At a CAGR of 18.0%, The Flow Battery Market Size is anticipated to increase from USD 214 million in 2021 to USD 489 million by 2026. The inherent benefits of flow batteries, rising investments in renewable energy, the high demand for flow batteries in utilities, and the rise in telecommunication tower installations are the primary factors driving the growth of this industry.

Key Players

Major companies operating in this Flow Battery Market include Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), ViZn Energy Systems (US), Primus Power (US), ESS, Inc. (US), Redflow Limited (Australia), and Invinity Energy Systems (UK).

From 2021 to 2026, hybrid flow batteries will experience the fastest CAGR growth.

Hybrid flow batteries are becoming more and more popular, which can be due to their advantages including high energy density, small size, and low price. Lead-acid, zinc-bromine, and zinc-cerium are the three most popular forms of hybrid flow batteries. In comparison to other flow batteries, the hybrid zinc-bromine battery has the maximum energy density. In recent years, a number of research projects have been carried out in a number of nations to examine the possibilities of hybrid flow batteries and develop more affordable, small-scale systems.

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The application of utilities is anticipated to grow at the fastest rate in the Flow Battery market in 2020.

In 2020, the utilities application led the market for flow batteries, and it is anticipated that this trend would continue during the forecast period. Utility companies are using flow batteries more frequently, which is due to the growing need for electrification. Additionally, the expanding use of renewable energy across networks has boosted the demand for effective, adaptable, and long-lasting energy storage systems. With all of its appealing qualities, a flow battery has emerged as the most popular energy storage technology for utility-based storage as large-scale utilities demand technologies that can efficiently store renewable energy for usage on the grid at any point in the future.

From 2021 to 2026, the Flow Battery Market in APAC is anticipated to expand at the highest CAGR.

The Flow Battery Market is anticipated to develop at the highest rate during the forecast period in APAC. There are numerous operational installations of large power rating flow batteries in APAC. China currently has the most flow batteries installed per country in the area, while Australia has the most flow battery projects for utilities, residential, industrial, and commercial applications from different providers worldwide. The rising demand for flow batteries in important nations like Japan and Australia is blamed for the region's expansion. In addition, rising demand for flow batteries from grid and microgrid applications in India and China, as well as an increase in the number of operational projects with flow battery installations, are anticipated to propel the expansion of the regional market over the course of the projected period.

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