フロー電池市場:電池タイプ(レドックス、ハイブリッド)、材料(バナジウム、臭素亜鉛、有機物、鉄)、貯蔵(大規模、小規模)、用途(公益事業、商業・産業、EV充電ステーション)、地域別 - 2028年までの世界予測Flow Battery Market by Battery Type (Redox, Hybrid), Material (Vanadium, Zinc Bromine, Organic, Iron), Storage (Large-scale, Small-scale), Application (Utilities, Commercial & Industrial, EV Charging Stations) and Region - Global Forecast to 2028 世界のフロー電池市場規模は、2023年の2億8,900万米ドルから2028年には8億500万米ドルに成長し、2023年から2028年までの年平均成長率は22.8%と予想されている。フロー電池市場の成長の背景には、再生可能エネル... もっと見る
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サマリー世界のフロー電池市場規模は、2023年の2億8,900万米ドルから2028年には8億500万米ドルに成長し、2023年から2028年までの年平均成長率は22.8%と予想されている。フロー電池市場の成長の背景には、再生可能エネルギーへの投資の増加と、フロー電池が従来のものより提供する利点があり、それが様々な用途での採用に拍車をかけていることが挙げられる。"ハイブリッドフローバッテリー分野は予測期間中に大きなCAGRで成長すると予測される" ハイブリッド・フロー電池は、標準的なフロー電池の設計に比べてさらなる利点がある。臭素亜鉛ハイブリッド電池は、他のフロー電池よりもエネルギー密度が高い。また、バナジウム材料の抽出コストが高いため、多くのメーカーがフロー電池にハイブリッド設計を採用している。近年、ハイブリッド・フロー電池の可能性を追求し、よりコンパクトで安価なシステムを構築するための研究プログラムがいくつかの国で実施されている。また、過去数年間で、市場の一部のプレーヤーは、公共事業、商業、住宅など様々な用途向けにハイブリッド電池を商品化している。 "予測期間中、公益事業用途が最大のシェアを占める見込み" より高いエネルギー容量へのニーズの高まりに伴い、送電網の近代化の必要性が世界的に不可欠となっている。セキュリティの向上、ピーク負荷の低減、再生可能エネルギーの統合の増加、運用コストの低減は、最新のグリッドシステムの利点である。長年にわたり、信頼性の高いエネルギーとクリーンなシステムが世界中で必要とされてきた。電力業界全体で再生可能エネルギーの普及が進んでいるため、効率的で柔軟性が高く、長期運転が可能なエネルギー貯蔵ソリューションの必要性が高まっています。フロー電池は、その魅力的な特徴をすべて備えているため、大規模な電力会社が、将来のグリッド利用のために再生可能エネルギーをあらゆる場所でコスト効率よく貯蔵できる技術を必要としていることから、電力会社ベースの貯蔵技術として最も好まれるエネルギー貯蔵技術となっている。あらゆる用途の中で、バナジウムベースのレドックスフロー電池は、公益事業部門で最も広く商業化されている。また、公益事業部門では、フロー電池の稼働プロジェクト数が世界的に最も多い。 "予測期間中、アジア太平洋地域の市場が最も高いCAGRで成長する見込み" アジア太平洋地域は予測期間中、最も高い年平均成長率で成長すると予想される。中国、日本、インド、オーストラリアなどの国々は、電気の安定性を高めることができる先進的なバッテリー技術の採用を通じて、大規模なエネルギー貯蔵能力を高めようと努力している。オーストラリア、インド、中国、日本などの各国政府は、規制や改革を導入し、電力部門の近代化に取り組んでいる。アジア太平洋地域には、定格出力が高いフロー電池が数多く稼働している。オーストラリアには、公共事業、住宅、産業、商業用途のフロー電池プロジェクトが多数ある。住友電気工業株式会社(日本(住友電気工業株式会社(日本)とRedflow Limited(オーストラリア)がアジア太平洋フロー電池市場の主要な業界参加者である。 主要参入企業のプロフィール内訳 - 企業タイプ別:ティア1 - 25%、ティア2 - 30%、ティア3 - 45 - 役職別Cレベル幹部:35%、取締役:25%、その他:40 - 地域別北米:35%、欧州:25%、アジア太平洋地域:32%、その他地域:8 本レポートに掲載されている主なプレイヤーは以下の通り:住友電気工業株式会社(日本(住友電気工業(日本)、VRB Energy(カナダ)、Invinity Energy Systems(英国)、Largo Inc.(カナダ)、Enerox GmbH(オーストリア)、Redflow Limited(オーストラリア)、Stryten Energy(米国)、ViZn Energy Systems(米国)、Lockheed Martin Corporation(米国)、Jenabatteries GmbH(ドイツ)、SCHMID Group(ドイツ)、Elestor BV(オランダ)、Primus Power Solutions(米国)、ESS Inc.(米国)など。 調査範囲 フロー電池市場は、電池タイプ、材料、所有権、貯蔵、用途、地域別に分類されている。市場はタイプ別にレドックスフロー電池とハイブリッドフロー電池に区分されている。材料別では、市場はバナジウム、亜鉛-臭素、その他に区分されている。所有者別では、市場は顧客所有、第三者所有、電力会社所有にセグメント化されている。ストレージ別では、小規模ストレージと大規模ストレージに区分される。さらに、市場の用途別セグメントには、公益事業、商業・産業、EV充電ステーション、その他の用途が含まれる。また、主要4地域(北米、欧州、アジア太平洋地域、RoW)における市場規模も予測している。 レポート購入の主なメリット 本レポートは、以下のポイントに関する洞察を提供します: フロー電池市場の成長に影響を与える主な促進要因(従来技術に対するフロー電池の利点、再生可能エネルギーへの投資の増加、公益事業におけるフロー電池の高い需要、通信タワーの設置急増)、阻害要因(高額な初期投資の要件、フロー電池システム開発のための適切な基準の欠如)、機会(データセンターにおけるバックアップ電源の需要の増加、住宅用途での採用の増加、レドックス電池技術を改善するための研究開発の増加)、課題(手頃な価格の代替エネルギー貯蔵技術の存在)に関する分析。 製品開発/イノベーション:フロー電池市場における今後の製品、技術、研究開発活動、資金調達活動、業界提携、新製品発売に関する詳細な洞察 市場開発:有利な市場に関する包括的情報 - 当レポートでは、北米、ヨーロッパ、アジア太平洋地域、中東・アフリカ、南米などの地域にわたるフロー電池市場を分析しています。 市場の多様化:フロー電池市場における新製品・新技術、未開拓地域、最新動向、投資に関する網羅的情報 競合評価:住友電気工業株式会社(日本)、VRB Energy社(日本)などの主要企業の市場ランク、成長戦略、製品ラインアップを詳細に評価。(フロー電池市場における住友電気工業株式会社(日本)、VRB Energy社(カナダ)、Invinity Energy Systems社(英国)、Largo Inc.社(カナダ)、Enerox GmbH社(オーストリア)、Redflow Limited社(オーストラリア)などの主要企業の市場順位、成長戦略、製品提供などを詳細に評価。 戦略本レポートはまた、関係者がフロー電池市場の鼓動を理解するのに役立ち、主要な市場促進要因、阻害要因、課題、機会に関する情報を提供します。 