The global flow battery market is expected to grow from USD 381.43 billion in 2023 to USD 2853.27 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 28.60% from 2024 to 2031. Flow batteries are rechargeable batteries that store chemical energy in liquid electrolyte solutions in external tanks. They are suitable for large-scale grid energy storage applications due to their ability to store energy for long periods.
The market is competitive, with companies such as Lockheed Martin Corporation, ViZn Energy Systems, UniEnergy Technologies, and Sumitomo Electric Industries, among others. The competitive landscape provides information on each company, including company overview, financials, market potential, research and development investment, and global presence.
The report highlights the growth drivers and trends in the flow battery market, including the increasing demand for renewable energy, increasing investment in energy storage, and government incentives for sustainable energy solutions. The report also provides information on the various applications of flow batteries, including grid-scale energy storage, residential energy storage, and industrial energy storage. Overall, the report provides a comprehensive overview of the flow battery market, including market size, growth trends, and competitive landscape.