FLOW BATTERY MARKET ANALYSIS

Flow Battery MarketSize and Trends

The global flow battery market size was valued at US$ 736.8 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 12.8% from 2023 to 2030. The global flow battery market is expected to grow at a rapid pace during the forecast period due to technological innovations and developments. Besides, the focus on improving grid systems will further boost the growth of this market. Moreover, the safety features of flow batteries and their ability to store active materials away from the reactive point source will also enhance the growth of this market

Global Flow Battery Market Trends:

Increase in popularity of vanadium redox flow batteries is a growing trend

Vanadium redox flow batteries are redox flow batteries that can store energy using V2+/V3+ and V4+/V5+ redox pairs of vanadium in the positive and negative half-cells respectively. The power and energy ratings of these batteries are not linked with one another and each of them is optimized for a different type of use. Several countries are working on increasing their energy needs without gaps. Thus, several energy storage systems are being used in renewable energy systems as well as stand-alone energy systems. This trend is likely to continue in the global flow battery market over the forecast period.

Growing number of renewable energy projects is another trend in the market

In renewable technologies, natural resources are used for generating electricity. Green energy requires novel technologies and development of renewable energy sources is leading to growing need for energy storage systems in order for storing the electricity generated through these sources. As a result, the demand for energy storage systems such as flow batteries is on the rise. This trend is thus expected to support growth of the global flow battery market over the forecast period.