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The Global Market for Redox Flow Batteries 2024-2034

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  • Published: February 2023.
  • Pages: 136
  • Tables: 51
  • Figures: 28
  • Series: Energy, Bio-Economy

 

The redox flow battery market shows strong potential for significant expansion as a long-duration, sustainable energy storage solution able to uniquely meet demands emerging across utility, C&I, EV infrastructure, telecom and off-grid sectors. The Global Market for Redox Flow Batteries 2024-2034 provides a comprehensive analysis of the global market ranging from detailed technology overviews, current installed base and value chain, competitive landscape, regional market revenues and segmental forecasts to 2034, growth drivers and limitations.

The report offers insightful breakdowns covering all major flow battery chemistries including vanadium, zinc-bromine, iron-chromium, all-iron, zinc-iron, hydrogen-bromine, hydrogen-manganese and emerging organic types. Historical global market figures are provided along with granular 10-year annual growth projections by battery chemistry, key geography and major end use case markets like utility storage, behind-the-meter, UPS systems, EV infrastructure, remote area microgrids and telecom backup.

Additionally, the report outlines growth opportunities, trends, challenges, recent funding activities and actual fielded project examples in detail, equipping strategic decision makers with unparalleled insights into the next frontier of sustainable energy storage.

Report contents include:

  • Technology Overviews
    • Operating principles
    • Chemistry types - vanadium, zinc-bromine, polysulfide bromine, iron-chromium, all-iron, zinc-iron, hydrogen-based
    • Emerging concepts - semi-solid, solar integration, metal-CO2
    • Hybrid flow batteries
  • Market Analysis
    • Drivers and trends
    • Installed base and outlook to 2034
    • Value chain assessment
    • Recent news and funding developments
    • Global installed sites and projects
    • Competitor landscape
    • SWOT analysis
    • Cost structure comparisons
    • Applications roadmap
    • Segment market sizes by end-use case
  • Company Profiles
    • 50+ manufacturers covered. Companies covered include CellCube, Cerq, CMBlu Energy AG, Dalian Rongke Power, Invinity Energy Systems, StorEn Technologies, Sumitomo Electric etc. (Full list of companies in table of contents)
    • Overviews, value propositions
    • Technical partnerships -Installed base and capabilities
  • Market Data and Forecasts
    • 2018-2034 granular projections
    • Revenues by chemistry type
    • End-use case market sizes
    • Regional market outlook
  • Growth Opportunities and Challenges
    • Scenario analysis
    • Future applications
    • Limitations to address

 

Download full table of contents (PDF)

1              INTRODUCTION 11

  • 1.1          Flow Battery Principles  11
  • 1.2          Advantages and disadvantages  12
  • 1.3          Types    13
  • 1.3.1      Redox flow batteries      14
    • 1.3.1.1   Vanadium redox flow batteries (VRFB)   15
    • 1.3.1.2   Zinc-bromine flow batteries (ZnBr)           21
    • 1.3.1.3   Polysulfide bromine flow batteries (PSB)               25
    • 1.3.1.4   Iron-chromium flow batteries (ICB)          27
    • 1.3.1.5   All-Iron flow batteries    30
    • 1.3.1.6   Zinc-iron (Zn-Fe) flow batteries  34
    • 1.3.1.7   Hydrogen-bromine (H-Br) flow batteries 37
    • 1.3.1.8   Hydrogen-Manganese (H-Mn) flow batteries       40
    • 1.3.1.9   Organic flow batteries   43
  • 1.4          Emerging Flow-Batteries              48
    • 1.4.1      Semi-Solid Redox Flow Batteries 48
    • 1.4.2      Solar Redox Flow Batteries           48
    • 1.4.3      Air-Breathing Sulfur Flow Batteries           49
    • 1.4.4      Metal–CO2 Batteries      49
  • 1.5          Hybrid Flow Batteries     50
    • 1.5.1.1   Zinc-Cerium Hybrid Flow Batteries            50
    • 1.5.1.2   Zinc-Polyiodide Flow Batteries    51
    • 1.5.1.3   Zinc-Nickel Hybrid Flow Batteries              52
    • 1.5.1.4   Zinc-Bromine Hybrid Flow Batteries         53
    • 1.5.1.5   Vanadium-Polyhalide Flow Batteries       55

