Flow Batteries Market Set to Reach $1.3 Billion by 2030, Led by Growth in Vanadium and Zinc-Bromine Sectors
Wednesday, March 20, 2024
DUBLIN, March 12, 2024 /PRNewswire/ -- The "Flow Batteries - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
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The global market for Flow Batteries estimated at US$303.9 Million in the year 2022, is projected to reach a revised size of US$1.3 Billion by 2030, growing at a CAGR of 20.4% over the analysis period 2022-2030. Vanadium, one of the segments analyzed in the report, is projected to record a 20% CAGR and reach US$928.7 Million by the end of the analysis period. Growth in the Zinc-Bromine segment is estimated at 22.4% CAGR for the next 8-year period.
The U.S. Market is Estimated at $75.4 Million, While China is Forecast to Grow at 24.8% CAGR
The Flow Batteries market in the U.S. is estimated at US$75.4 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$234.8 Million by the year 2030 trailing a CAGR of 24.8% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.3% and 19% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 19.2% CAGR.
Key Market Trends & Drivers
-- Growth of Intermittent Renewable Energy Sources and the Resulting Need
for Energy Storage: A Key Opportunity for Flow Batteries
-- Energy Storage Grange Challenge
-- Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on
Renewable Energy & Energy Storage Technologies
-- Select Flow Batteries Projects for Energy Storage
-- Will Flow Batteries Surpass Li-ion for Large-scale Energy Storage
-- Flow Batteries Vs Lithium-Ion Batteries
-- Rise in Number of Startups in Flow Batteries Space
-- Growing Opportunities for Flow Batteries in Clean Energy Space
-- Innovative Compact & Affordable Flow Batteries to Spearhead New Era in
Clean Energy
-- Flow Batteries: Potential to be a Game Changer for Electric Vehicles
-- Growing EV Adoption Pushes Up Stakes for Flow Batteries
-- Utilities: The Major End-Use Market for Flow Batteries
-- Need for Improved Energy Management amidst Increasing Demand for
Electricity Benefits Market Expansion
-- Electricity Demand Patterns Encourage Market Expansion
-- Grid Modernization Programs Emphasize Grid Connected Energy Storage
-- Flow Batteries for Grid Storage
-- Redox Flow Battery for the Grid-Scale
-- Smart Grids Elevate the Prospects for Flow Batteries
-- Complex Infrastructure and Scale of Modern Data Centers Necessitates
Energy Storage: Potential for Flow Batteries
-- Residential Applications to Witness Increased Penetration of Flow
Batteries in the Long Run
-- Smaller Flow Battery Companies Witness Growth in Commercial and
Residential Markets
-- Flow Batteries Hold Potential in Military Applications
-- Vanadium Emerges as a Preferred Electrolyte in Flow Batteries
-- Vanadium Flow Batteries Unveil Opportunities in Energy Storage
-- Vanadium Redox Flow Batteries: A High Growth Market
-- VRFBs Demonstrate Efficiency in Sustainable Energy Applications
-- Vanadium Redox Flow Batteries Face Stiff Challenge in Replacing Li-ion
Batteries for Utility-Scale Storage
-- AI Control for VRFBs - The First-of-its-Kind Control Method for
Improving Battery Performance for DC Microgrid Applications
-- Bromine Flow Batteries: Opportunities in Store
-- Hybrid Flow Battery Market: An Overview
-- Zinc-Bromine (ZnBr) Chemistry: A Reliable Hybrid Flow Battery
-- Zinc Iron Flow Batteries Gain Interest in Grid-Scale Energy Storage
Applications
-- Redox Flow Batteries: Significant Potential in Storage Battery Market
-- Advancements in RFBs to Support the World Easily Transition to
Sustainable Energy Future
-- RFB Projects On the Move
-- Technological Innovations & Advancements Drive Flow Batteries Demand
-- Rentable Electrolytes Model Comes into Spotlight for Flow Batteries to
Compete Against Lithium Ion Batteries
-- Challenges Confronting Flow Batteries Market
A selection of companies mentioned includes:
-- Lockheed Martin Corporation
-- OCI Co., Ltd.
-- EnerVault
-- J. Schmalz GmbH
-- Aquion Energy, Inc.
-- Ashlawn Energy LLC
-- ESS, Inc.
-- Primus Power Corporation
-- Redflow Limited
-- H2, Inc.
-- Bushveld Energy
-- RFC Power
-- Australian Vanadium
-- Cellcube
-- Hydraredox
What`s New?
-- Special discussions on the global economic climate and market sentiment
-- Coverage on global competitiveness and key competitor percentage market
shares
-- Market presence analysis across multiple geographies -
Strong/Active/Niche/Trivial
-- Online interactive peer-to-peer collaborative bespoke updates
-- Access to digital archives and research platform
-- Complimentary updates for one year
-- Access to curated YouTube video transcripts of market sentiments shared
by CEOs, domain experts and market influencers via interviews, podcasts,
press statements and event keynotes
Key Topics Covered:
MARKET OVERVIEW
-- Growing Focus on Long-Duration Energy Storage with Sustainable and
Efficient Power Solutions Lays the Foundation for Growth for Flow
Batteries
-- Manufacturers Focus on Addressing Challenges
-- Vanadium Flow Batteries Hog the Spotlight
-- Developing Economies to Boost Future Growth
-- Global Economic Update
-- Competition
-- Competitive Market Presence - Strong/Active/Niche/Trivial for 77 Players
Worldwide in 2023 (E)
-- An Introduction to Flow Batteries
-- Types of Flow Batteries & Technologies
-- Advantages & Disadvantages of Flow Batteries
-- Applications of Flow Batteries
INFLUENCER/PRODUCT/TECHNOLOGY INSIGHTS
-- Recent Market Activity
-- World Brands
FOCUS ON SELECT PLAYERS
MARKET TRENDS & DRIVERS
GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/waspzv
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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