フローバッテリー市場 : 2028年までの世界予測

Report Overview

The global flow battery market size is expected to grow from USD 289 million in 2023 to USD 805 million by 2028, at a CAGR of 22.8 % from 2023 to 2028. The flow battery market’s growth can be attributed to the increasing investments in renewable energy and the benefits provided by the flow batteries over conventional ones, which are fueling their adoption in various applications.

” Hybrid flow battery segment is projected to grow at significant CAGR during the forecast period”
Hybrid flow batteries have an additional advantage over standard flow battery designs. The zinc bromine hybrid battery offers higher energy density than other flow batteries. Also, many manufacturers are adopting hybrid designs for their flow batteries due to the high extraction cost of vanadium material. In recent years, several research programs have been conducted in several countries to explore the potential of hybrid flow batteries and also to build more compact and cheaper systems. Also, in the past few years, some players in the market have commercialized their hybrid batteries for various applications such as utilities, commercial, residential, and others.

“Utilities application is expected to hold the largest share during the forecast period”
With the growing need for higher energy capacity, the need for grid modernization has become essential worldwide. Improved security, reduced peak loads, increased integration of renewables, and lower operational costs are advantages of a modern grid system. Over the years, reliable energy and clean systems have become necessary worldwide. The increasing penetration of renewable energy across the power industry has, in turn, increased the need for efficient, flexible, and long-operating energy storage solutions. With all its attractive features, a flow battery 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. Among all the applications, vanadium-based redox flow batteries are the most widely commercialized in the utility sector. The utility sector also holds the highest number of operational flow battery projects globally.

“The market in Asia Pacific is expected to grow at the highest CAGR during the forecast period”
Asia Pacific is expected to grow at the highest rate during the forecast period. Countries such as China, Japan, India, and Australia are striving to boost their large-scale energy storage capacity through adoption of advanced battery technologies that could, in turn, enhance electric stability. The governments of countries like Australia, India, China, and Japan have introduced regulations and reforms and are making initiatives to modernize the power sector. Asia Pacific has a large number of operational flow battery installations with high power ratings. Australia has a large number of flow battery projects for utilities, residential, industrial, and commercial applications. Sumitomo Electric Industries Ltd. (Japan) and Redflow Limited (Australia) are the major industry participants in the Asia Pacific flow battery market.

Breakdown of the profiles of primary participants:
• By Company Type: Tier 1 – 25%, Tier 2 – 30%, and Tier 3 – 45%
• By Designation: C-level Executives – 35%, Directors – 25%, and Others – 40%
• By Region: North America – 35%, Europe – 25%, Asia Pacific – 32%, and RoW – 8%
Major players profiled in this report are as follows: Sumitomo Electric Industries, Ltd. (Japan), VRB Energy (Canada), Invinity Energy Systems (UK), Largo Inc. (Canada), Enerox GmbH (Austria), Redflow Limited (Australia), Stryten Energy (US), ViZn Energy Systems (US), Lockheed Martin Corporation (US), Jenabatteries GmbH (Germany), SCHMID Group (Germany), Elestor BV (The Netherlands), Primus Power Solutions (US), ESS Inc. (US) and others.

Research Coverage
The flow battery market has been classified by battery type, material, ownership, storage, application, and region. The market has been segmented into redox flow batteries and hybrid flow batteries, by type. Materials have segmented the market into vanadium, zinc-bromine, and others. By ownership, the market has been segmented into customer owned, third-party owned and utility owned. By storage, the segmentation is based on small-scale and large-scale storage. Furthermore, the market application segments include utilities, commercial & industrial, EV charging stations, and other applications. The study also forecasts the market size in four key regions—North America, Europe, Asia Pacific, and RoW.

The report provides insights on the following pointers:
Analysis of key drivers (Benefits of flow batteries over conventional technologies, Increasing investments in renewable energy, High demand for flow batteries in utilities, Surge in telecommunications tower installations), restraints (Requirement of high initial investment, Lack of proper standards for development of flow battery systems), opportunities (Growing demand for backup power in data centers, Growing adoption in residential applications, Increasing R&D practices to improve redox battery technology), and challenges (Presence of affordable alternative energy storage technologies) influencing the growth of the flow battery market
Product Development/Innovation: Detailed insights on upcoming products, technologies, research & development activities, funding activities, industry partnerships, and new product launches in the flow battery market
Market Development: Comprehensive information about lucrative markets – the report analyses the flow battery market across regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Market Diversification: Exhaustive information about new products & technologies, untapped geographies, recent developments, and investments in the flow battery market
Competitive Assessment: In-depth assessment of market ranks, growth strategies, and product offerings of leading players like Sumitomo Electric Industries, Ltd. (Japan), VRB Energy (Canada), Invinity Energy Systems (UK), Largo Inc. (Canada), Enerox GmbH (Austria), Redflow Limited (Australia), among others in the flow battery market
Strategies: The report also helps stakeholders understand the pulse of the flow battery market and provides information on key market drivers, restraints, challenges, and opportunities.

