The global flow battery market is expected to grow from $0.34 billion in 2024 to $1.18 billion by 2030, with a compound annual growth rate (CAGR) of 23%. The growth is driven by increasing awareness of the benefits of flow batteries over traditional batteries, growing investments in renewable energy, and surging use in utility and smart grid applications. Zinc-bromine flow batteries are expected to grow at an impressive CAGR during the forecast period due to their multiple benefits, including low cost, easy availability, and recyclability.
The North American market is expected to grow at the second-highest CAGR, driven by the presence of key players like ESS Tech, Inc., Primus Power, and Lockheed Martin Corporation. The companies are focusing on strategic partnerships, product launches, and continuous development to increase their product portfolio and cater to various applications.
The report provides a comprehensive analysis of the flow battery market, covering segments such as battery type, material, storage, and region. It also discusses the drivers, restraints, opportunities, and challenges in the market, as well as a detailed view of the market across four main regions: North America, Europe, Asia Pacific, and RoW. Key players in the market include Invinity Energy Systems, Sumitomo Electric Industries, and VRB Energy, among others. The report provides a valuable resource for investors, market researchers, and industry stakeholders looking to understand the flow battery market.