Flow Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Flow Battery Market Companies and is Segmented by Type (Vanadium Redox Flow Batteries, Zinc Bromine Flow Batteries, Iron Flow Batteries, and Zinc Iron Flow Batteries) and Geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). The Report Offers the Market Size and Revenue Forecasts for Flow Batteries (in USD Million) for all the Above Segments.

Flow Battery Market Size

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Flow Battery Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 0.88 Billion
Market Size (2029) USD 1.79 Billion
CAGR (2024 - 2029) 15.41 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Flow Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Flow Battery Market Analysis

The Flow Battery Market size is estimated at USD 0.88 billion in 2024, and is expected to reach USD 1.79 billion by 2029, growing at a CAGR of 15.41% during the forecast period (2024-2029).

In 2020, COVID-19 had a detrimental effect on the market.Presently, the market has reached pre-pandemic levels.

  • Over the long term, the applications of the flow battery market are likely to grow during the study period due to the growing penetration of the technology in long-duration energy storage applications, such as renewable power systems, and their long service lives.
  • On the other hand, because battery cells don't hold much energy, the market may not grow as fast in the near future.
  • Nevertheless, the new technological innovations to diversify the scope of flow batteries in new commercial areas create tremendous opportunities for market growth.
  • The Asia-Pacific region is expected to grow at the fastest rate during the forecast period due to many upcoming renewable energy and storage projects in the region.

Flow Battery Market Trends

Vanadium Redox Flow Batteries are Expected to Witness Significant Growth

  • The Vanadium Redox Flow Battery (VRFB) is a Redox Flow Battery (RFB) that stores energy by using V2+/V3+ and V4+/V5+ redox couples of vanadium in the negative and positive half-cells, respectively.The power ratings and energy ratings of these batteries are not related to each other, and each can be optimized for a different type of use.
  • Many countries have always worked to increase their energy needs without any gaps. As a result, many energy storage systems have been put in place in both stand-alone energy systems and renewable energy systems.
  • Over the last decade, installed renewable energy capacity and generation have been rising steadily across the globe. During 2021, global installed renewable energy capacity stood at 3063.93 GW, increasing by nearly 9.1%. As renewable resources such as solar and wind generate power intermittently and at various levels, storing this energy during high demand is vital.
  • Due to this, modern energy-storing systems (ESS) are becoming indispensable in renewable energy projects. The rapid growth in the renewable energy sector is expected to be one of the strongest drivers for the growth of the global ESS market.
  • For example, in December 2022, Everdura, an industrial technology company in Taiwan, gave Invinity Energy Systems an order for 15 MWh.This shows that the need for VRF batteries is growing, which is what is expected to happen during the forecast period.
  • With the development of newer, cheaper battery technologies, there are now a lot more residential, commercial, and industrial solar rooftop PV systems that also have ESS.
  • Such developments are expected to propel the market during the forecast period.
Flow Battery Market: Vanadium Production, In %, By Major Regions, Global, 2021

Asia-Pacific is Expected to Dominate the Market

  • Asia-Pacific is a major region for the manufacturing of batteries. The highest volumes of batteries worldwide are manufactured in this region. Countries like China and Japan have been instrumental in the development of batteries in the region. Another prominent driver for the region's battery market is the growing investments in energy storage projects, which are currently moving at the fastest pace in the region. Thus, many renewable energy and energy storage projects are expected to be announced in the coming years.
  • Flow batteries have the advantages of easy transportability, modularity, and high efficiency. The batteries can be deployed on a large scale and can easily span the kW to MW range. As a result, stakeholders in Asia-Pacific are focused on developing power systems or grid energy storage systems in combination with renewable energy generation.
  • Furthermore, China mandated energy storage systems for its solar and wind projects in its latest five-year plan (2021-25). This may also support the market's growth in the region during the study period.
  • In August 2022, Rogkepower announced that a redox flow battery storage system would be used in a power project in the city of Dalian. The battery system can store energy from wind turbines and other sources for up to 400 megawatt-hours. The investment in the project is estimated to be around USD 281 million. As of August 2021, Rongke delivered a total of about 560 MWh of redox flow batteries. An additional 400 MWh of storage will be added to the Dalian project.
  • Sumitomo Electric said in April 2022 that a 51 MWh flow battery project on the island of Hokkaido in northern Japan would be done.Hokkaido Island is a hotspot for clean energy because it has a lot of land that can be used. However, it has had trouble in recent years keeping up with the increased energy capacity on its grid, which is only partially connected to Honshu, Japan's most populated island, to its south.Hokkaido Electric has installed the new system at its Minami-Hayarai substation, and it will support the utility grid.Hokkaido Electric and the other stakeholders will split the costs of the battery operation.
  • Thus, with new manufacturing facilities and projects for renewable energy and energy storage, the region is expected to lead the market over the next few years.
Flow Battery Market:  Growth Rate by Region, 2023-2028

Flow Battery Industry Overview

The flow battery market is moderately fragmented. Some of the major players in the market are, in no particular order, VRB Energy, RedFlow Ltd., Invinity Energy Systems PLC, Primus Power Corporation, and ESS Tech Inc., among others.

