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Flow Battery Market Analysis 2024-2033 - Growth, Trends & Forecast
Flow Battery Market Analysis
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According to The Business Research Company's, The flow battery market size has grown rapidly in recent years. It will grow from $0.66 billion in 2023 to $0.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to energy storage demand, increasing awareness of climate change, scale-up and commercialization, supportive government policies, and renewable energy adoption.
The flow battery market size is expected to see rapid growth in the next few years. It will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to the rise of decentralized energy systems, energy transition policies, rising digitalization, increasing demand for energy storage solutions, and rising demand for grid stabilization. Major trends in the forecast period include increased deployment in utility-scale projects, hybrid energy storage systems, a focus on sustainability and environmental impact, software and control innovation, standardization, and regulatory frameworks.
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Market Drivers and Trends:
The increasing adoption of solar and wind power is expected to propel the growth of the flow battery market going forward. The increasing adoption of solar and wind power is driven by the need for sustainable energy solutions to combat climate change and reduce reliance on fossil fuels. Flow batteries are advantageous for storing solar and wind power due to their scalability, long cycle life, and ability to store energy for extended durations, supporting grid stability and renewable energy integration efficiently. For instance, in January 2024, according to the Energy Information Administration, a US-based government agency, solar power generation in the United States is projected to surge by 75%, reaching 286 billion kilowatt hours (kWh) by 2025, up from 163 billion kWh in 2023. Therefore, the increasing adoption of solar and wind power is driving the flow battery market.
Major companies operating in the flow battery market are focused on developing large-scale renewable energy storage to meet the demand for sustainable energy storage. Large-scale renewable energy storage refers to systems and technologies designed to store energy generated from renewable sources, such as solar and wind, on a large scale. For instance, in October 2021, Honeywell International Inc., a US-based technology company, launched the new flow battery technology with its high energy density and scalable modular design, allowing for flexible deployment in various applications. It incorporates advanced chemistry and materials to enhance efficiency and longevity, offering prolonged cycle life and minimal maintenance requirements.
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Major Key Players of the Market:
Lockheed Martin Corporation, Sumitomo Electric Industries Ltd., Texas Instruments Incorporated, Stryten Energy, SCHMID Group, Imergy Power Systems, Largo Inc., Primus Power, Smart Energy International, VoltStorage, ViZn Energy Systems, VRB Energy, CellCube Energy Storage Systems Inc., nanoFlowcell Management AG., Kemiwatt, EnSync Energy Systems, Elestor, Enervault, H2 Inc., Invinity Energy Systems, JenaBatteries GmbH, Redflow Limited, ESS Inc., Prudent Energy
Flow Battery Market 2024 Key Insights:
• The flow battery market size is expected to see rapid growth in the next few years. It will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.
• Rising Adoption Of Solar And Wind Power Drives Growth In The Flow Battery Market
• Innovative Flow Battery Technology For Sustainable Energy Storage
• North America was the largest region in the flow battery market in 2023
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