The global flow battery market will expand from $289 million in 2023 to $805 million 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 commercializing 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, modernization initiatives, and robust demand for efficient battery technologies are driving this growth. Australia, for instance, has numerous flow battery projects for various applications, stated the report.
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