Report Scope
The flow battery report covers all batteries that are currently available commercially. The market report also analyzes the end-use segments in which flow batteries find application at both the regional and country level.
The report provides market size and estimations in terms of revenue (U.S. currency), considering 2020 as the base year with a market forecast provided from 2021 to 2026. The market size for regional and country level also is covered. The report also analyzes the impact of the COVID-19 pandemic on the market estimations.
In terms of battery technology, the market for flow batteries is segmented into -
- Vanadium redox flow battery (VRFB).
- Zinc bromine (ZnBr) flow battery.
- Other batteries.
In terms of application, the market for flow batteries is segmented into -
- Load shifting.
- Peaking capacity.
- Microgrid formation.
- Others.
In terms of end-use, the market for flow batteries is segmented into -
- Utility.
- Commercial.
- Residential.
Report Includes
- 43 data tables and 11 additional tables
- An overview of the global market for flow batteries
- Estimation of the market size and analyses of market trends, with data from 2020, estimates for 2021 and projection of CAGR through 2026
- Market share analysis of flow batteries by type, end use, application, and region, and evaluation of market size and forecast, and detailed analysis of drivers, challenges, and opportunities affecting market growth
- Description of flow batteries functioning that makes them the safest batteries with negligible risk of fire hazards, and discussion on how flow batteries are different from conventional batteries and high-temperature batteries
- Coverage of recent R&D activities and insights into regulations and norms concerning the flow batteries market
- Market share analysis of the key companies of the industry and coverage of events like mergers & acquisitions, joint ventures, collaborations or partnerships, and other key market strategies
- Comprehensive company profiles of major players, including Redflow, ESS Inc., Vionx Energy, Unienergy Technologies, EnerVault Corp., Primus Power and Sumitomo Electric Industries Ltd.
Summary
The global market for flow batteries was valued at $REDACTED million in 2020 and is projected to reach $REDACTED billion by 2026. The market is poised to grow at a CAGR of REDACTED% over the forecast period. Flow batteries are electrochemical storage batteries that have gained significant traction in recent years and are seen as a promising emerging storage technology apart from lithium-ion batteries. As the demand for energy storage technologies continues to rise due to increased electricity generation from renewable energy sources like solar and wind, players as well as the consumers are exploring different categories of batteries suited for their purpose. Currently, Lithium-ion batteries dominate the electrochemical batteries space, whereas pumped hydro segment is still the largest segment for energy storage technologies. There are many emerging technologies such as flywheels, supercapacitors and solid state batteries among others that have specific properties and are suitable for specific applications.
Among them, flow batteries are gaining significant traction due to their suitability for large-scale storage applications. Flow batteries also are among the safest batteries and have a long life-cycle, making them highly suitable for large-scale long-term storage applications. Advancements in flow battery technologies are reducing system costs, which is another favorable indicator for flow battery users. Furthermore, China's deployment of large-scale flow battery projects has led to speculations and optimism for the global adoption of flow batteries. However, the flow batteries industry still has not been fully commercialized due to the high installation and maintenance cost of flow batteries.
Among flow battery technologies, vanadium redox flow batteries (VRFB) dominate the flow battery industry due to superior technology and the product's significant adoption by China. Also, the properties of vanadium electrolyte are highly suitable for flow battery technology and attaining a long-life product cycle. Because flow batteries require a large-scale setup and economically feasible with large-scale applications, they are suitable for grid scale-operations or at electricity generation centers. Therefore, load shifting and peaking capacity currently are the biggest application segments for flow batteries. For similar reasons, the utility segment is the largest end-use segment in the market for flow batteries.
Asia-Pacific leads all regions in flow battery consumption. China is the largest consumer of flow batteries due to significant vanadium raw material availability and the country's leading technology. In other countries, flow batteries are steadily gaining traction. Currently, several startups and small-scale industries are operating in this space. Large-scale companies like Lockheed Martin are conducting significant research that might lead to its entry into the market for flow batteries.
Redflow, ESS Inc., Vionx Energy, Unienergy Technologies, EnerVault Corp., Primus Power, Sumitomo, Electric Industries Ltd., ViZn Energy, Younicos inc., Primus Power are major companies operating in the market for flow batteries.
