NEW YORK, Jan. 5, 2024 /PRNewswire/ — The flow battery market is expected to grow by USD 510.03 million from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 22.16% during the forecast period. To find a preview of the market overviews, market drivers, opportunities, and potentials request a sample report
Flow Battery Market 2023-2027: Company Analysis
Technavio has announced its latest market research report titled Global Flow Battery Market 2023-2027
The flow battery market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified companies. The global off-grid flow battery market is expected to grow rapidly during the forecast period due to the Increasing demand for battery energy storage to address the erratic nature of renewables. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market’s competitive landscape and offers information on several market companies. BASF SE, Elestor BV, ENEROX GMBH, Gebr. SCHMID GmbH, HYDRAREDOX IBERIA SL, Invinity Energy Systems plc, Largo Inc., LE System Co. Ltd., Lockheed Martin Corp., nanoFlowcell Management AG, Nel ASA, Primus Power Solutions, Redflow Ltd., StorEn Technologies Inc., Stryten Energy LLC, Sumitomo Electric Industries Ltd., Vanadis Power GmbH, VFlow Tech Pte Ltd., VoltStorage GmbH, and VRB Energy
Major Companies and Key Offerings:
Stryten Energy LLC – The company offers flow batteries such as the Stryten Energy E series vanadium redox flow battery.
Elestor BV – The company offers flow batteries such as Elestor Flow Battery.
Flow Battery Market 2023-2027: Segmentation Analysis
By Type
The redox segment is estimated to witness significant growth during the forecast period. To store electrolytes containing an active redox agent in external containers, redox flow batteries are built. Electrolytes can be circulated out of a storage tank for an Oxidation Flow battery. Furthermore, redox cells are used in the power supply industry for load balancing when there is a high and low demand as well as on stand-alone electrical systems.
By Geography
North America is estimated to contribute 34% to the growth of the global market during the forecast period. The market in the region is being driven by factors such as increasing the production of electricity from renewable sources and a greater adoption of EVs and hybrid vehicles. The US is a global market leader in flow batteries for the region. Moreover, there has been a strong demand for on-grid energy storage due to the growing production of electricity from renewable sources which is causing an increased demand for flow batteries.
Europe, APAC, South America, and Middle East and Africa
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Imperative Insights on the following aspects:
What was the size of the global flow battery market by value?
What will be the size of the global flow battery market in 2027?
How has the industry performed over the last 5 years?
What factors are affecting the strength of competition in the global flow battery market?
What main segments make up the global flow battery market?
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Flow Battery Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.16% |
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Market growth 2023-2027 |
USD 510.03 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
21.75 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, Japan, Germany, and the UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BASF SE, Elestor BV, ENEROX GMBH, Gebr. SCHMID GmbH, HYDRAREDOX IBERIA SL, Invinity Energy Systems plc, Largo Inc., LE System Co. Ltd., Lockheed Martin Corp., nanoFlowcell Management AG, Nel ASA, Primus Power Solutions, Redflow Ltd., StorEn Technologies Inc., Stryten Energy LLC, Sumitomo Electric Industries Ltd., Vanadis Power GmbH, VFlow Tech Pte Ltd., VoltStorage GmbH, and VRB Energy |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Variant
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio