATTERY MARKET IN MIDDLE EAST, BY APPLICATION, 2017–2020 (USD THOUSAND)
                                     TABLE 76 FLOW BATTERY MARKET IN MIDDLE EAST, BY APPLICATION, 2021–2026 (USD THOUSAND)
             11.5.3 SOUTH AMERICA
                        11.5.3.1 Increasing deployment of energy storage system in various countries of South America to fuel market growth
                                     TABLE 77 FLOW BATTERY MARKET IN SOUTH AMERICA, BY APPLICATION, 2017–2020 (USD THOUSAND)
                                     TABLE 78 FLOW BATTERY MARKET IN SOUTH AMERICA, BY APPLICATION, 2021–2026 (USD THOUSAND)
             11.5.4 AFRICA
                        11.5.4.1 Africa to hold largest share of flow battery market in RoW
                                     TABLE 79 FLOW BATTERY MARKET IN AFRICA, BY APPLICATION, 2017–2020 (USD THOUSAND)
                                     TABLE 80 FLOW BATTERY MARKET IN AFRICA, BY APPLICATION, 2021–2026 (USD THOUSAND)

12 COMPETITIVE LANDSCAPE (Page No. - 139)
     12.1 INTRODUCTION
                        FIGURE 51 KEY DEVELOPMENTS IN FLOW BATTERY MARKET (2019–2021)
             12.1.1 REVENUE ANALYSIS OF TOP 3 COMPANIES
                        FIGURE 52 FLOW BATTERY MARKET: MARKET SHARE ANALYSIS (2020)
     12.2 MARKET SHARE ANALYSIS OF TOP 5 PLAYERS, 2020
             TABLE 81 FLOW BATTERY MARKET: DEGREE OF COMPETITION
     12.3 COMPETITIVE EVALUATION QUADRANT, 2020
             12.3.1 STAR
             12.3.2 EMERGING LEADER
             12.3.3 PERVASIVE
             12.3.4 PARTICIPANT
                        FIGURE 53 FLOW BATTERY MARKET (GLOBAL) COMPANY EVALUATION QUADRANT, 2020
     12.4 SMALL- AND MEDIUM-SIZED ENTERPRISES (SME) EVALUATION QUADRANT, 2020
             12.4.1 PROGRESSIVE COMPANY
             12.4.2 RESPONSIVE COMPANY
             12.4.3 DYNAMIC COMPANY
             12.4.4 STARTING BLOCK
                        FIGURE 54 FLOW BATTERY MARKET (GLOBAL) SME EVALUATION QUADRANT, 2020
             12.4.5 FLOW BATTERY MARKET: COMPANY FOOTPRINT
                        TABLE 82 COMPANY PRODUCT FOOTPRINT
                        TABLE 83 COMPANY APPLICATION FOOTPRINT
                        TABLE 84 COMPANY REGION FOOTPRINT
                        TABLE 85 COMPANY FOOTPRINT
     12.5 COMPETITIVE SITUATIONS AND TRENDS
             12.5.1 PRODUCT LAUNCHES AND DEVELOPMENTS
                        TABLE 86 FLOW BATTERY MARKET: PRODUCT LAUNCHES AND DEVELOPMENTS, FEBRUARY 2021–MARCH 2021
             12.5.2 DEALS
                         TABLE 87 FLOW BATTERY MARKET: DEALS, JANUARY 2019–MARCH 2021

