In 2023, the global flow battery market demand will exceed 900 million US dollars

According to the latest report released by MarketsandMarkets, a global market research institution, the global flow battery market size will increase from $230 million in 2018 to $946 million in 2023, with a compound annual growth rate of 32.
7%
during the period.

The utility sector was one of
the early applications using flow batteries.
To date, most of the world's flow battery installations have been suitable for utility applications
.
Utility-scale systems require special features and controls to ensure reliability, safety, and profitability
.
With the ability to provide backup power and grid stabilization services, energy storage for flow batteries provides many benefits to the grid and provides stable support in emergency situations
.

In terms of product type, hybrid flow batteries are expected to grow
at the highest CAGR during the forecast period.
Hybrid flow batteries offer additional advantages
over standard flow battery designs.
Zinc-bromine hybrid batteries offer the highest energy density
among other flow batteries.
In addition, due to the high cost and limited availability of vanadium materials, many manufacturers are adopting hybrid designs for their flow batteries
.

In recent years, several research projects are underway in many countries to explore the potential of hybrid flow batteries and build more compact and economical systems
.
Meanwhile, major players in the market have commercialized their hybrid batteries for various applications such as utility, commercial, residential, etc
.
This is likely to contribute to achieving a high CAGR
of the hybrid vehicle market in the near future.

Based on application, the utilities segment is expected to hold the largest market share in the flow battery market
during the forecast period.
Over the years, reliable energy and cleaning systems have become a necessity
worldwide.
In turn, the increasing penetration of renewable energy sources in the grid has increased the demand for
efficient, flexible and long-life energy storage solutions.

The International Energy Agency (IEA) predicts that by 2050, the number of necessary energy storage systems in the world will be between
189 GW and 305 GW.
As a result, flow batteries have become the preferred energy storage technology for utility-based storage, as large sales utilities require technologies that can cost-effectively store renewable energy for future grid use anywhere, combining photovoltaics, wind turbines, or diesel and biogas generators to store energy
.

In terms of market region, Asia Pacific will be the fastest growing regional market
.
In recent years, many countries, such as China, Japan, India and Australia, have struggled to increase their large-scale energy storage capacity
with batteries.
In turn, these technologies can improve electrical stability
.
In addition, the growth of microgrid projects in India and Japan has encouraged manufacturers to increase flow battery installations
to meet the needs of potential customers in the region.
In India, the smart grid and EV charging station industry is in a development phase that is creating significant opportunities
for flow batteries.

In terms of suppliers, ESS Inc.
(US), GILDEMEISTER Energy Solutions (Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK), SCHMID (Germany), Sumitomo Electric (Japan), UniEnergy Technologies (US), ViZn Energy (US) and EnSync Energy Systems (USA) is a major player
in the global flow battery market.