Table of Contents

1 INTRODUCTION 27
1.1 STUDY OBJECTIVES 27
1.2 MARKET DEFINITION 27
1.3 STUDY SCOPE 28
1.3.1 MARKETS COVERED 28
FIGURE 1 FLOW BATTERY MARKET SEGMENTATION 28
1.3.2 INCLUSIONS AND EXCLUSIONS 28
1.3.3 GEOGRAPHICAL SCOPE 29
FIGURE 2 FLOW BATTERY MARKET: REGIONS COVERED 29
1.3.4 YEARS CONSIDERED 29
1.4 CURRENCY CONSIDERED 30
1.5 LIMITATIONS 30
1.6 STAKEHOLDERS 30
1.7 SUMMARY OF CHANGES 31
1.8 RECESSION IMPACT 31
2 RESEARCH METHODOLOGY 32
2.1 RESEARCH APPROACH 32
FIGURE 3 FLOW BATTERY MARKET: RESEARCH DESIGN 32
2.1.1 SECONDARY AND PRIMARY RESEARCH 33
FIGURE 4 FLOW BATTERY MARKET: RESEARCH APPROACH 33
2.1.2 SECONDARY DATA 34
2.1.2.1 List of major secondary sources 34
2.1.2.2 Key data from secondary sources 35
2.1.3 PRIMARY DATA 35
2.1.3.1 Primary interviews with experts 36
2.1.3.2 Key data from primary sources 36
2.1.3.3 Key industry insights 37
2.1.3.4 Breakdown of primaries 37
2.2 MARKET SIZE ESTIMATION 37
2.2.1 BOTTOM-UP APPROACH 38
2.2.1.1 Approach to arrive at market size using bottom-up analysis 38
FIGURE 5 FLOW BATTERY MARKET: BOTTOM-UP APPROACH 38
2.2.2 TOP-DOWN APPROACH 39
2.2.2.1 Approach to arrive at market size using top-down analysis 39
FIGURE 6 FLOW BATTERY MARKET: TOP-DOWN APPROACH 39
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY FOR FLOW BATTERY MARKET: SUPPLY-SIDE ANALYSIS 40
 