13 COMPANY PROFILES (Page No. - 154)
(Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))* 
     13.1 KEY PLAYERS
             13.1.1 INVINITY ENERGY SYSTEMS
                        TABLE 88 INVINITY ENERGY SYSTEMS: BUSINESS OVERVIEW
                        FIGURE 55 INVINITY ENERGY SYSTEMS: COMPANY SNAPSHOT
             13.1.2 SUMITOMO ELECTRIC INDUSTRIES, LTD.
                        TABLE 89 SUMITOMO ELECTRIC INDUSTRIES, LTD.: BUSINESS OVERVIEW
                        FIGURE 56 SUMITOMO ELECTRIC INDUSTRIES, LTD.: COMPANY SNAPSHOT
             13.1.3 REDFLOW LIMITED
                        TABLE 90 REDFLOW LIMITED: BUSINESS OVERVIEW
                        FIGURE 57 REDFLOW LIMITED: COMPANY SNAPSHOT
             13.1.4 ESS, INC.
                        TABLE 91 ESS, INC.: BUSINESS OVERVIEW
             13.1.5 UNIENERGY TECHNOLOGIES
                        TABLE 92 UNIENERGY TECHNOLOGIES: BUSINESS OVERVIEW
             13.1.6 VIZN ENERGY SYSTEMS
                        TABLE 93 VIZN ENERGY SYSTEMS: BUSINESS OVERVIEW
             13.1.7 PRIMUS POWER
                        TABLE 94 PRIMUS POWER: BUSINESS OVERVIEW
             13.1.8 LARGO CLEAN ENERGY
                        TABLE 95 LARGO CLEAN ENERGY: BUSINESS OVERVIEW
                        FIGURE 58 LARGO CLEAN ENERGY: COMPANY SNAPSHOT
             13.1.9 LOCKHEED MARTIN CORPORATION
                        TABLE 96 LOCKHEED MARTIN CORPORATION: BUSINESS OVERVIEW
                        FIGURE 59 LOCKHEED MARTIN CORPORATION: COMPANY SNAPSHOT
             13.1.10 SCHMID GROUP
                        TABLE 97 SCHMID GROUP: BUSINESS OVERVIEW
             13.1.11 ELESTOR
                        TABLE 98 ELESTOR: BUSINESS OVERVIEW
             13.1.12 VRB ENERGY
                        TABLE 99 VRB ENERGY: BUSINESS OVERVIEW
             13.1.13 JENABATTERIES GMBH
                        TABLE 100 JENABATTERIES GMBH: BUSINESS OVERVIEW
             13.1.14 CELLCUBE ENERGY STORAGE SYSTEMS INC.
                        TABLE 101 CELLCUBE ENERGY STORAGE SYSTEMS INC.: BUSINESS OVERVIEW
     13.2 OTHER PLAYERS
             13.2.1 H2, INC.
             13.2.2 KEMIWATT
             13.2.3 VOLTERION
             13.2.4 VOLTSTORAGE GMBH
             13.2.5 NANOFLOWCELL
             13.2.6 DALIAN RONGKE POWER CO., LTD.
             13.2.7 VANADIS POWER GMBH
             13.2.8 LE SYSTEM CO., LTD.
             13.2.9 STOREN TECHNOLOGIES INC.
             13.2.10 V-FLOW TECH
             13.2.11 RFC POWER
*Details on Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies 

