Market Size of Flow Battery Industry
| 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
*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.