Flow Batteries: Global Markets
Table of Contents
Chapter 1 Introduction
Study Goals and Objectives
Reasons for Doing This Study
Scope of Report
Information Sources
Methodology
Geographic Breakdown
Analyst's Credentials
BCC Custom Research
Related BCC Research Reports
Chapter 2 Summary and Highlights
Chapter 3 Market and Technology Background
Industry Overview
Batteries
General Description
Battery Technology: A Brief History
General Battery Characteristics
Voltage
Capacity
Shelf Life
Drain
Safety
Utility-Scale Electricity Storage
Overall Challenges
Flow Batteries
Flow Battery Categories
Vanadium Redox
Hybrid Flow Batteries
Battery Energy Storage: Technology Comparison
Background
Market Drivers
Rising Energy Prices
Investments: R&D and Demonstration Projects
Renewable Energy Integration
Smart Grids and Distributed Power Generation Systems
Electric Vehicles
Changing National Policies
Deregulating Electric Utility Markets
Overall Challenges: Grid-Scale Electricity Storage Technology and Flow Batteries
Implementing Large-Scale EES
High Capital Costs
Regulatory Challenges
Overall Growth Barriers: Grid-Scale Electricity Storage Technology and Flow Batteries
Conservatism in the Utility Industry
Large-Scale Demonstration Projects
Competition
Energy Loss During Storage
Economic Risk
Drawbacks
Chapter 4 Market Breakdown by Battery Technology
Introduction
Vanadium Redox Flow Battery
Overview
Market Size and Forecast
Zinc-Bromine Flow Battery
Overview
Market Size and Forecast
Other Flow Batteries
Overview
Market Size and Forecast
Chapter 5 Market Breakdown by Application
Introduction
Load Shifting
Overview
Market Size and Forecast
Peaking Capacity
Overview
Market Size and Forecast
Microgrid Formation
Overview
Market Size and Forecast
Others
Overview
Market Size and Forecast
Chapter 6 Market Breakdown by End Use
Introduction
Utility
Overview
Market Size and Forecast
Commercial
Overview
Market Size and Forecast
Residential
Overview
Market Size and Forecast
Chapter 7 Market Breakdown by Region
Introduction
North America
Overview
Market Size by Segment
Market Size and Forecast
Market Size by Country
Europe
Overview
Market Size and Forecast
Market Size by Segment
Market Size by Country
Asia-Pacific
Overview
Market Size by Segment
Market Size and Forecast
Market Size by Country
LAMEA
Overview
Market Size by Segment
Market Size and Forecast
Chapter 8 Competitive Analysis
Key Players and Industry Competition
Recent Developments
Key Players
Chapter 9 Battery R&D Organizations
Chapter 10 Company Profiles
AMERICAN VANADIUM
ENERVAULT CORP.
ENSYNC INC.
ESS INC.
IMERGY POWER SYSTEMS
INVINITY ENERGY SYSTEMS PLC
PRUDENT ENERGY
PRIMUS POWER
REDFLOW LTD.
SCHMID GROUP
SUMITOMO ELECTRIC INDUSTRIES LTD.
UNIENERGY TECHNOLOGIES LLC
VIONX ENERGY CORP.
VIZN ENERGY
YOUNICOS INC.
Manufacturers: Related Components
ABB LTD.
ALEVO U.S.
AXION POWER INTERNATIONAL INC.
BOSCH GROUP
DYNAPOWER ENERGY MANAGEMENT
FURUKAWA BATTERY
GE ENERGY STORAGE
GREEN CHARGE NETWORKS
GREENSMITH ENERGY MANAGEMENT SYSTEMS
HUDSON CLEAN ENERGY PARTNERS
JLM ENERGY INC.
OUTBACK POWER
S&C ELECTRIC CO.
SHARP
SIEMENS ENERGY
STEM INC.
SUNVERGE ENERGY
TOSHIBA POWER GENERATION DIVISION
XTREME POWER
List of Tables
Summary Table : Global Market for Flow Batteries, by Region, Through 2026
Table 1 : List of Grid-Scale Battery Storage Technologies
Table 2 : Large and Advanced Battery Systems
Table 3 : Technical Characteristics: VRB Systems, by Application
Table 4 : ZnBr Battery Cost, by Size and Application, 2010
Table 5 : Technologies for Large-Scale Energy Storage
Table 6 : Global Market for Flow Batteries, by Battery Technology, Through 2026
Table 7 : Global Market for Flow Batteries, by Application, Through 2026
Table 8 : Global Market for Flow Batteries, by End Use, Through 2026
Table 9 : Global Market for Flow Batteries, by Region, Through 2026
Table 10 : North America: Key Country Figures, 2020
Table 11 : Existing and Planned (Proposed, Under Construction, Contracted, Announced), U.S. Energy Storage Technologies, Split, by Capacity, 2019
Table 12 : Existing and Planned (Proposed, Under Construction, Contracted, Announced), U.S. Energy Storage Technologies, Split, by Capacity, 2019
Table 13 : Major North American Grid-Scale Electricity Storage Component Manufacturers and Engineers
Table 14 : North American Market for Flow Batteries, by Battery Technology, Through 2026
Table 15 : North American Market for Flow Batteries, by Application, Through 2026
Table 16 : North American Market for Flow Batteries, by End Use, Through 2026
Table 17 : U.S. Market for Flow Batteries, by Battery Technology, Through 2026
Table 18 : U.S. Market for Flow Batteries, by End Use, Through 2026
Table 19 : Canadian Market for Flow Batteries, by Battery Technology, Through 2026
Table 20 : Canadian Market for Flow Batteries, by End Use, Through 2026
Table 21 : Western Europe: Key Country Demographics, 2020