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 41
FIGURE 8 DATA TRIANGULATION 41
2.4 RESEARCH ASSUMPTIONS 42
FIGURE 9 ASSUMPTIONS 42
2.5 PARAMETERS CONSIDERED TO UNDERSTAND RECESSION IMPACT ON FLOW BATTERY MARKET 43
2.6 RISK ASSESSMENT 43
TABLE 1 RISK ASSESSMENT 43
3 EXECUTIVE SUMMARY 44
FIGURE 10 FLOW BATTERY MARKET SIZE, 2019–2028 (USD MILLION) 44
FIGURE 11 REDOX FLOW BATTERIES TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 45
FIGURE 12 VANADIUM SEGMENT TO HOLD LARGEST SHARE OF FLOW BATTERY MARKET, BY MATERIAL, DURING FORECAST PERIOD 45
FIGURE 13 LARGE-SCALE FLOW BATTERIES TO DOMINATE MARKET FROM 2023 TO 2028 46
FIGURE 14 UTILITIES SEGMENT TO LEAD FLOW BATTERY MARKET, BY APPLICATION, THROUGHOUT FORECAST PERIOD 46
FIGURE 15 NORTH AMERICA HELD LARGEST SHARE OF FLOW BATTERY MARKET IN 2022 47
4 PREMIUM INSIGHTS 48
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FLOW BATTERY MARKET 48
FIGURE 16 GROWING ADOPTION OF FLOW BATTERIES IN UTILITIES APPLICATIONS TO DRIVE MARKET FROM 2023 TO 2028 48
4.2 FLOW BATTERY MARKET, BY BATTERY TYPE 48
FIGURE 17 REDOX BATTERY TYPE TO LEAD FLOW BATTERY MARKET DURING FORECAST PERIOD 48
4.3 FLOW BATTERY MARKET, BY APPLICATION 49
FIGURE 18 UTILITIES APPLICATION TO CAPTURE LARGEST MARKET SHARE THROUGHOUT FORECAST PERIOD 49
4.4 FLOW BATTERY MARKET IN NORTH AMERICA, BY APPLICATION AND COUNTRY, 2028 49
FIGURE 19 UTILITIES APPLICATION AND US TO HOLD LARGEST SHARE OF FLOW BATTERY MARKET IN NORTH AMERICA BY 2028 49
4.5 FLOW BATTERY MARKET, BY COUNTRY 50
FIGURE 20 FLOW BATTERY MARKET IN CHINA EXPECTED TO RECORD HIGHEST CAGR DURING FORECAST PERIOD 50
5 MARKET OVERVIEW 51
5.1 INTRODUCTION 51
5.2 MARKET DYNAMICS 51
FIGURE 21 FLOW BATTERY MARKET DYNAMICS 51
5.2.1 DRIVERS 52
5.2.1.1 Growing preference for flow batteries over conventional batteries 52
5.2.1.2 Government-led investments in developing renewable energy storage systems 52
FIGURE 22 GLOBAL INVESTMENTS IN RENEWABLE ENERGY, 2019–2023 (USD BILLION) 53
5.2.1.3 High adoption of flow batteries in utilities sector 53
5.2.1.4 Increasing installations of telecom towers 54
FIGURE 23 IMPACT OF DRIVERS ON GLOBAL FLOW BATTERY MARKET 54
5.2.2 RESTRAINTS 55
5.2.2.1 Need for substantial upfront investment 55
5.2.2.2 Lack of calibration standards 55
FIGURE 24 IMPACT OF RESTRAINTS ON GLOBAL FLOW BATTERY MARKET 55
5.2.3 OPPORTUNITIES 56
5.2.3.1 Increasing importance of backup power systems in data centers 56
5.2.3.2 Rising adoption of flow batteries in residential applications 56
5.2.3.3 Increasing focus on grid modernization 56
5.2.3.4 Rising focus on developing efficient and sustainable batteries 57
FIGURE 25 IMPACT OF OPPORTUNITIES ON GLOBAL FLOW BATTERY MARKET 57
5.2.4 CHALLENGES 57
5.2.4.1 Presence of affordable alternative battery technologies 57
FIGURE 26 IMPACT OF CHALLENGES ON GLOBAL FLOW BATTERY MARKET 58
5.3 VALUE CHAIN ANALYSIS 58
FIGURE 27 FLOW BATTERY MARKET: VALUE CHAIN ANALYSIS 58
5.4 ECOSYSTEM MAPPING 60
FIGURE 28 GLOBAL FLOW BATTERY MARKET: ECOSYSTEM 60
TABLE 2 FLOW BATTERY MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM 61
5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 62
FIGURE 29 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN FLOW BATTERY MARKET 62
5.6 PORTER’S FIVE FORCES ANALYSIS 62
TABLE 3 FLOW BATTERY MARKET: PORTER’S FIVE FORCES ANALYSIS 62
FIGURE 30 FLOW BATTERY MARKET: PORTERS FIVE FORCES ANALYSIS 63
5.6.1 BARGAINING POWER OF SUPPLIERS 63
5.6.2 BARGAINING POWER OF BUYERS 63
5.6.3 THREAT OF NEW ENTRANTS 63
5.6.4 THREAT OF SUBSTITUTES 64
5.6.5 INTENSITY OF COMPETITIVE RIVALRY 64
5.7 CASE STUDY ANALYSIS 64
TABLE 4 OPTUS TELECOMMUNICATIONS REDUCED GENERATOR OPERATING TIME USING FLOW BATTERIES 64
TABLE 5 SANDBAR SOLAR PARTNERED WITH INVINITY ENERGY AND AGETO ENERGY TO DEVELOP VANADIUM FLOW BATTERY AND MICROGRID SOLUTIONS 65
TABLE 6 VODAFONE NEW ZEALAND USED FLOW BATTERIES TO PROVIDE OFF-GRID POWER IN REMOTE LOCATION 65
5.8 TECHNOLOGY TRENDS 66
5.8.1 SODIUM-SULFUR BATTERIES 66
5.8.2 COBALT-FREE BATTERIES 66
5.8.3 POTASSIUM-METAL BATTERIES 66
5.8.4 SOLID-STATE BATTERIES 66
5.8.5 METAL-AIR BATTERIES 67
5.8.6 LIQUID-METAL BATTERIES 67
5.8.7 LITHIUM-SILICON BATTERIES 67
5.8.8 LITHIUM-SULFUR BATTERIES 67
5.9 PRICING ANALYSIS 67
FIGURE 31 AVERAGE SELLING PRICE TREND OF FLOW BATTERY, 2022–2028 68
5.9.1 AVERAGE SELLING PRICE TREND, BY BATTERY TYPE 68
TABLE 7 AVERAGE SELLING PRICE OF FLOW BATTERIES, BY BATTERY TYPE 68
5.9.2 AVERAGE SELLING PRICE TREND, BY KEY PLAYER 69
FIGURE 32 AVERAGE SELLING PRICE OF FLOW BATTERIES OFFERED BY KEY PLAYERS 69
TABLE 8 AVERAGE SELLING PRICE OF FLOW BATTERIES OFFERED BY KEY PLAYERS 69
5.9.3 AVERAGE SELLING PRICE TREND, BY REGION 69
TABLE 9 AVERAGE SELLING PRICE OF FLOW BATTERIES, BY REGION 69
5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 70
5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 70
FIGURE 33 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS 70
TABLE 10 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS 70
5.10.2 BUYING CRITERIA 70
FIGURE 34 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS 70
TABLE 11 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS 71
5.11 TRADE ANALYSIS 71
FIGURE 35 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8112, BY KEY COUNTRIES, 2018–2022 (USD MILLION) 71
FIGURE 36 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8112, BY KEY COUNTRIES, 2018–2022 (USD MILLION) 72
5.12 PATENT ANALYSIS 72
FIGURE 37 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS 72
TABLE 12 US: TOP 20 PATENT OWNERS IN LAST 10 YEARS 73
FIGURE 38 NUMBER OF PATENTS GRANTED PER YEAR FROM 2013 TO 2022 74
TABLE 13 FLOW BATTERY MARKET: LIST OF PATENTS, 2022–2023 74
5.13 KEY CONFERENCES AND EVENTS, 2023–2024 75
TABLE 14 FLOW BATTERY MARKET: DETAILED LIST OF CONFERENCES AND EVENTS 75
5.14 TARIFFS AND REGULATORY LANDSCAPE 76
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 77
TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 78
5.14.2 REGULATORY STANDARDS 78
TABLE 19 FLOW BATTERY MARKET: STANDARDS 78
6 FLOW BATTERY MARKET, BY BATTERY TYPE 80
6.1 INTRODUCTION 81
FIGURE 39 FLOW BATTERY MARKET, BY BATTERY TYPE 81
FIGURE 40 REDOX TO HOLD DOMINANT SHARE OF FLOW BATTERY MARKET THROUGHOUT FORECAST PERIOD 81
TABLE 20 FLOW BATTERY MARKET, BY TYPE, 2019–2022 (USD MILLION) 82
TABLE 21 FLOW BATTERY MARKET, BY TYPE, 2023–2028 (USD MILLION) 82
6.2 REDOX 82
6.2.1 GROWING ADOPTION OF REDOX FLOW BATTERIES IN LARGE-SCALE ENERGY STORAGE APPLICATIONS TO BOOST SEGMENTAL GROWTH 82
TABLE 22 REDOX: FLOW BATTERY MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 83
TABLE 23 REDOX: FLOW BATTERY MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 83
TABLE 24 REDOX: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 83
TABLE 25 REDOX: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 83
6.3 HYBRID 84
6.3.1 COMPACT SIZE AND DESIGN FLEXIBILITY OF HYBRID FLOW BATTERIES TO DRIVE SEGMENTAL LANDSCAPE 84
TABLE 26 HYBRID: FLOW BATTERY MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 84
TABLE 27 HYBRID: FLOW BATTERY MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 84
TABLE 28 HYBRID: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 85
TABLE 29 HYBRID: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 85
7 FLOW BATTERY MARKET, BY MATERIAL 86
7.1 INTRODUCTION 87
FIGURE 41 FLOW BATTERY MARKET, BY MATERIAL 87
FIGURE 42 VANADIUM MATERIAL TO ACCOUNT FOR LARGEST SHARE OF FLOW BATTERY MARKET IN 2028 87
TABLE 30 FLOW BATTERY MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 87
TABLE 31 FLOW BATTERY MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 88
7.2 VANADIUM 88
7.2.1 INCREASING FOCUS ON REDUCING CARBON FOOTPRINT TO FUEL ADOPTION OF VANADIUM FLOW BATTERIES 88
TABLE 32 VANADIUM: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 88
TABLE 33 VANADIUM: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 89
 
