- Published: October 2023
- Pages: 145
- Tables: 38
- Figures: 11
- Series: Energy
The global market for flow batteries is poised for massive growth driven by rising demand for renewable energy storage and grid modernization. Flow batteries provide unique advantages over conventional rechargeable batteries for large scale energy storage applications. The most mature and commercially successful flow battery is the vanadium redox flow battery. Other promising chemistries include zinc-bromine, iron-chromium, and polysulfide-bromine flow batteries. Hybrid flow batteries combining zinc, vanadium, and polyhalide electrolytes also demonstrate good technical characteristics.
The Global Market for Flow Batteries 2024-2034 provides an in-depth analysis of the flow battery market including market size, growth forecasts, trends, drivers, companies, technologies, applications, and future outlook. It covers key battery types like vanadium redox, zinc-bromine, iron-chromium, and emerging chemistries. Detailed application analysis across utility storage, microgrids, renewable integration, EV charging, telecom towers, data centers, C&I, and residential sectors.
Profiles of major manufacturers, start-ups, and investments are provided. The report segments the global market by region including North America, Europe, Asia Pacific, China, and RoW. Market challenges, cost analysis, SWOT analysis, and growth opportunities are covered.
With increasing need for long duration energy storage, flow batteries are expected to see high adoption. This report serves as a comprehensive guide to the flow battery market for stakeholders across the energy storage value chain.
Report contents include:
- Introduction covers flow battery principles, advantages/disadvantages, major types like vanadium redox, zinc-bromine, polysulfide bromine, iron-chromium, and comparisons with Li-ion batteries.
- Market Analysis examines drivers, trends, current market, value chain, recent news/funding, competitive landscape, SWOT analysis, cost analysis, applications roadmap, and market segments like utility storage, renewables, UPS, telecom, EVs, and C&I.
- Global revenue forecasts are provided by battery type, end-use market, and region from 2018-2034. Challenges for adoption are also analyzed.
- Company Profiles section covers 35 key players in the flow battery industry including manufacturers, technology developers, and startups. Companies profiled include CellCube, Dalian Rongke Power, ESS Tech, Invinity Energy Systems, Quino Energy, Salgenx, Sumitomo Electric Industries, VFlowTech, VoltStorage GmbH, and Volterion.
- Research Methodology and References provide details on the research approach and data sources used in the report.
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View full table of contents (PDF)
1 INTRODUCTION 9
- 1.1 Flow Battery Principles 9
- 1.2 Advantages and disadvantages 11
- 1.3 Types 13
- 1.3.1 Redox flow batteries 13
- 1.3.1.1 Vanadium redox flow batteries (VRFB) 13
- 1.3.1.2 Zinc-bromine flow batteries (ZnBr) 17
- 1.3.1.3 Polysulfide bromine flow batteries (PSB) 20
- 1.3.1.4 Iron-chromium flow batteries (ICB) 23
- 1.3.1.5 All-Iron flow batteries 25
- 1.3.1.6 Zinc-iron (Zn-Fe) flow batteries 29
- 1.3.1.7 Hydrogen-bromine (H-Br) flow batteries 31
- 1.3.1.8 Hydrogen-Manganese (H-Mn) flow batteries 33
- 1.3.1.9 Organic flow batteries 35
- 1.3.1.10 Redox flow battery installations 37
- 1.3.2 Hybrid Flow Batteries 40
- 1.3.2.1 Zinc-Cerium Hybrid 40
- 1.3.2.2 Zinc-Polyiodide Flow Battery 41
- 1.3.2.3 Zinc-Nickel Hybrid Flow Battery 43
- 1.3.2.4 Zinc-Bromine Hybrid Flow Battery 43
- 1.3.2.5 Vanadium-Polyhalide Flow Battery 44
- 1.3.1 Redox flow batteries 13
- 1.4 Comparison with Li-ion batteries 45
2 MARKET ANALYSIS 47
- 2.1 Market drivers 47
- 2.2 Market trends 49
- 2.3 Current market 51
- 2.4 Value chain 52
- 2.5 Recent market news, funding and developments 53
- 2.6 Competitive landscape 56
- 2.7 SWOT analysis 62
- 2.8 Cost analysis 64
- 2.9 Applications roadmap 68
- 2.10 Markets 70
- 2.10.1 Utility grid energy storage 70
- 2.10.1.1 Market overview 70
- 2.10.1.2 Advantages 71
- 2.10.1.3 Applications 72
- 2.10.1.4 Market players 73
- 2.10.2 Renewable energy storage 74
- 2.10.2.1 Market overview 74
- 2.10.2.2 Advantages 75
- 2.10.2.3 Applications 75
- 2.10.2.4 Market players 76
- 2.10.3 UPS and backup systems 77
- 2.10.3.1 Market overview 77
- 2.10.3.2 Advantages 78
- 2.10.3.3 Applications 79