 

2              MARKET ANALYSIS          56

  • 2.1          Market drivers  56
  • 2.2          Market trends   57
  • 2.3          Current market and outlook        58
  • 2.4          Value chain         58
  • 2.5          Recent market news, funding and developments               60
  • 2.6          Redox flow battery installations 61
  • 2.7          Competitive landscape  63
  • 2.8          SWOT analysis   64
  • 2.9          Cost analysis      65
  • 2.10        Applications roadmap    68
  • 2.11        End Use Markets              69
    • 2.11.1    Utility grid energy storage            69
      • 2.11.1.1                Market overview             69
      • 2.11.1.2                Advantages        69
      • 2.11.1.3                Limitations          69
      • 2.11.1.4                Applications       70
      • 2.11.1.5                Market players  70
    • 2.11.2    Renewable energy storage          72
      • 2.11.2.1                Market overview             72
      • 2.11.2.2                Advantages        72
      • 2.11.2.3                Limitations          72
      • 2.11.2.4                Applications       73
      • 2.11.2.5                Market players  73
    • 2.11.3    UPS and backup systems              74
      • 2.11.3.1                Market overview             75
      • 2.11.3.2                Advantages        75
      • 2.11.3.3                Limitations          75
      • 2.11.3.4                Applications       76
      • 2.11.3.5                Market players  76
    • 2.11.4    Telecom network energy storage              78
      • 2.11.4.1                Market overview             78
      • 2.11.4.2                Advantages        78
      • 2.11.4.3                Limitations          78
      • 2.11.4.4                Applications       79
      • 2.11.4.5                Market players  79
    • 2.11.5    Electric vehicle charging 81
      • 2.11.5.1                Market overview             81
      • 2.11.5.2                Advantages        81
      • 2.11.5.3                Limitations          81
      • 2.11.5.4                Applications       82
      • 2.11.5.5                Market players  82
    • 2.11.6    Residential and C&I Storage        84
      • 2.11.6.1                Market overview             84
      • 2.11.6.2                Advantages        84
      • 2.11.6.3                Limitations          84
      • 2.11.6.4                Applications       85
      • 2.11.6.5                Market players  85
    • 2.11.7    Other    86
  • 2.12        Global revenues for flow batteries, 2018-2034     87
    • 2.12.1    By type 87
    • 2.12.2    By end-use market          89
    • 2.12.3    By region             91
  • 2.13        Market challenges           93

 

3              COMPANY PROFILES       94

  • 3.1          Agora Energy Technologies Ltd. 94
  • 3.2          Allegro Energy Pty. Ltd.  94
  • 3.3          Australian Vanadium Limited      95
  • 3.4          Australia VRFB ESS Company (AVESS)      96
  • 3.5          Big Pawer            96
  • 3.6          CEC Science & Technology Co., Ltd            97
  • 3.7          CellCube              97
  • 3.8          Cerq      98
  • 3.9          CMBlu Energy AG             99
  • 3.10        Dalian Rongke Power     100
  • 3.11        Elestor  101
  • 3.12        Energy Storage Industries             101
  • 3.13        ESS Tech              102
  • 3.14        Gelion Technologies       103
  • 3.15        Green Energy Storage S.r.l. (GES)              105
  • 3.16        H2 Inc.  105
  • 3.17        HydraRedox Iberia S.L.   106
  • 3.18        Invinity Energy Systems 106
  • 3.19        Jolt Energy Storage Solutions      107
  • 3.20        Kemiwatt            108
  • 3.21        Korid Energy / AVESS      108
  • 3.22        Largo, Inc.           109
  • 3.23        Le System Co., Ltd            110
  • 3.24        LIVA Power Management Systems GmbH             111
  • 3.25        nanoFlocell         112
  • 3.26        Nuriplan Co., Ltd.             112
  • 3.27        Pinflow Energy Storage  113
  • 3.28        Primus Power    113
  • 3.29        Prolux Solutions                114
  • 3.30        Quino Energy     114
  • 3.31        Redox One          115
  • 3.32        RedFlow              116
  • 3.33        RFC Power Limited          117
  • 3.34        Salgenx 117
  • 3.35        SCHMID Group (Everflow)            118
  • 3.36        Shanghai Electric Energy Storage Technology       119
  • 3.37        Shen-Li High Tech             119
  • 3.38        StorEn Technologies       120
  • 3.39        Stryten Energy  121
  • 3.40        Sumitomo Electric            122
  • 3.41        Thorion Energy 122
  • 3.42        thyssenkrupp    123
  • 3.43        VanadiumCorp Resource Inc.      124
  • 3.44        Vanevo GmbH   124
  • 3.45        VFlowTech          125
  • 3.46        Visblue A/S         126
  • 3.47        ViZn Energy Systems Inc 126
  • 3.48        Volterion GmbH               127
  • 3.49        VoltStorage GmbH          128
  • 3.50        VRB Energy         129
  • 3.51        WattJoule           129
  • 3.52        WeView               130