7.3 ZINC BROMINE 89
7.3.1 EASY AVAILABILITY AND COST-EFFECTIVENESS OF ZINC-BROMINE BATTERIES TO ACCELERATE SEGMENTAL GROWTH 89
TABLE 34 ZINC BROMINE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 89
TABLE 35 ZINC BROMINE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 90
7.4 OTHERS 90
TABLE 36 OTHERS: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 90
TABLE 37 OTHERS: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 91
8 FLOW BATTERY MARKET, BY OWNERSHIP 92
8.1 INTRODUCTION 92
FIGURE 43 FLOW BATTERY MARKET, BY OWNERSHIP 92
8.2 CUSTOMER-OWNED 92
8.2.1 INCREASING FOCUS ON OPTIMIZING ENERGY USAGE TO DRIVE ADOPTION OF FLOW BATTERIES 92
8.3 UTILITY-OWNED 93
8.3.1 RISING EMPHASIS ON ENHANCING GRID RELIABILITY TO FUEL DEMAND FOR FLOW BATTERIES 93
8.4 THIRD-PARTY-OWNED 93
8.4.1 NEED TO REDUCE UPFRONT COSTS AND RISKS TO BOOST ADOPTION OF THIRD-PARTY OWNERSHIP MODEL 93
9 FLOW BATTERY MARKET, BY STORAGE 94
9.1 INTRODUCTION 95
FIGURE 44 FLOW BATTERY MARKET, BY STORAGE 95
FIGURE 45 LARGE-SCALE SEGMENT TO DOMINATE FLOW BATTERY MARKET DURING FORECAST PERIOD 95
TABLE 38 FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 95
TABLE 39 FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 96
9.2 LARGE-SCALE 96
9.2.1 RISING DEMAND FOR LARGE-SCALE ENERGY STORAGE SOLUTIONS IN UTILITIES SECTOR TO SUPPORT SEGMENTAL GROWTH 96
TABLE 40 LARGE-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 96
TABLE 41 LARGE-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 97
TABLE 42 LARGE-SCALE: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 97
TABLE 43 LARGE-SCALE: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 97
 