Flow Battery Market Leaders

  1. RedFlow Ltd

  2. Primus Power Corporation

  3. VRB Energy

  4. Invinity Energy Systems Plc.

  5. ESS Tech Inc.

*Disclaimer: Major Players sorted in no particular order

Flow Battery Market Concentration
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Flow Battery Market News

  • September 2022: CellCube, the subsidiary of Austria-headquartered technology provider Enerox, formed an R&D partnership in Australia in anticipation of establishing a presence in the country's long-duration energy storage market. The companies will work together to integrate CellCube vanadium redox flow batteries (VRFBs) to help meet the power demand for 24/7 low-carbon energy in Australia, starting with a pilot project deployment of a 2 MW/8 MWh VRFB system.
  • November 2022: Tdafoq Energy of Riyadh, Saudi Arabia, announced that the company had signed a distribution and manufacturing license with the Indian-based group Delectrik Systems. Under this agreement, Tdafoq Energy will sell vanadium redox flow battery products made in India by Delectrik in the Gulf countries of Kuwait, Bahrain, Oman, Saudi Arabia, Qatar, and the United Arab Emirates (UAE). Tdafoq has also announced plans to set up a local flow battery manufacturing plant in Saudi Arabia, which will serve the Gulf region. By 2025, the Saudi Arabian plant will be able to make GWh of electricity.

Flow Battery Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD million, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Type

      1. 5.1.1 Vanadium Redox Flow Battery

      2. 5.1.2 Zinc Bromine Flow Battery

      3. 5.1.3 Iron Flow Battery

      4. 5.1.4 Zinc Iron Flow Battery

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 South America

      5. 5.2.5 Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 VRB Energy

      2. 6.3.2 ESS Tech Inc.

      3. 6.3.3 Vanadis Power GmbH

      4. 6.3.4 Primus Power Corporation

      5. 6.3.5 RedFlow Ltd.

      6. 6.3.6 Invinity Energy Systems PLC

      7. 6.3.7 Dalian Rongke Power Co. Ltd.

      8. 6.3.8 CellCube Energy Storage Systems Inc.

      9. 6.3.9 Stryten Energy

      10. 6.3.10 H2, Inc.

    4. *List Not Exhaustive

**Subject to Availability
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Flow Battery Industry Segmentation

A flow battery is a rechargeable battery in which electrolyte flows through one or more electrochemical cells from one or more tanks. Flow batteries are often used as a substitute for fuel cells and lithium-ion batteries.

The flow battery market is segmented by type and geography. By type, the market is segmented as vanadium redox flow batteries, zinc bromine flow batteries, iron flow batteries, and zinc iron flow batteries. The report also covers the market size and forecasts for the flow battery market across the major regions. The report offers the market size and revenue forecasts for flow batteries (in USD million) for all the above segments.

Vanadium Redox Flow Battery
Zinc Bromine Flow Battery
Iron Flow Battery
Zinc Iron Flow Battery
North America
South America
Middle-East and Africa
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Flow Battery Market Research FAQs

The Flow Battery Market size is expected to reach USD 0.88 billion in 2024 and grow at a CAGR of 15.41% to reach USD 1.79 billion by 2029.

In 2024, the Flow Battery Market size is expected to reach USD 0.88 billion.

RedFlow Ltd, Primus Power Corporation, VRB Energy, Invinity Energy Systems Plc. and ESS Tech Inc. are the major companies operating in the Flow Battery Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Flow Battery Market.

In 2023, the Flow Battery Market size was estimated at USD 0.74 billion. The report covers the Flow Battery Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Flow Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The key trends expected to shape the Flow Battery Market are a) Growing penetration of the technology in long-duration energy storage applications b) Focus on cost reduction and Expanding application areas

Flow Battery Industry Report

The global flow battery market, encapsulating various segments such as type (redox, hybrid), material (vanadium, iron), application (residential, grid/utility), and storage (large, small), is projected to witness substantial growth. This surge is primarily driven by the escalating demand for energy storage systems. Flow batteries, generally used in stationary markets, serve as an ideal medium for storing energy from renewable sources like wind and solar. They enable efficient storage of excess energy produced during periods of high generation for use during periods of low production or high demand. Noteworthy benefits of flow batteries include scalability, long cycle life, low maintenance, and environmental sustainability. In this diverse market, the vanadium and redox segments predominantly contribute the majority of the total revenue. Key players in the market are strategically expanding and merging to cater to the burgeoning demand, especially in the sector of renewable energy storage. Mordor Intelligence™ Industry Reports offers comprehensive statistics for the flow battery market share, size, and revenue growth rate, including market forecast outlook and historical overview. Interested parties can obtain a sample of this industry analysis as a free report PDF download.

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Flow Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)