目次1 INTRODUCTION 271.1 STUDY OBJECTIVES 27 1.2 MARKET DEFINITION 27 1.3 STUDY SCOPE 28 1.3.1 MARKETS COVERED 28 FIGURE 1 FLOW BATTERY MARKET SEGMENTATION 28 1.3.2 INCLUSIONS AND EXCLUSIONS 28 1.3.3 GEOGRAPHICAL SCOPE 29 FIGURE 2 FLOW BATTERY MARKET: REGIONS COVERED 29 1.3.4 YEARS CONSIDERED 29 1.4 CURRENCY CONSIDERED 30 1.5 LIMITATIONS 30 1.6 STAKEHOLDERS 30 1.7 SUMMARY OF CHANGES 31 1.8 RECESSION IMPACT 31 2 RESEARCH METHODOLOGY 32 2.1 RESEARCH APPROACH 32 FIGURE 3 FLOW BATTERY MARKET: RESEARCH DESIGN 32 2.1.1 SECONDARY AND PRIMARY RESEARCH 33 FIGURE 4 FLOW BATTERY MARKET: RESEARCH APPROACH 33 2.1.2 SECONDARY DATA 34 2.1.2.1 List of major secondary sources 34 2.1.2.2 Key data from secondary sources 35 2.1.3 PRIMARY DATA 35 2.1.3.1 Primary interviews with experts 36 2.1.3.2 Key data from primary sources 36 2.1.3.3 Key industry insights 37 2.1.3.4 Breakdown of primaries 37 2.2 MARKET SIZE ESTIMATION 37 2.2.1 BOTTOM-UP APPROACH 38 2.2.1.1 Approach to arrive at market size using bottom-up analysis 38 FIGURE 5 FLOW BATTERY MARKET: BOTTOM-UP APPROACH 38 2.2.2 TOP-DOWN APPROACH 39 2.2.2.1 Approach to arrive at market size using top-down analysis 39 FIGURE 6 FLOW BATTERY MARKET: TOP-DOWN APPROACH 39 FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY FOR FLOW BATTERY MARKET: SUPPLY-SIDE ANALYSIS 40 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 41 FIGURE 8 DATA TRIANGULATION 41 2.4 RESEARCH ASSUMPTIONS 42 FIGURE 9 ASSUMPTIONS 42 2.5 PARAMETERS CONSIDERED TO UNDERSTAND RECESSION IMPACT ON FLOW BATTERY MARKET 43 2.6 RISK ASSESSMENT 43 TABLE 1 RISK ASSESSMENT 43 3 EXECUTIVE SUMMARY 44 FIGURE 10 FLOW BATTERY MARKET SIZE, 2019–2028 (USD MILLION) 44 FIGURE 11 REDOX FLOW BATTERIES TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 45 FIGURE 12 VANADIUM SEGMENT TO HOLD LARGEST SHARE OF FLOW BATTERY MARKET, BY MATERIAL, DURING FORECAST PERIOD 45 FIGURE 13 LARGE-SCALE FLOW BATTERIES TO DOMINATE MARKET FROM 2023 TO 2028 46 FIGURE 14 UTILITIES SEGMENT TO LEAD FLOW BATTERY MARKET, BY APPLICATION, THROUGHOUT FORECAST PERIOD 46 FIGURE 15 NORTH AMERICA HELD LARGEST SHARE OF FLOW BATTERY MARKET IN 2022 47 4 PREMIUM INSIGHTS 48 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FLOW BATTERY MARKET 48 FIGURE 16 GROWING ADOPTION OF FLOW BATTERIES IN UTILITIES APPLICATIONS TO DRIVE MARKET FROM 2023 TO 2028 48 4.2 FLOW BATTERY MARKET, BY BATTERY TYPE 48 FIGURE 17 REDOX BATTERY TYPE TO LEAD FLOW BATTERY MARKET DURING FORECAST PERIOD 48 4.3 FLOW BATTERY MARKET, BY APPLICATION 49 FIGURE 18 UTILITIES APPLICATION TO CAPTURE LARGEST MARKET SHARE THROUGHOUT FORECAST PERIOD 49 4.4 FLOW BATTERY MARKET IN NORTH AMERICA, BY APPLICATION AND COUNTRY, 2028 49 FIGURE 19 UTILITIES APPLICATION AND US TO HOLD LARGEST SHARE OF FLOW BATTERY MARKET IN NORTH AMERICA BY 2028 49 4.5 FLOW BATTERY MARKET, BY COUNTRY 50 FIGURE 20 FLOW BATTERY MARKET IN CHINA EXPECTED TO RECORD HIGHEST CAGR DURING FORECAST PERIOD 50 5 MARKET OVERVIEW 51 5.1 INTRODUCTION 51 5.2 MARKET DYNAMICS 51 FIGURE 21 FLOW BATTERY MARKET DYNAMICS 51 5.2.1 DRIVERS 52 5.2.1.1 Growing preference for flow batteries over conventional batteries 52 5.2.1.2 Government-led investments in developing renewable energy storage systems 52 FIGURE 22 GLOBAL INVESTMENTS IN RENEWABLE ENERGY, 2019–2023 (USD BILLION) 53 5.2.1.3 High adoption of flow batteries in utilities sector 53 5.2.1.4 Increasing installations of telecom towers 54 FIGURE 23 IMPACT OF DRIVERS ON GLOBAL FLOW BATTERY MARKET 54 5.2.2 RESTRAINTS 55 