9.3 SMALL-SCALE 97
9.3.1 INCREASING DEMAND FOR FLOW BATTERIES IN RESIDENTIAL APPLICATIONS TO DRIVE MARKET 97
TABLE 44 SMALL-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 98
TABLE 45 SMALL-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 98
TABLE 46 SMALL-SCALE: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 98
TABLE 47 SMALL-SCALE: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 99
10 FLOW BATTERY MARKET, BY APPLICATION 100
10.1 INTRODUCTION 101
FIGURE 46 FLOW BATTERY MARKET, BY APPLICATION 101
FIGURE 47 UTILITIES SEGMENT TO CAPTURE LARGEST SHARE OF FLOW BATTERY MARKET IN 2028 101
TABLE 48 FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 102
TABLE 49 FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 102
10.2 UTILITIES 102
10.2.1 INCREASING ADOPTION OF FLOW BATTERIES IN RENEWABLE ENERGY STORAGE SYSTEMS TO FUEL SEGMENTAL GROWTH 102
TABLE 50 UTILITIES: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 103
TABLE 51 UTILITIES: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 103
TABLE 52 UTILITIES: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 103
TABLE 53 UTILITIES: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 104
10.3 COMMERCIAL & INDUSTRIAL 104
10.3.1 INCREASING EMPHASIS ON IMPROVING POWER QUALITY IN COMMERCIAL AND INDUSTRIAL APPLICATIONS TO DRIVE MARKET 104
TABLE 54 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 105
TABLE 55 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 105
TABLE 56 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 105
TABLE 57 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 105
10.4 EV CHARGING STATIONS 106
10.4.1 GROWING FOCUS ON IMPLEMENTATION OF EV-CHARGING STATIONS TO SUPPORT MARKET 106
TABLE 58 EV CHARGING STATIONS: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 106
TABLE 59 EV CHARGING STATIONS: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 106
 