14 ADJACENT & RELATED MARKETS (Page No. - 190)
     14.1 INTRODUCTION
     14.2 LIMITATIONS
     14.3 LITHIUM-ION BATTERY MARKET, BY INDUSTRY
             14.3.1 INTRODUCTION
                                     TABLE 102 LITHIUM-ION BATTERY MARKET, BY INDUSTRY, 2017–2025 (USD MILLION)
             14.3.2 CONSUMER ELECTRONICS
                        TABLE 103 LITHIUM-ION BATTERY MARKET FOR CONSUMER ELECTRONICS, BY VOLTAGE, 2017–2025 (USD MILLION)
                        TABLE 104 LITHIUM-ION BATTERY MARKET FOR CONSUMER ELECTRONICS, BY TYPE, 2017–2025 (USD MILLION)
                        TABLE 105 LITHIUM-ION BATTERY MARKET FOR CONSUMER ELECTRONICS, BY POWER CAPACITY, 2017–2025 (USD MILLION)
                        TABLE 106 LITHIUM-ION BATTERY MARKET FOR CONSUMER ELECTRONICS, BY REGION, 2017–2025 (USD MILLION)
                        14.3.2.1 Smartphones
                                     14.3.2.1.1 Lightweight and high-density lithium-ion batteries are the power source for complex smartphone devices, due to their light weight and high energy density
                        14.3.2.2 UPS
                                     14.3.2.2.1 Lithium-ion batteries have longer runtime than their counterparts and faster recharge time that make lithium-ion-based UPS highly efficient
                        14.3.2.3 Laptops
                                     14.3.2.3.1 Li-ion batteries for laptops are low maintenance, do not require scheduled cycling, and display no memory effect
                        14.3.2.4 Others (Games, Gardening Tools, and Drilling)
                                     14.3.2.4.1 Lithium-ion batteries enable the use of other equipment in remote areas and during power failure
             14.3.3 AUTOMOTIVE
                        TABLE 107 LITHIUM-ION BATTERY MARKET FOR AUTOMOTIVE, 2017–2025 (THOUSAND UNITS)
                        TABLE 108 LITHIUM-ION BATTERY CONFIGURATIONS ACROSS AUTO APPLICATIONS
                        TABLE 109 LITHIUM-ION BATTERY MARKET FOR AUTOMOTIVE, BY VOLTAGE, 2017–2025 (USD MILLION)
                        TABLE 110 LITHIUM-ION BATTERY MARKET FOR AUTOMOTIVE, BY TYPE, 2017–2025 (USD MILLION)
                        TABLE 111 LITHIUM-ION BATTERY MARKET FOR AUTOMOTIVE, BY POWER CAPACITY, 2017–2025 (USD MILLION)
                        TABLE 112 LITHIUM-ION BATTERY MARKET FOR AUTOMOTIVE, BY REGION, 2017–2025 (USD MILLION)
                        14.3.3.1 Battery electric vehicles
                                     14.3.3.1.1 Lithium-ion batteries provide high power density and high thermal stability to battery electric vehicle
                        14.3.3.2 Plug-in hybrid electric vehicles
                                     14.3.3.2.1 Increasing demand for Li-ion batteries for hybrid electric vehicles that decrease carbon emissions and minimize the global warming temperature
             14.3.4 AEROSPACE & DEFENSE
                        TABLE 113 LITHIUM-ION BATTERY MARKET FOR AEROSPACE & DEFENSE, BY VOLTAGE, 2017–2025 (USD MILLION)
                        TABLE 114 LITHIUM-ION BATTERY MARKET FOR AEROSPACE & DEFENSE, BY TYPE, 2017–2025 (USD MILLION)
                        TABLE 115 LITHIUM-ION BATTERY MARKET FOR AEROSPACE & DEFENSE, BY POWER CAPACITY, 2017–2025 (USD MILLION)
                        TABLE 116 LITHIUM-ION BATTERY MARKET FOR AEROSPACE & DEFENSE, BY REGION, 2017–2025 (USD MILLION)
                        14.3.4.1 Commercial aircraft
                                     14.3.4.1.1 Adoption by leading players such as Boeing and Airbus creates positive environment for lithium-ion batteries
                        14.3.4.2 Defense
                                     14.3.4.2.1 Lithium-ion batteries are an optimum choice for various military applications and all-terrain vehicles.
             14.3.5 MARINE
                        TABLE 117 LITHIUM-ION BATTERY MARKET FOR MARINE, BY VOLTAGE, 2017–2025 (USD MILLION)
                        TABLE 118 LITHIUM-ION BATTERY MARKET FOR MARINE, BY TYPE, 2017–2025 (USD MILLION)
                        TABLE 119 LITHIUM-ION BATTERY MARKET FOR MARINE, BY POWER CAPACITY, 2017–2025 (USD MILLION)
                        TABLE 120 LITHIUM-ION BATTERY MARKET FOR MARINE, BY REGION, 2017–2025 (USD MILLION)
                        14.3.5.1 Commercial
                                     14.3.5.1.1 Lithium-ion batteries for commercial ships deliver power supply for longer durations and are environment-friendly
                        14.3.5.2 Tourism