5.2.2.1 Need for substantial upfront investment 55 5.2.2.2 Lack of calibration standards 55 FIGURE 24 IMPACT OF RESTRAINTS ON GLOBAL FLOW BATTERY MARKET 55 5.2.3 OPPORTUNITIES 56 5.2.3.1 Increasing importance of backup power systems in data centers 56 5.2.3.2 Rising adoption of flow batteries in residential applications 56 5.2.3.3 Increasing focus on grid modernization 56 5.2.3.4 Rising focus on developing efficient and sustainable batteries 57 FIGURE 25 IMPACT OF OPPORTUNITIES ON GLOBAL FLOW BATTERY MARKET 57 5.2.4 CHALLENGES 57 5.2.4.1 Presence of affordable alternative battery technologies 57 FIGURE 26 IMPACT OF CHALLENGES ON GLOBAL FLOW BATTERY MARKET 58 5.3 VALUE CHAIN ANALYSIS 58 FIGURE 27 FLOW BATTERY MARKET: VALUE CHAIN ANALYSIS 58 5.4 ECOSYSTEM MAPPING 60 FIGURE 28 GLOBAL FLOW BATTERY MARKET: ECOSYSTEM 60 TABLE 2 FLOW BATTERY MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM 61 5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 62 FIGURE 29 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN FLOW BATTERY MARKET 62 5.6 PORTER’S FIVE FORCES ANALYSIS 62 TABLE 3 FLOW BATTERY MARKET: PORTER’S FIVE FORCES ANALYSIS 62 FIGURE 30 FLOW BATTERY MARKET: PORTERS FIVE FORCES ANALYSIS 63 5.6.1 BARGAINING POWER OF SUPPLIERS 63 5.6.2 BARGAINING POWER OF BUYERS 63 5.6.3 THREAT OF NEW ENTRANTS 63 5.6.4 THREAT OF SUBSTITUTES 64 5.6.5 INTENSITY OF COMPETITIVE RIVALRY 64 5.7 CASE STUDY ANALYSIS 64 TABLE 4 OPTUS TELECOMMUNICATIONS REDUCED GENERATOR OPERATING TIME USING FLOW BATTERIES 64 TABLE 5 SANDBAR SOLAR PARTNERED WITH INVINITY ENERGY AND AGETO ENERGY TO DEVELOP VANADIUM FLOW BATTERY AND MICROGRID SOLUTIONS 65 TABLE 6 VODAFONE NEW ZEALAND USED FLOW BATTERIES TO PROVIDE OFF-GRID POWER IN REMOTE LOCATION 65 5.8 TECHNOLOGY TRENDS 66 5.8.1 SODIUM-SULFUR BATTERIES 66 5.8.2 COBALT-FREE BATTERIES 66 5.8.3 POTASSIUM-METAL BATTERIES 66 5.8.4 SOLID-STATE BATTERIES 66 5.8.5 METAL-AIR BATTERIES 67 5.8.6 LIQUID-METAL BATTERIES 67 5.8.7 LITHIUM-SILICON BATTERIES 67 5.8.8 LITHIUM-SULFUR BATTERIES 67 5.9 PRICING ANALYSIS 67 FIGURE 31 AVERAGE SELLING PRICE TREND OF FLOW BATTERY, 2022–2028 68 5.9.1 AVERAGE SELLING PRICE TREND, BY BATTERY TYPE 68 TABLE 7 AVERAGE SELLING PRICE OF FLOW BATTERIES, BY BATTERY TYPE 68 5.9.2 AVERAGE SELLING PRICE TREND, BY KEY PLAYER 69 FIGURE 32 AVERAGE SELLING PRICE OF FLOW BATTERIES OFFERED BY KEY PLAYERS 69 TABLE 8 AVERAGE SELLING PRICE OF FLOW BATTERIES OFFERED BY KEY PLAYERS 69 5.9.3 AVERAGE SELLING PRICE TREND, BY REGION 69 TABLE 9 AVERAGE SELLING PRICE OF FLOW BATTERIES, BY REGION 69 5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 70 5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 70 FIGURE 33 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS 70 TABLE 10 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS 70 5.10.2 BUYING CRITERIA 70 FIGURE 34 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS 70 TABLE 11 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS 71 5.11 TRADE ANALYSIS 71 FIGURE 35 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8112, BY KEY COUNTRIES, 2018–2022 (USD MILLION) 71 FIGURE 36 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8112, BY KEY COUNTRIES, 2018–2022 (USD MILLION) 72 5.12 PATENT ANALYSIS 72 FIGURE 37 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS 72 TABLE 12 US: TOP 20 PATENT OWNERS IN LAST 10 YEARS 73 FIGURE 38 NUMBER OF PATENTS GRANTED PER YEAR FROM 2013 TO 2022 74 TABLE 13 FLOW BATTERY