10.5 OTHER APPLICATIONS 107
TABLE 60 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 107
TABLE 61 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 107
TABLE 62 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 108
TABLE 63 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 108
11 FLOW BATTERY MARKET, BY REGION 109
11.1 INTRODUCTION 110
FIGURE 48 FLOW BATTERY MARKET, BY REGION 110
FIGURE 49 GEOGRAPHIC SNAPSHOT: FLOW BATTERY MARKET 111
TABLE 64 FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 111
TABLE 65 FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 111
11.2 NORTH AMERICA 112
11.2.1 RECESSION IMPACT ON MARKET IN NORTH AMERICA 112
FIGURE 50 SNAPSHOT: FLOW BATTERY MARKET IN NORTH AMERICA 113
FIGURE 51 US TO ACCOUNT FOR LARGEST SHARE THROUGHOUT FORECAST PERIOD 113
TABLE 66 NORTH AMERICA: FLOW BATTERY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 114
TABLE 67 NORTH AMERICA: FLOW BATTERY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 114
TABLE 68 NORTH AMERICA: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 114
TABLE 69 NORTH AMERICA: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 114
TABLE 70 NORTH AMERICA: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 115
TABLE 71 NORTH AMERICA: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 115
TABLE 72 NORTH AMERICA: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 115
TABLE 73 NORTH AMERICA: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 115
11.2.2 US 116
11.2.2.1 Government-led policies to boost decarbonization of multiple sectors 116
11.2.3 CANADA 116
11.2.3.1 Increased focus on integrating renewables to generate clean electricity to support flow battery growth 116
11.2.4 MEXICO 117
11.2.4.1 Government-led clean energy development projects to boost market growth 117
 