                                     14.3.5.2.1 Lithium-ion batteries are becoming popular for electric boats as they have high energy density without any risk of fire or explosion
                        14.3.5.3 Defense
                                     14.3.5.3.1 Lithium-ion battery technology can provide greater energy with maximum charging rate improving the performance of submarines
             14.3.6 MEDICAL
                        14.3.6.1 Market for low battery type to hold the largest share during forecast period
                                     TABLE 121 LITHIUM-ION BATTERY MARKET FOR MEDICAL, BY VOLTAGE, 2017–2025 (USD MILLION)
                                     TABLE 122 LITHIUM-ION BATTERY MARKET FOR MEDICAL, BY TYPE, 2017–2025 (USD MILLION)
                                     TABLE 123 LITHIUM-ION BATTERY MARKET FOR MEDICAL, BY POWER CAPACITY, 2017–2025 (USD MILLION)
                                     TABLE 124 LITHIUM-ION BATTERY MARKET FOR MEDICAL, BY REGION, 2017–2025 (USD MILLION)
             14.3.7 INDUSTRIAL
                        TABLE 125 LITHIUM-ION BATTERY MARKET FOR INDUSTRIAL, BY VOLTAGE, 2017–2025 (USD MILLION)
                        TABLE 126 LITHIUM-ION BATTERY MARKET FOR INDUSTRIAL, BY TYPE, 2017–2025 (USD MILLION)
                        TABLE 127 LITHIUM-ION BATTERY MARKET FOR INDUSTRIAL, BY POWER CAPACITY, 2017–2025 (USD MILLION)
                        TABLE 128 LITHIUM-ION BATTERY MARKET FOR INDUSTRIAL, BY REGION, 2017–2025 (USD MILLION)
                        14.3.7.1 Mining equipment
                                     14.3.7.1.1 Safety concerns will increase the demand for Li-ion battery-based mining equipment
                        14.3.7.2 Construction equipment
                                     14.3.7.2.1 Advancements in lithium-ion battery technology are improving the performance and efficiency of construction equipment
                        14.3.7.3 Forklifts, Automated Guided Vehicles (AGV), and Automated Mobile Robots (AMR)
                                     14.3.7.3.1 Lithium-ion batteries provide inherent safety performance, better toxicity profile, and are more energy-efficient with significantly longer cycle life than lead-acid batteries
             14.3.8 POWER
                        14.3.8.1 above 36v lithium-ion batteries segment holds the largest share during forecast period
                                     TABLE 129 LITHIUM-ION BATTERY MARKET FOR POWER, BY VOLTAGE, 2017–2025 (USD MILLION)
                                     TABLE 130 LITHIUM-ION BATTERY MARKET FOR POWER, BY TYPE, 2017–2025 (USD MILLION)
                                     TABLE 131 LITHIUM-ION BATTERY MARKET FOR POWER, BY POWER CAPACITY, 2017–2025 (USD MILLION)
                                     TABLE 132 LITHIUM-ION BATTERY MARKET FOR POWER, BY REGION, 2017–2025 (USD MILLION)
             14.3.9 TELECOMMUNICATION
                        14.3.9.1 Lithium-ion batteries provide outstanding cyclic life, excellent charge acceptance, and remote monitoring
                                     TABLE 133 LITHIUM-ION BATTERY MARKET FOR TELECOM, BY VOLTAGE,2017–2025 (USD MILLION)
                                     TABLE 134 LITHIUM-ION BATTERY MARKET FOR TELECOM, BY TYPE, 2017–2025 (USD MILLION)
                                     TABLE 135 LITHIUM-ION BATTERY MARKET FOR TELECOM, BY POWER CAPACITY, 2017–2025 (USD MILLION)
                                     TABLE 136 LITHIUM-ION BATTERY MARKET FOR TELECOM, BY REGION, 2017–2025 (USD MILLION)
     14.4 LITHIUM-ION BATTERY MARKET, BY GEOGRAPHY
             14.4.1 INTRODUCTION
                        TABLE 137 LITHIUM-ION BATTERY MARKET, BY REGION, 2017–2025 (USD MILLION)
             14.4.2 NORTH AMERICA
                        TABLE 138 LITHIUM-ION BATTERY MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2025 (USD MILLION)
                        TABLE 139 LITHIUM-ION BATTERY IN NORTH AMERICA, BY TYPE, 2017–2025 (USD MILLION)
                        TABLE 140 LITHIUM-ION BATTERY MARKET IN NORTH AMERICA, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.2.1 US
                                     14.4.2.1.1 Market driven by the automotive & transportation industry and renewable energy sector
                                                    TABLE 141 LITHIUM-ION BATTERY MARKET IN THE US, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.2.2 CANADA
                                     14.4.2.2.1 Market is expected to grow at the highest CAGR during forecast period