MARKET: LIST OF PATENTS, 2022–2023 74 5.13 KEY CONFERENCES AND EVENTS, 2023–2024 75 TABLE 14 FLOW BATTERY MARKET: DETAILED LIST OF CONFERENCES AND EVENTS 75 5.14 TARIFFS AND REGULATORY LANDSCAPE 76 5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76 TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76 TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76 TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 77 TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 78 5.14.2 REGULATORY STANDARDS 78 TABLE 19 FLOW BATTERY MARKET: STANDARDS 78 6 FLOW BATTERY MARKET, BY BATTERY TYPE 80 6.1 INTRODUCTION 81 FIGURE 39 FLOW BATTERY MARKET, BY BATTERY TYPE 81 FIGURE 40 REDOX TO HOLD DOMINANT SHARE OF FLOW BATTERY MARKET THROUGHOUT FORECAST PERIOD 81 TABLE 20 FLOW BATTERY MARKET, BY TYPE, 2019–2022 (USD MILLION) 82 TABLE 21 FLOW BATTERY MARKET, BY TYPE, 2023–2028 (USD MILLION) 82 6.2 REDOX 82 6.2.1 GROWING ADOPTION OF REDOX FLOW BATTERIES IN LARGE-SCALE ENERGY STORAGE APPLICATIONS TO BOOST SEGMENTAL GROWTH 82 TABLE 22 REDOX: FLOW BATTERY MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 83 TABLE 23 REDOX: FLOW BATTERY MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 83 TABLE 24 REDOX: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 83 TABLE 25 REDOX: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 83 6.3 HYBRID 84 6.3.1 COMPACT SIZE AND DESIGN FLEXIBILITY OF HYBRID FLOW BATTERIES TO DRIVE SEGMENTAL LANDSCAPE 84 TABLE 26 HYBRID: FLOW BATTERY MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 84 TABLE 27 HYBRID: FLOW BATTERY MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 84 TABLE 28 HYBRID: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 85 TABLE 29 HYBRID: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 85 7 FLOW BATTERY MARKET, BY MATERIAL 86 7.1 INTRODUCTION 87 FIGURE 41 FLOW BATTERY MARKET, BY MATERIAL 87 FIGURE 42 VANADIUM MATERIAL TO ACCOUNT FOR LARGEST SHARE OF FLOW BATTERY MARKET IN 2028 87 TABLE 30 FLOW BATTERY MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 87 TABLE 31 FLOW BATTERY MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 88 7.2 VANADIUM 88 7.2.1 INCREASING FOCUS ON REDUCING CARBON FOOTPRINT TO FUEL ADOPTION OF VANADIUM FLOW BATTERIES 88 TABLE 32 VANADIUM: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 88 TABLE 33 VANADIUM: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 89 7.3 ZINC BROMINE 89 7.3.1 EASY AVAILABILITY AND COST-EFFECTIVENESS OF ZINC-BROMINE BATTERIES TO ACCELERATE SEGMENTAL GROWTH 89 TABLE 34 ZINC BROMINE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 89 TABLE 35 ZINC BROMINE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 90 7.4 OTHERS 90 TABLE 36 OTHERS: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 90 TABLE 37 OTHERS: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 91 8 FLOW BATTERY MARKET, BY OWNERSHIP 92 8.1 INTRODUCTION 92 FIGURE 43 FLOW BATTERY MARKET, BY OWNERSHIP 92 8.2 CUSTOMER-OWNED 92 8.2.1 INCREASING FOCUS ON OPTIMIZING ENERGY USAGE TO DRIVE ADOPTION OF FLOW BATTERIES 92 8.3 UTILITY-OWNED 93 8.3.1 RISING EMPHASIS ON ENHANCING GRID RELIABILITY TO FUEL DEMAND FOR FLOW BATTERIES 93 8.4 THIRD-PARTY-OWNED 93 8.4.1 NEED TO REDUCE UPFRONT COSTS AND RISKS TO BOOST ADOPTION OF THIRD-PARTY OWNERSHIP MODEL 93 9 FLOW BATTERY MARKET, BY STORAGE 94 9.1 INTRODUCTION 95 FIGURE 44 FLOW BATTERY MARKET, BY STORAGE 95 FIGURE 45 LARGE-SCALE SEGMENT TO DOMINATE