 

4              RESEARCH METHODOLOGY         131

 

5              REFERENCES       132

 

List of Tables

  • Table 1. Advantages and disadvantages of flow batteries.              13
  • Table 2. Comparison of different battery types.  13
  • Table 3. Summary of main flow battery types.     14
  • Table 4. Vanadium redox flow batteries (VRFB)-key features, advantages, limitations, performance, components and applications.       16
  • Table 5. Market players in Vanadium redox flow batteries (VRFB).             19
  • Table 6. Zinc-bromine (ZnBr) flow batteries-key features, advantages, limitations, performance, components and applications.       22
  • Table 7. Market players in Zinc-Bromine Flow Batteries (ZnBr).    24
  • Table 8. Polysulfide bromine flow batteries (PSB)-key features, advantages, limitations, performance, components and applications.       25
  • Table 9. Iron-chromium (ICB) flow batteries-key features, advantages, limitations, performance, components and applications.       28
  • Table 10. Market players in Iron-chromium (ICB) flow batteries. 30
  • Table 11. All-Iron flow batteries-key features, advantages, limitations, performance, components and applications.                31
  • Table 12. Market players in All-iron Flow Batteries.           33
  • Table 13. Zinc-iron (Zn-Fe) flow batteries-key features, advantages, limitations, performance, components and applications.       35
  • Table 14. Market players in Zinc-iron (Zn-Fe) Flow Batteries.        36
  • Table 15. Hydrogen-bromine (H-Br) flow batteries-key features, advantages, limitations, performance, components and applications.              38
  • Table 16. Market players in Hydrogen-bromine (H-Br) flow batteries.       40
  • Table 17. Hydrogen-Manganese (H-Mn) flow batteries-key features, advantages, limitations, performance, components and applications.    41
  • Table 18. Market players in Hydrogen-Manganese (H-Mn) Flow Batteries.              43
  • Table 19. Materials in Organic Redox Flow Batteries (ORFB).         43
  • Table 20. Key Active species for ORFBs   44
  • Table 21. Organic flow batteries-key features, advantages, limitations, performance, components and applications.                44
  • Table 22. Market players in Organic Redox Flow Batteries (ORFB).              47
  • Table 23. Zinc-Cerium Hybrid flow batteries-key features, advantages, limitations, performance, components and applications.       50
  • Table 24. Zinc-Polyiodide Hybrid Flow batteries-key features, advantages, limitations, performance, components and applications.       52
  • Table 25. Zinc-Nickel Hybrid Flow batteries-key features, advantages, limitations, performance, components and applications.       53
  • Table 26. Zinc-Bromine Hybrid Flow batteries-key features, advantages, limitations, performance, components and applications.       54
  • Table 27. Vanadium-Polyhalide Hybrid Flow batteries-key features, advantages, limitations, performance, components and applications.              55
  • Table 28. Market drivers for redox flow batteries.             56
  • Table 29. Market trends in redox flow batteries. 57
  • Table 30. Redox flow battery value chain.              58
  • Table 31. Recent market news, funding and developments in redox flow batteries.            60
  • Table 32. Redox flow battery installations, current and planned. 61
  • Table 33. Cost structure for redox flow battery systems. 65
  • Table 34. Cost Comparison of Chemistries.           66
  • Table 35. Applications of redox flow batteries in Utility Grid Energy Storage.         70
  • Table 36. Market players in redox flow batteries in Utility Grid Energy Storage.    70
  • Table 37. Application of flow batteries in renewable energy storage.        73
  • Table 38. Market players in redox flow batteries in Renewable Energy Storage.   73
  • Table 39. Application of flow batteries in UPS and backup systems.           76
  • Table 40. Market players in redox flow batteries in UPS and backup systems.        76
  • Table 41. Application of flow batteries in Telecom Network Energy Storage.          79
  • Table 42. Market players in redox flow batteries in Telecom network energy storage.       79
  • Table 43. Application of flow batteries in Electric vehicle charging.             82
  • Table 44. Market players in redox flow batteries in electric vehicle charging.         82
  • Table 45. Applications of flow batteries in Residential and C&I Storage.   85
  • Table 46. Market players in redox flow batteries in Residential and C&I Storage.  85
  • Table 47. Other markets and applications for redox flow batteries.            86
  • Table 48. Global revenues for redox flow batteries, 2018-2034, by type (millions USD).    87
  • Table 49. Global revenues for redox flow batteries, 2018-2034, by end-use market (millions USD).              89
  • Table 50. Global revenues for flow batteries, 2018-2034, by region (millions USD).             91
  • Table 51. Market challenges in redox flow batteries.        93