11.3 EUROPE 117
11.3.1 RECESSION IMPACT ON MARKET IN EUROPE 117
FIGURE 52 SNAPSHOT: FLOW BATTERY MARKET IN EUROPE 118
FIGURE 53 GERMANY TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 119
TABLE 74 EUROPE: FLOW BATTERY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 119
TABLE 75 EUROPE: FLOW BATTERY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 119
TABLE 76 EUROPE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 120
TABLE 77 EUROPE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 120
TABLE 78 EUROPE: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 120
TABLE 79 EUROPE: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 120
TABLE 80 EUROPE: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 121
TABLE 81 EUROPE: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 121
11.3.2 GERMANY 121
11.3.2.1 Rising focus on increasing clean energy production to foster market growth 121
11.3.3 UK 122
11.3.3.1 Growing use of flow batteries in commercial applications to drive market 122
11.3.4 FRANCE 122
11.3.4.1 Increasing focus on strengthening electric vehicle charging infrastructure to drive demand for flow batteries 122
11.3.5 REST OF EUROPE 122
11.4 ASIA PACIFIC 123
11.4.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC 123
FIGURE 54 SNAPSHOT: FLOW BATTERY MARKET IN ASIA PACIFIC 124
FIGURE 55 CHINA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 125
TABLE 82 ASIA PACIFIC: FLOW BATTERY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 125
TABLE 83 ASIA PACIFIC: FLOW BATTERY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 125
TABLE 84 ASIA PACIFIC: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 126
TABLE 85 ASIA PACIFIC: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 126
TABLE 86 ASIA PACIFIC: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 126
TABLE 87 ASIA PACIFIC: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 126
TABLE 88 ASIA PACIFIC: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 127
TABLE 89 ASIA PACIFIC: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 127
11.4.2 CHINA 127
11.4.2.1 Rising implementation of large-scale energy storage systems to boost market growth 127
11.4.3 JAPAN 128
11.4.3.1 Increasing focus on grid modernization to drive demand for flow batteries 128
11.4.4 INDIA 128
11.4.4.1 Growing investment in modernizing power sector to drive demand for flow batteries 128
11.4.5 AUSTRALIA 129
11.4.5.1 Increasing investments by utilities in flow battery projects to fuel market growth 129
11.4.6 REST OF ASIA PACIFIC 129
11.5 REST OF THE WORLD (ROW) 130
11.5.1 RECESSION IMPACT ON MARKET IN REST OF THE WORLD (ROW) 130
FIGURE 56 MIDDLE EAST & AFRICA TO DOMINATE FLOW BATTERY MARKET IN ROW DURING FORECAST PERIOD 130
TABLE 90 ROW: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 131
TABLE 91 ROW: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 131
TABLE 92 ROW: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 131
TABLE 93 ROW: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 131
TABLE 94 ROW: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 131
TABLE 95 ROW: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 132
TABLE 96 ROW: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 132
TABLE 97 ROW: FLOW BATTERY MARKET BY APPLICATION, 2023–2028 (USD MILLION) 132
11.5.2 MIDDLE EAST & AFRICA 133
11.5.2.1 Increasing focus of battery manufacturers on expanding production capacity to drive market 133
11.5.3 SOUTH AMERICA 133
11.5.3.1 Increasing foreign investments to boost market growth 133
12 COMPETITIVE LANDSCAPE 134
12.1 INTRODUCTION 134
12.2 STRATEGIES ADOPTED BY KEY PLAYERS 134
TABLE 98 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS 134
12.3 REVENUE ANALYSIS OF TOP 5 COMPANIES 136
FIGURE 57 FLOW BATTERY MARKET: REVENUE ANALYSIS OF 5 KEY PLAYERS, 2018–2022 136
12.4 MARKET SHARE ANALYSIS, 2022 136
TABLE 99 FLOW BATTERY MARKET DEGREE OF COMPETITION, 2022 137
FIGURE 58 SHARE OF KEY PLAYERS IN FLOW BATTERY MARKET, 2022 137
12.5 EVALUATION MATRIX FOR KEY COMPANIES, 2022 139
12.5.1 STARS 139
12.5.2 EMERGING LEADERS 139
12.5.3 PERVASIVE PLAYERS 139
12.5.4 PARTICIPANTS 139
FIGURE 59 FLOW BATTERY MARKET: EVALUATION MATRIX FOR KEY COMPANIES, 2022 140
12.6 EVALUATION MATRIX FOR SMES, 2022 140
12.6.1 PROGRESSIVE COMPANIES 140
12.6.2 RESPONSIVE COMPANIES 140
12.6.3 DYNAMIC COMPANIES 141
12.6.4 STARTING BLOCKS 141
FIGURE 60 FLOW BATTERY MARKET: EVALUATION MATRIX FOR SMES, 2022 141
12.7 FLOW BATTERY MARKET: COMPANY FOOTPRINT 142
TABLE 100 COMPANY FOOTPRINT 142
TABLE 101 APPLICATION: COMPANY FOOTPRINT 143
TABLE 102 REGIONAL: COMPANY FOOTPRINT 144
12.8 COMPETITIVE BENCHMARKING 145
TABLE 103 FLOW BATTERY MARKET: DETAILED LIST OF KEY STARTUPS/SMES 145
TABLE 104 FLOW BATTERY MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 145
12.9 COMPETITIVE SCENARIOS AND TRENDS 146
