The flow battery market was valued at USD 187.7 Million in 2017 and is expected to reach of USD 946.3 million by 2023 at a CAGR of 32.7% during the forecast period. The base year used for this study is 2017 and the forecast period considered is between 2018 and 2023.
The flow battery ecosystem comprises vendors such as ESS Inc. (US), GILDEMEISTER energy solutions (Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK), SCHMID (Germany), Sumitomo Electric. (Japan), UniEnergy Technologies (US), ViZn Energy (US), and EnSync Energy Systems (US) selling these products and solutions to end users according to their unique requirements in the utilities, industrial, commercial, military, and telecommunications verticals.
North America held the largest size of the flow battery market in 2017, followed by APAC and Europe. The high number of flow battery installations in the region, mainly in the US and Canada, attributes to the dominating position of the region in the flow battery market. In addition, favorable economic conditions in the US and the increase in the importance of battery energy storage, as well as supportive regulatory policies aiding energy storage in the US and other countries in the region are encouraging many domestic and international manufacturers to deploy flow battery for efficient energy supply. Flow battery market in APAC is expected to grow at the highest rate during the forecast period.
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In this report, the flow battery market has been segmented into the following categories:
Flow Battery Market, by Type
Flow Battery Market, by Material
Flow Battery Market, by Storage
- Large Scale
Flow Battery Market, by Application
- Commercial & Industrial
- EV Charging Station
- North America (US, Canada, and Mexico)
- Europe (UK, Germany, France, and Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, and Rest of APAC)
- Rest of the World (South America, Middle East, and Africa)
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