FLOW BATTERY MARKET DURING FORECAST PERIOD 95 TABLE 38 FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 95 TABLE 39 FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 96 9.2 LARGE-SCALE 96 9.2.1 RISING DEMAND FOR LARGE-SCALE ENERGY STORAGE SOLUTIONS IN UTILITIES SECTOR TO SUPPORT SEGMENTAL GROWTH 96 TABLE 40 LARGE-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 96 TABLE 41 LARGE-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 97 TABLE 42 LARGE-SCALE: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 97 TABLE 43 LARGE-SCALE: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 97 9.3 SMALL-SCALE 97 9.3.1 INCREASING DEMAND FOR FLOW BATTERIES IN RESIDENTIAL APPLICATIONS TO DRIVE MARKET 97 TABLE 44 SMALL-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 98 TABLE 45 SMALL-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 98 TABLE 46 SMALL-SCALE: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 98 TABLE 47 SMALL-SCALE: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 99 10 FLOW BATTERY MARKET, BY APPLICATION 100 10.1 INTRODUCTION 101 FIGURE 46 FLOW BATTERY MARKET, BY APPLICATION 101 FIGURE 47 UTILITIES SEGMENT TO CAPTURE LARGEST SHARE OF FLOW BATTERY MARKET IN 2028 101 TABLE 48 FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 102 TABLE 49 FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 102 10.2 UTILITIES 102 10.2.1 INCREASING ADOPTION OF FLOW BATTERIES IN RENEWABLE ENERGY STORAGE SYSTEMS TO FUEL SEGMENTAL GROWTH 102 TABLE 50 UTILITIES: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 103 TABLE 51 UTILITIES: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 103 TABLE 52 UTILITIES: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 103 TABLE 53 UTILITIES: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 104 10.3 COMMERCIAL & INDUSTRIAL 104 10.3.1 INCREASING EMPHASIS ON IMPROVING POWER QUALITY IN COMMERCIAL AND INDUSTRIAL APPLICATIONS TO DRIVE MARKET 104 TABLE 54 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 105 TABLE 55 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 105 TABLE 56 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 105 TABLE 57 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 105 10.4 EV CHARGING STATIONS 106 10.4.1 GROWING FOCUS ON IMPLEMENTATION OF EV-CHARGING STATIONS TO SUPPORT MARKET 106 TABLE 58 EV CHARGING STATIONS: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 106 TABLE 59 EV CHARGING STATIONS: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 106 10.5 OTHER APPLICATIONS 107 TABLE 60 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 107 TABLE 61 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 107 TABLE 62 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 108 TABLE 63 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 108 11 FLOW BATTERY MARKET, BY REGION 109 11.1 INTRODUCTION 110 FIGURE 48 FLOW BATTERY MARKET, BY REGION 110 FIGURE 49 GEOGRAPHIC SNAPSHOT: FLOW BATTERY MARKET 111 TABLE 64 FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 111 TABLE 65 FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 111 11.2 NORTH AMERICA 112 11.2.1 RECESSION IMPACT ON MARKET IN NORTH AMERICA 112 FIGURE 50 SNAPSHOT: FLOW BATTERY MARKET IN NORTH AMERICA 113 FIGURE 51 US TO ACCOUNT FOR LARGEST SHARE THROUGHOUT FORECAST PERIOD 113 TABLE 66 NORTH AMERICA: FLOW BATTERY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 114 TABLE 67 NORTH AMERICA: FLOW