 

List of Figures

  • Figure 1. Scheme of a redox flow battery.              12
  • Figure 2. Vanadium Redox Flow Battery schematic.           15
  • Figure 3. SWOT analysis: Vanadium redox flow batteries (VRFB)  19
  • Figure 4. Schematic of zinc bromine flow battery energy storage system. 21
  • Figure 5. SWOT analysis: Zinc-Bromine Flow Batteries (ZnBr).       24
  • Figure 6. SWOT analysis: Iron-chromium (ICB) flow batteries.       27
  • Figure 7. SWOT analysis: Iron-chromium (ICB) flow batteries.       30
  • Figure 8.  Schematic of All-Iron Redox Flow Batteries.      31
  • Figure 9. SWOT analysis: All-iron Flow Batteries. 33
  • Figure 10. SWOT analysis: Zinc-iron (Zn-Fe) flow batteries.            36
  • Figure 11. Schematic of Hydrogen-bromine flow battery.               37
  • Figure 12. SWOT analysis: Hydrogen-bromine (H-Br) flow batteries.          40
  • Figure 13. SWOT analysis: Hydrogen-Manganese (H-Mn) flow batteries. 42
  • Figure 14. SWOT analysis: Organic redox flow batteries (ORFBs) batteries.             47
  • Figure 15. Schematic of zinc-polyiodide redox flow battery (ZIB). 51
  • Figure 16. SWOT analysis for redox flow batteries market.             65
  • Figure 17. Redox flow batteries applications roadmap.    68
  • Figure 18. Global revenues for redox flow batteries, 2018-2034, by type (millions USD).   88
  • Figure 19. Global revenues for flow batteries, 2018-2034, by end-use market (millions USD).         90
  • Figure 20. Global revenues for flow batteries, 2018-2034, by region (millions USD).            92
  • Figure 21. Rongke Power 400 MWh VRFB.             100
  • Figure 22. Gelion Endure battery.             104
  • Figure 23. Portable desalination plant.    104
  • Figure 24. Largo - Model VCHARGE - Advanced Vanadium Redox Flow Battery System.     110
  • Figure 25. Schematic of the quinone flow battery.             115
  • Figure 26. Salgenx S3000 seawater flow battery. 118
  • Figure 27. VFlowTech’s PowerCube.        125
  • Figure 28.  VoltStorage VDIUM C50.         128

 

 

The Global Market for Redox Flow Batteries 2024-2034
The Global Market for Redox Flow Batteries 2024-2034
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