                                                    TABLE 142 LITHIUM-ION BATTERY MARKET IN CANADA, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.2.3 Mexico
                                     14.4.2.3.1 Availability of low-cost labor, electricity, and necessary infrastructure favorable for setting up battery manufacturing units
                                                    TABLE 143 LITHIUM-ION BATTERY MARKET IN MEXICO, BY INDUSTRY, 2017–2025 (USD MILLION)
             14.4.3 EUROPE
                        TABLE 144 LITHIUM-ION BATTERY MARKET IN EUROPE, BY COUNTRY, 2017–2025 (USD MILLION)
                        TABLE 145 LITHIUM-ION BATTERY IN EUROPE, BY TYPE, 2017–2025 (USD MILLION)
                        TABLE 146 LITHIUM-ION BATTERY MARKET IN EUROPE, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.3.1 Germany
                                     14.4.3.1.1 Presence of key battery and electric vehicle manufacturers and stringent government guidelines boosting the growth of the market
                                                    TABLE 147 LITHIUM-ION BATTERY MARKET IN GERMANY, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.3.2 UK
                                     14.4.3.2.1 Government initiatives for the growth of EVs will support the growth of lithium-ion battery market
                                                    TABLE 148 LITHIUM-ION BATTERY MARKET IN UK, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.3.3 The Netherlands
                                     14.4.3.3.1 Second-largest share of lithium-ion battery market in Europe
                                                    TABLE 149 LITHIUM-ION BATTERY MARKET IN THE NETHERLANDS, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.3.4 Norway
                                     14.4.3.4.1 Increasing sales of EVs create future growth opportunities for market
                                                    TABLE 150 LITHIUM-ION BATTERY MARKET IN NORWAY, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.3.5 Rest of Europe
                                     14.4.3.5.1 Major investment in the region contributing to growth of the market
                                                    TABLE 151 LITHIUM-ION BATTERY MARKET IN REST OF EUROPE, BY INDUSTRY, 2017–2025 (USD MILLION)
             14.4.4 APAC
                        TABLE 152 LITHIUM-ION BATTERY MARKET IN APAC, BY COUNTRY, 2017–2025 (USD MILLION)
                        TABLE 153 LITHIUM-ION BATTERY MARKET IN APAC, BY TYPE, 2017–2025 (USD MILLION)
                        TABLE 154 LITHIUM-ION BATTERY MARKET IN APAC, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.4.1 China
                                     14.4.4.1.1 Largest share of the market in APAC
                                                    TABLE 155 LITHIUM-ION BATTERY MARKET IN CHINA, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.4.2 Japan
                                     14.4.4.2.1 Expansion of R&D resources by battery giants supporting the growth of the market
                                                    TABLE 156 LITHIUM-ION BATTERY MARKET IN JAPAN, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.4.3 India
                                     14.4.4.3.1 Growing adoption of electrified transport expected to drive the market in the automotive industry
                                                    TABLE 157 LITHIUM-ION BATTERY MARKET IN INDIA, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.4.4 Rest of APAC
                                     14.4.4.4.1 Government support for EVs and growing use of consumer electronics creates demand for lithium-ion batteries
                                                    TABLE 158 LITHIUM-ION BATTERY MARKET IN REST OF APAC, BY INDUSTRY, 2017–2025 (USD MILLION)
             14.4.5 REST OF THE WORLD (ROW)
                        TABLE 159 LITHIUM-ION BATTERY MARKET IN ROW, BY REGION (USD MILLION)
                        TABLE 160 LITHIUM-ION BATTERY IN ROW, BY TYPE, 2017–2025 (USD MILLION)
                        TABLE 161 LITHIUM-ION BATTERY MARKET IN ROW, BY INDUSTRY, 2017–2025 (USD MILLION)
                        14.4.5.1 Middle East & Africa
                                     14.4.5.1.1 Growing investments in advanced technologies for generating green and renewable energy sources have improved the market in the Middle East
                        14.4.5.2 South America
                                     14.4.5.2.1 Investment in the mining sector and huge lithium reserves contributing to growth of the market