BATTERY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 114 TABLE 68 NORTH AMERICA: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 114 TABLE 69 NORTH AMERICA: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 114 TABLE 70 NORTH AMERICA: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 115 TABLE 71 NORTH AMERICA: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 115 TABLE 72 NORTH AMERICA: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 115 TABLE 73 NORTH AMERICA: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 115 11.2.2 US 116 11.2.2.1 Government-led policies to boost decarbonization of multiple sectors 116 11.2.3 CANADA 116 11.2.3.1 Increased focus on integrating renewables to generate clean electricity to support flow battery growth 116 11.2.4 MEXICO 117 11.2.4.1 Government-led clean energy development projects to boost market growth 117 11.3 EUROPE 117 11.3.1 RECESSION IMPACT ON MARKET IN EUROPE 117 FIGURE 52 SNAPSHOT: FLOW BATTERY MARKET IN EUROPE 118 FIGURE 53 GERMANY TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 119 TABLE 74 EUROPE: FLOW BATTERY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 119 TABLE 75 EUROPE: FLOW BATTERY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 119 TABLE 76 EUROPE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 120 TABLE 77 EUROPE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 120 TABLE 78 EUROPE: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 120 TABLE 79 EUROPE: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 120 TABLE 80 EUROPE: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 121 TABLE 81 EUROPE: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 121 11.3.2 GERMANY 121 11.3.2.1 Rising focus on increasing clean energy production to foster market growth 121 11.3.3 UK 122 11.3.3.1 Growing use of flow batteries in commercial applications to drive market 122 11.3.4 FRANCE 122 11.3.4.1 Increasing focus on strengthening electric vehicle charging infrastructure to drive demand for flow batteries 122 11.3.5 REST OF EUROPE 122 11.4 ASIA PACIFIC 123 11.4.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC 123 FIGURE 54 SNAPSHOT: FLOW BATTERY MARKET IN ASIA PACIFIC 124 FIGURE 55 CHINA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 125 TABLE 82 ASIA PACIFIC: FLOW BATTERY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 125 TABLE 83 ASIA PACIFIC: FLOW BATTERY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 125 TABLE 84 ASIA PACIFIC: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 126 TABLE 85 ASIA PACIFIC: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 126 TABLE 86 ASIA PACIFIC: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 126 TABLE 87 ASIA PACIFIC: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 126 TABLE 88 ASIA PACIFIC: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 127 TABLE 89 ASIA PACIFIC: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 127 11.4.2 CHINA 127 11.4.2.1 Rising implementation of large-scale energy storage systems to boost market growth 127 11.4.3 JAPAN 128 11.4.3.1 Increasing focus on grid modernization to drive demand for flow batteries 128 11.4.4 INDIA 128 11.4.4.1 Growing investment in modernizing power sector to drive demand for flow batteries 128 11.4.5 AUSTRALIA 129 11.4.5.1 Increasing investments by utilities in flow battery projects to fuel market growth 129 11.4.6 REST OF ASIA PACIFIC 129 11.5 REST OF THE