Global flow battery market to grow at 22.8% annually
The global flow battery market will expand from USD 289 million in 2023 to USD 805 million by 2028, driven by increasing investments in renewable energy and flow batteries’ advantages over conventional products. The newly released report also highlighted Australia, noting the nation has numerous flow battery projects for various applications.
September 6, 2023 Bella Peacock
Energy Storage
Energy Storage
Research
Utility Scale Storage
Australia
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A 10 kW vanadium redox flow battery.
Indian Institute of Technology Madras
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From pv magazine Global
The global flow battery market will expand from USD 289 million ($453 million) in 2023 to USD 805 million ($1.26 billion) by 2028, growing at around 22.8% annually during this period, according to a new report by ResearchAndMarkets.com.
The report said the market will be driven by increasing investments in renewable energy and flow batteries’ advantages over conventional products. Flow batteries are gaining traction across various applications due to their unique benefits.
The report forecasts the hybrid flow battery segment to grow significantly during the forecast period. “The zinc-bromine hybrid battery stands out for its higher energy density than other flow battery designs. Hybrid designs are gaining prominence due to the elevated cost of vanadium material extraction. Research initiatives have focused on developing compact and cost-effective hybrid systems, with some players commercialising these batteries for utilities, commercial, residential, and other applications,” it added.
The utilities application is projected to dominate the market throughout the forecast period. Flow batteries are the preferred energy storage technology for utility-based storage due to their cost-effective ability to store renewable energy for future grid usage. The utility sector leads in operational flow battery projects globally.
The market in Asia Pacific is expected to grow the fastest during the forecast period. Nations like China, Japan, India, and Australia are striving to enhance large-scale energy storage capacities, boosting electric stability. Regulatory reforms, modernisation initiatives, and robust demand for efficient battery technologies are driving this growth.
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