15 APPENDIX (Page No. - 230)
     15.1 INSIGHTS OF INDUSTRY EXPERTS
     15.2 DISCUSSION GUIDE
     15.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     15.4 AVAILABLE CUSTOMIZATIONS
     15.5 RELATED REPORTS
     15.6 AUTHOR DETAILS

The study involved four major activities in estimating the current size of the flow battery market. Exhaustive secondary research has been done to collect information on the market, peer market, and parent market. To validate these findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments. Two sources of information—secondary and primary—have been used to identify and collect information for an extensive technical and commercial study of the flow battery market.

Secondary Research

Secondary sources include company websites, magazines, industry news, associations, and databases (Factiva and Bloomberg). These secondary sources include annual reports, press releases, and investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases.

The impact and implication of COVID-19 on various application, as well as flow battery, have also been discussed in this section. Various secondary sources include corporate filings such as annual reports, investor presentations, and financial statements, trade, business and professional associations, white papers, manufacturing associations, and more.

Primary Research

Primary sources mainly consist of several experts from the core and related industries, along with preferred flow battery suppliers, manufacturers, distributors, alliances, standards, and certification organizations related to various segments of this industry’s value chain.

In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply-side included various industry experts (with a key focus on the impact of COVID-19), such as Chief X Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, product development/innovation teams, and related key executives from flow battery providers, such as Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), ViZn Energy Systems (US), Primus Power (US), ESS, Inc. (US), Redflow Limited (Australia), and Invinity Energy Systems (UK); research organizations, distributors, professional and managed service providers, industry associations, and key opinion leaders. Following is the breakdown of primary respondents

The breakdown of primary respondents is provided below.

Flow Battery Market  Size, and Share

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Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the total size of the flow battery market. These methods have also been used extensively to estimate the size of various subsegments in the market. The following research methodology has been used to estimate the market size:

  • Major players in the industry and markets have been identified through extensive secondary research.
  • The industry’s value chain and market size (in terms of value) have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Global Flow battery market Size: Bottom-Up Approach

Flow Battery Market  Size, and Share

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Date Triangulation

After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.

Report Objectives

  • To describe and forecast the flow battery market, in terms of type, material, ownership, storage, and application.
  • To describe and forecast the market, in terms of value, with regard to four main regions: Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW) along with their respective countries
  • To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
  • To provide a detailed overview of the value chain of flow battery.
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the flow battery market
  • To analyze opportunities in the market for stakeholders by identifying high-growth segments of the flow battery
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for market leaders.
  • To analyze competitive strategies, such as product launches, expansions, mergers and acquisitions, adopted by key market players in the flow battery market

Available Customizations:

Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows:

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Flow Battery Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Flow Battery Market

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Report Code
SE 5914
Published ON
Jun, 2021
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