WORLD (ROW) 130 11.5.1 RECESSION IMPACT ON MARKET IN REST OF THE WORLD (ROW) 130 FIGURE 56 MIDDLE EAST & AFRICA TO DOMINATE FLOW BATTERY MARKET IN ROW DURING FORECAST PERIOD 130 TABLE 90 ROW: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 131 TABLE 91 ROW: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 131 TABLE 92 ROW: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 131 TABLE 93 ROW: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 131 TABLE 94 ROW: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 131 TABLE 95 ROW: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 132 TABLE 96 ROW: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 132 TABLE 97 ROW: FLOW BATTERY MARKET BY APPLICATION, 2023–2028 (USD MILLION) 132 11.5.2 MIDDLE EAST & AFRICA 133 11.5.2.1 Increasing focus of battery manufacturers on expanding production capacity to drive market 133 11.5.3 SOUTH AMERICA 133 11.5.3.1 Increasing foreign investments to boost market growth 133 12 COMPETITIVE LANDSCAPE 134 12.1 INTRODUCTION 134 12.2 STRATEGIES ADOPTED BY KEY PLAYERS 134 TABLE 98 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS 134 12.3 REVENUE ANALYSIS OF TOP 5 COMPANIES 136 FIGURE 57 FLOW BATTERY MARKET: REVENUE ANALYSIS OF 5 KEY PLAYERS, 2018–2022 136 12.4 MARKET SHARE ANALYSIS, 2022 136 TABLE 99 FLOW BATTERY MARKET DEGREE OF COMPETITION, 2022 137 FIGURE 58 SHARE OF KEY PLAYERS IN FLOW BATTERY MARKET, 2022 137 12.5 EVALUATION MATRIX FOR KEY COMPANIES, 2022 139 12.5.1 STARS 139 12.5.2 EMERGING LEADERS 139 12.5.3 PERVASIVE PLAYERS 139 12.5.4 PARTICIPANTS 139 FIGURE 59 FLOW BATTERY MARKET: EVALUATION MATRIX FOR KEY COMPANIES, 2022 140 12.6 EVALUATION MATRIX FOR SMES, 2022 140 12.6.1 PROGRESSIVE COMPANIES 140 12.6.2 RESPONSIVE COMPANIES 140 12.6.3 DYNAMIC COMPANIES 141 12.6.4 STARTING BLOCKS 141 FIGURE 60 FLOW BATTERY MARKET: EVALUATION MATRIX FOR SMES, 2022 141 12.7 FLOW BATTERY MARKET: COMPANY FOOTPRINT 142 TABLE 100 COMPANY FOOTPRINT 142 TABLE 101 APPLICATION: COMPANY FOOTPRINT 143 TABLE 102 REGIONAL: COMPANY FOOTPRINT 144 12.8 COMPETITIVE BENCHMARKING 145 TABLE 103 FLOW BATTERY MARKET: DETAILED LIST OF KEY STARTUPS/SMES 145 TABLE 104 FLOW BATTERY MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 145 12.9 COMPETITIVE SCENARIOS AND TRENDS 146 12.9.1 FLOW BATTERY MARKET: PRODUCT LAUNCHES 146 12.9.2 FLOW BATTERY MARKET: DEALS 146 13 COMPANY PROFILES 154 (Business Overview, Products/Services/Solutions Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))* 13.1 KEY PLAYERS 154 13.1.1 SUMITOMO ELECTRIC INDUSTRIES, LTD. 154 TABLE 105 SUMITOMO ELECTRIC INDUSTRIES, LTD.: COMPANY OVERVIEW 154 FIGURE 61 SUMITOMO ELECTRIC INDUSTRIES, LTD.: COMPANY SNAPSHOT 155 TABLE 106 SUMITOMO ELECTRIC INDUSTRIES, LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 155 TABLE 107 SUMITOMO ELECTRIC INDUSTRIES, LTD.: DEALS 156 TABLE 108 SUMITOMO ELECTRIC INDUSTRIES, LTD.: OTHERS 156 13.1.2 INVINITY ENERGY SYSTEMS 158 TABLE 109 INVINITY ENERGY SYSTEMS: COMPANY OVERVIEW 158 FIGURE 62 INVINITY ENERGY SYSTEMS: COMPANY SNAPSHOT 159 TABLE 110 INVINITY ENERGY SYSTEMS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 159 TABLE 111 INVINITY ENERGY SYSTEMS: DEALS 160 13.1.3 ENEROX GMBH 163 TABLE 112 ENEROX GMBH: COMPANY OVERVIEW 163 TABLE 113 ENEROX GMBH: PRODUCTS/SERVICES/SOLUTIONS OFFERED 163 TABLE 114 ENEROX GMBH: DEALS 164 TABLE 115 ENEROX GMBH: OTHERS 164 13.1.4 REDFLOW LIMITED 166 TABLE 116 REDFLOW