Table 22 : European Market for Flow Batteries, by Battery Technology, Through 2026
Table 23 : European Market for Flow Batteries, by Application, Through 2026
Table 24 : European Market for Flow Batteries, by End Use, Through 2026
Table 25 : German Market for Flow Batteries, by Battery Technology, Through 2026
Table 26 : German Market for Flow Batteries, by End Use, Through 2026
Table 27 : French Market for Flow Batteries, by Battery Technology, Through 2026
Table 28 : French Market for Flow Batteries, by End Use, Through 2026
Table 29 : U.K. Market for Flow Batteries, by Battery Technology, Through 2026
Table 30 : U.K. Market for Flow Batteries, by End Use, Through 2026
Table 31 : Spanish Market for Flow Batteries, by Battery Technology, Through 2026
Table 32 : Spanish Market for Flow Batteries, by End Use, Through 2026
Table 33 : Rest of European Market for Flow Batteries, by Battery Technology, Through 2026
Table 34 : Rest of European Market for Flow Batteries, by End Use, Through 2026
Table 35 : Asia-Pacific: Key Country Demographics, 2020
Table 36 : Asia-Pacific Market for Flow Batteries, by Battery Technology, Through 2026
Table 37 : Asia-Pacific Market for Flow Batteries, by Application, Through 2026
Table 38 : Asia-Pacific Market for Flow Batteries, by End Use, Through 2026
Table 39 : Chinese Market for Flow Batteries, by Battery Technology, Through 2026
Table 40 : Chinese Market for Flow Batteries, by End Use, Through 2026
Table 41 : Indian Market for Flow Batteries, by Battery Technology, Through 2026
Table 42 : Indian Market for Flow Batteries, by End Use, Through 2026
Table 43 : Japanese Market for Flow Batteries, by Battery Technology, Through 2026
Table 44 : Japanese Market for Flow Batteries, by End Use, Through 2026
Table 45 : Australian Market for Flow Batteries, by Battery Technology, Through 2026
Table 46 : Australian Market for Flow Batteries, by End Use, Through 2026
Table 47 : South Korean Market for Flow Batteries, by Battery Technology, Through 2026
Table 48 : South Korean Market for Flow Batteries, by End Use, Through 2026
Table 49 : Rest of Asia-Pacific Market for Flow Batteries, by Battery Technology, Through 2026
Table 50 : Rest of Asia-Pacific Market for Flow Batteries, by End Use, Through 2026
Table 51 : LAMEA Market for Flow Batteries, by Battery Technology, Through 2026
Table 52 : LAMEA Market for Flow Batteries, by Application, Through 2026
Table 53 : LAMEA Market for Flow Batteries, by End Use, Through 2026
List of Figures
Summary Figure : Global Market for Flow Batteries, by Region, 2020-2026
Figure 1 : Flow Battery System
Figure 2 : Flow Battery Cell Construction
Figure 3 : ZnBr Battery Composition
Figure 4 : Global Market Shares of Flow Batteries, by Battery Technology, 2020
Figure 5 : Global Market for Flow Batteries, by VRFB Technology, 2020-2026
Figure 6 : Global Market for Flow Batteries, by ZnBr Flow battery Technology, 2020-2026
Figure 7 : Global Market for Other Types of Battery Technologies, 2020-2026
Figure 8 : Global Market Shares of Flow Batteries, by Application, 2020
Figure 9 : Global Market for Flow Batteries in Load Shifting Applications, 2020-2026
Figure 10 : Global Market for Flow Batteries in Peaking Capacity Applications, 2020-2026
Figure 11 : Global Market for Flow Batteries in Microgrid Formation Applications, 2020-2026
Figure 12 : Global Market for Flow Batteries in Other Applications, 2020-2026
Figure 13 : Global Market Shares of Flow Batteries, by End Use, 2020
Figure 14 : Global Market for Flow Batteries in Utility End Uses, 2020-2026
Figure 15 : Global Market for Flow Batteries in Commercial End Uses, 2020-2026
Figure 16 : Global Market for Flow Batteries in Residential End Uses, 2020-2026
Figure 17 : Global Market Shares of Flow Batteries, by Region, 2020
Figure 18 : North American Market for Flow Batteries, 2020-2026
Figure 19 : U.S. Market for Flow Batteries, 2020-2026
Figure 20 : Canadian Market for Flow Batteries, 2020-2026
Figure 21 : European Market for Flow Batteries, 2020-2026
Figure 22 : German Market for Flow Batteries, 2020-2026
Figure 23 : French Market for Flow Batteries, 2020-2026
Figure 24 : U.K. Market for Flow Batteries, 2020-2026
Figure 25 : Spanish Market for Flow Batteries, 2020-2026
Figure 26 : Rest of European Market for Flow Batteries, 2020-2026
Figure 27 : Asia-Pacific Market for Flow Batteries, 2020-2026
Figure 28 : Chinese Market for Flow Batteries, 2020-2026
Figure 29 : Indian Market for Flow Batteries, 2020-2026
Figure 30 : Japanese Market for Flow Batteries, 2020-2026
Figure 31 : Australian Market for Flow Batteries, 2020-2026
Figure 32 : South Korean Market for Flow Batteries, 2020-2026
Figure 33 : Rest of Asia-Pacific Market for Flow Batteries, 2020-2026
Figure 34 : LAMEA Market for Flow Batteries, 2020-2026
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