12.9.1 FLOW BATTERY MARKET: PRODUCT LAUNCHES 146
12.9.2 FLOW BATTERY MARKET: DEALS 146
13 COMPANY PROFILES 154
(Business Overview, Products/Services/Solutions Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
13.1 KEY PLAYERS 154
13.1.1 SUMITOMO ELECTRIC INDUSTRIES, LTD. 154
TABLE 105 SUMITOMO ELECTRIC INDUSTRIES, LTD.: COMPANY OVERVIEW 154
FIGURE 61 SUMITOMO ELECTRIC INDUSTRIES, LTD.: COMPANY SNAPSHOT 155
TABLE 106 SUMITOMO ELECTRIC INDUSTRIES, LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 155
TABLE 107 SUMITOMO ELECTRIC INDUSTRIES, LTD.: DEALS 156
TABLE 108 SUMITOMO ELECTRIC INDUSTRIES, LTD.: OTHERS 156
13.1.2 INVINITY ENERGY SYSTEMS 158
TABLE 109 INVINITY ENERGY SYSTEMS: COMPANY OVERVIEW 158
FIGURE 62 INVINITY ENERGY SYSTEMS: COMPANY SNAPSHOT 159
TABLE 110 INVINITY ENERGY SYSTEMS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 159
TABLE 111 INVINITY ENERGY SYSTEMS: DEALS 160
13.1.3 ENEROX GMBH 163
TABLE 112 ENEROX GMBH: COMPANY OVERVIEW 163
TABLE 113 ENEROX GMBH: PRODUCTS/SERVICES/SOLUTIONS OFFERED 163
TABLE 114 ENEROX GMBH: DEALS 164
TABLE 115 ENEROX GMBH: OTHERS 164
13.1.4 REDFLOW LIMITED 166
TABLE 116 REDFLOW LIMITED: COMPANY OVERVIEW 166
FIGURE 63 REDFLOW LIMITED: COMPANY SNAPSHOT 166
TABLE 117 REDFLOW LIMITED: PRODUCTS/SERVICES/SOLUTIONS OFFERED 167
TABLE 118 REDFLOW LIMITED: DEALS 167
13.1.5 VRB ENERGY 170
TABLE 119 VRB ENERGY: COMPANY OVERVIEW 170
TABLE 120 VRB ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED 171
TABLE 121 VRB ENERGY: DEALS 171
13.1.6 ELESTOR BV 173
TABLE 122 ELESTOR BV: COMPANY OVERVIEW 173
TABLE 123 ELESTOR BV: PRODUCTS/SERVICES/SOLUTIONS OFFERED 173
13.1.7 ESS INC. 174
TABLE 124 ESS INC.: COMPANY OVERVIEW 174
TABLE 125 ESS INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 174
TABLE 126 ESS INC.: PRODUCT LAUNCHES 175
TABLE 127 ESS INC.: DEALS 175
13.1.8 JENABATTERIES GMBH 177
TABLE 128 JENABATTERIES GMBH: COMPANY OVERVIEW 177
TABLE 129 JENABATTERIES GMBH: PRODUCTS/SERVICES/SOLUTIONS OFFERED 177
TABLE 130 JENABATTERIES GMBH: OTHERS 177
13.1.9 LARGO INC. 178
TABLE 131 LARGO INC.: COMPANY OVERVIEW 178
FIGURE 64 LARGO INC.: COMPANY SNAPSHOT 179
TABLE 132 LARGO INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 179
13.1.10 LOCKHEED MARTIN CORPORATION 180
TABLE 133 LOCKHEED MARTIN CORPORATION: COMPANY OVERVIEW 180
FIGURE 65 LOCKHEED MARTIN CORPORATION: COMPANY SNAPSHOT 181
TABLE 134 LOCKHEED MARTIN CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED 181
TABLE 135 LOCKHEED MARTIN CORPORATION: DEALS 182
13.1.11 PRIMUS POWER SOLUTIONS 183
TABLE 136 PRIMUS POWER SOLUTIONS: COMPANY OVERVIEW 183
TABLE 137 PRIMUS POWER SOLUTIONS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 183
13.1.12 SCHMID GROUP 184
TABLE 138 SCHMID GROUP: COMPANY OVERVIEW 184
TABLE 139 SCHMID GROUP: PRODUCTS/SERVICES/SOLUTIONS OFFERED 184
13.1.13 STRYTEN ENERGY 185
TABLE 140 STRYTEN ENERGY: COMPANY OVERVIEW 185
TABLE 141 STRYTEN ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED 185
13.1.14 VIZN ENERGY SYSTEMS 186
TABLE 142 VIZN ENERGY SYSTEMS: COMPANY OVERVIEW 186
TABLE 143 VIZN ENERGY SYSTEMS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 186
13.2 OTHER PLAYERS 188
13.2.1 DALIAN RONGKE ENERGY STORAGE TECHNOLOGY DEVELOPMENT CO., LTD. 188
13.2.2 H2, INC. 189
13.2.3 KEMIWATT 190
13.2.4 LE SYSTEM CO., LTD. 190
13.2.5 NANOFLOWCELL HOLDINGS PLC 191
13.2.6 STOREN TECHNOLOGIES 192
13.2.7 VANADIS POWER GMBH 193
13.2.8 VFLOWTECH PTE LTD. 194
13.2.9 VISBLUE A/S 195
13.2.10 VOLTERION DORTMUND 195
13.2.11 VOLTSTORAGE GMBH 196
13.2.12 VSUN ENERGY PTY LTD. 197
*Details on Business Overview, Products/Services/Solutions 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 AND RELATED MARKETS 198
14.1 INTRODUCTION 198
14.2 NICKEL CADMIUM BATTERY MARKET, BY REGION 198
14.2.1 INTRODUCTION 198
TABLE 144 NICKEL-CADMIUM BATTERY MARKET, BY REGION, 2018–2021 (USD MILLION) 198
TABLE 145 NICKEL-CADMIUM BATTERY MARKET, BY REGION, 2022–2027 (USD MILLION) 199
14.2.2 NORTH AMERICA 199
TABLE 146 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 199
TABLE 147 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 199
TABLE 148 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY END USER, 2018–2021 (USD MILLION) 200
TABLE 149 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY END USER, 2022–2027 (USD MILLION) 200
14.2.2.1 US 201
14.2.2.1.1 Rising adoption of Ni-Cd batteries in power grids for emergency backup to drive market 201
14.2.2.2 Canada 201
14.2.2.2.1 Increasing aircraft manufacturing activities to accelrate market growth 201
14.2.2.3 Mexico 202
14.2.2.3.1 Growing demand for energy storage to foster market growth 202
 
15 APPENDIX 203
15.1 INSIGHTS FROM INDUSTRY EXPERTS 203
15.2 DISCUSSION GUIDE 203
15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 207
15.4 CUSTOMIZATION OPTIONS 209
15.5 RELATED REPORTS 209
15.6 AUTHOR DETAILS 210