- 2.10.3.4 Market players 80
- 2.10.4 Telecom network energy storage 81
- 2.10.4.1 Market overview 81
- 2.10.4.2 Advantages 82
- 2.10.4.3 Applications 83
- 2.10.4.4 Market players 84
- 2.10.5 Electric vehicle charging 85
- 2.10.5.1 Market overview 85
- 2.10.5.2 Advantages 86
- 2.10.5.3 Applications 86
- 2.10.5.4 Market players 87
- 2.10.6 Residential and C&I Storage 88
- 2.10.6.1 Market overview 88
- 2.10.6.2 Advantages 89
- 2.10.6.3 Applications 89
- 2.10.6.4 Market players 90
- 2.10.7 Other 91
- 2.10.1 Utility grid energy storage 70
- 2.11 Global revenues for flow batteries, 2018-2034 93
- 2.11.1 By type 93
- 2.11.2 By end-use market 95
- 2.11.3 By region 96
- 2.12 Market challenges 98
3 COMPANY PROFILES 100 (35 company profiles)
4 RESEARCH METHODOLOGY 135
5 REFERENCES 137
List of Tables
- Table 1. Advantages and disadvantages of flow batteries. 11
- Table 2. Vanadium redox flow batteries (VRFB)-key features, advantages, limitations, performance, components and applications. 15
- Table 3. Market players in Vanadium redox flow batteries (VRFB). 16
- Table 4. Zinc-bromine (ZnBr) flow batteries-key features, advantages, limitations, performance, components and applications. 17
- Table 5. Market players in Zinc-Bromine Flow Batteries (ZnBr). 19
- Table 6. Polysulfide bromine flow batteries (PSB)-key features, advantages, limitations, performance, components and applications. 20
- Table 7. Iron-chromium (ICB) flow batteries-key features, advantages, limitations, performance, components and applications. 23
- Table 8. All-Iron flow batteries-key features, advantages, limitations, performance, components and applications. 25
- Table 9. Market players in All-iron Flow Batteries. 27
- Table 10. Market players in Zinc-iron (Zn-Fe) Flow Batteries. 30
- Table 11. Market players in Hydrogen-bromine (H-Br) flow batteries. 32
- Table 12. Market players in Hydrogen-Manganese (H-Mn) Flow Batteries. 34
- Table 13. Classification of Organic Redox Flow Batteries (ORFB). 35
- Table 14. Market players in Organic Redox Flow Batteries (ORFB). 36
- Table 15. Redox flow battery installations. 37
- Table 16. Comparison with Li-ion batteries. 45
- Table 17. Market drivers for flow batteries. 47
- Table 18. Market trends in flow batteries. 49
- Table 19. Flow battery production facilities. 51
- Table 20. Recent market news, funding and developments in flow batteries. 53
- Table 21. Cost Comparison of Chemistries. 66
- Table 22. Application of flow batteries in Utility Grid Energy Storage. 72
- Table 23. Market players in flow batteries in Utility Grid Energy Storage. 73
- Table 24. Application of flow batteries in renewable energy storage. 75
- Table 25. Market players in flow batteries in Renewable Energy Storage. 76
- Table 26. Application of flow batteries in UPS and backup systems. 79
- Table 27. Market players in flow batteries in UPS and backup systems. 80
- Table 28. Application of flow batteries in Telecom Network Energy Storage. 83
- Table 29. Market players in flow batteries in Telecom network energy storage. 84
- Table 30. Application of flow batteries in Electric vehicle charging. 86
- Table 31. Market players in flow batteries in electric vehicle charging. 87
- Table 32. Application of flow batteries in Residential and C&I Storage. 89
- Table 33. Market players in flow batteries in Residential and C&I Storage. 90
- Table 34. Other markets and applications for flow batteries. 91
- Table 35. Global revenues for flow batteries, 2018-2034, by type (millions USD). 93
- Table 36. Global revenues for flow batteries, 2018-2034, by end-use market (millions USD). 95
- Table 37. Global revenues for flow batteries, 2018-2034, by region (millions USD). 96
- Table 38. Market challenges in flow batteries. 98
List of Figures
- Figure 1. Scheme of a redox flow battery. 9
- Figure 2. Redox flow battery: Working principle. 14
- Figure 3. Flow battery value chain. 52
- Figure 4. SWOT analysis for flow batteries. 63
- Figure 5. Flow batteries applications roadmap. 69
- Figure 6. Global revenues for flow batteries, 2018-2034, by type (millions USD). 94
- Figure 7. Global revenues for flow batteries, 2018-2034, by end-use market (millions USD). 96
- Figure 8. Global revenues for flow batteries, 2018-2034, by region (millions USD). 97
- Figure 9. Rongke Power 400 MWh VRFB. 105
- Figure 10. Schematic of the quinone flow battery. 121
- Figure 11. VFlowTech’s PowerCube. 128
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