LIMITED: COMPANY OVERVIEW 166 FIGURE 63 REDFLOW LIMITED: COMPANY SNAPSHOT 166 TABLE 117 REDFLOW LIMITED: PRODUCTS/SERVICES/SOLUTIONS OFFERED 167 TABLE 118 REDFLOW LIMITED: DEALS 167 13.1.5 VRB ENERGY 170 TABLE 119 VRB ENERGY: COMPANY OVERVIEW 170 TABLE 120 VRB ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED 171 TABLE 121 VRB ENERGY: DEALS 171 13.1.6 ELESTOR BV 173 TABLE 122 ELESTOR BV: COMPANY OVERVIEW 173 TABLE 123 ELESTOR BV: PRODUCTS/SERVICES/SOLUTIONS OFFERED 173 13.1.7 ESS INC. 174 TABLE 124 ESS INC.: COMPANY OVERVIEW 174 TABLE 125 ESS INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 174 TABLE 126 ESS INC.: PRODUCT LAUNCHES 175 TABLE 127 ESS INC.: DEALS 175 13.1.8 JENABATTERIES GMBH 177 TABLE 128 JENABATTERIES GMBH: COMPANY OVERVIEW 177 TABLE 129 JENABATTERIES GMBH: PRODUCTS/SERVICES/SOLUTIONS OFFERED 177 TABLE 130 JENABATTERIES GMBH: OTHERS 177 13.1.9 LARGO INC. 178 TABLE 131 LARGO INC.: COMPANY OVERVIEW 178 FIGURE 64 LARGO INC.: COMPANY SNAPSHOT 179 TABLE 132 LARGO INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 179 13.1.10 LOCKHEED MARTIN CORPORATION 180 TABLE 133 LOCKHEED MARTIN CORPORATION: COMPANY OVERVIEW 180 FIGURE 65 LOCKHEED MARTIN CORPORATION: COMPANY SNAPSHOT 181 TABLE 134 LOCKHEED MARTIN CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED 181 TABLE 135 LOCKHEED MARTIN CORPORATION: DEALS 182 13.1.11 PRIMUS POWER SOLUTIONS 183 TABLE 136 PRIMUS POWER SOLUTIONS: COMPANY OVERVIEW 183 TABLE 137 PRIMUS POWER SOLUTIONS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 183 13.1.12 SCHMID GROUP 184 TABLE 138 SCHMID GROUP: COMPANY OVERVIEW 184 TABLE 139 SCHMID GROUP: PRODUCTS/SERVICES/SOLUTIONS OFFERED 184 13.1.13 STRYTEN ENERGY 185 TABLE 140 STRYTEN ENERGY: COMPANY OVERVIEW 185 TABLE 141 STRYTEN ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED 185 13.1.14 VIZN ENERGY SYSTEMS 186 TABLE 142 VIZN ENERGY SYSTEMS: COMPANY OVERVIEW 186 TABLE 143 VIZN ENERGY SYSTEMS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 186 13.2 OTHER PLAYERS 188 13.2.1 DALIAN RONGKE ENERGY STORAGE TECHNOLOGY DEVELOPMENT CO., LTD. 188 13.2.2 H2, INC. 189 13.2.3 KEMIWATT 190 13.2.4 LE SYSTEM CO., LTD. 190 13.2.5 NANOFLOWCELL HOLDINGS PLC 191 13.2.6 STOREN TECHNOLOGIES 192 13.2.7 VANADIS POWER GMBH 193 13.2.8 VFLOWTECH PTE LTD. 194 13.2.9 VISBLUE A/S 195 13.2.10 VOLTERION DORTMUND 195 13.2.11 VOLTSTORAGE GMBH 196 13.2.12 VSUN ENERGY PTY LTD. 197 *Details on Business Overview, Products/Services/Solutions Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies. 14 ADJACENT AND RELATED MARKETS 198 14.1 INTRODUCTION 198 14.2 NICKEL CADMIUM BATTERY MARKET, BY REGION 198 14.2.1 INTRODUCTION 198 TABLE 144 NICKEL-CADMIUM BATTERY MARKET, BY REGION, 2018–2021 (USD MILLION) 198 TABLE 145 NICKEL-CADMIUM BATTERY MARKET, BY REGION, 2022–2027 (USD MILLION) 199 14.2.2 NORTH AMERICA 199 TABLE 146 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 199 TABLE 147 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 199 TABLE 148 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY END USER, 2018–2021 (USD MILLION) 200 TABLE 149 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY END USER, 2022–2027 (USD MILLION) 200 14.2.2.1 US 201 14.2.2.1.1 Rising adoption of Ni-Cd batteries in power grids for emergency backup to drive market 201 14.2.2.2 Canada 201 14.2.2.2.1 Increasing aircraft manufacturing activities to accelrate market growth 201 14.2.2.3 Mexico 202 14.2.2.3.1 Growing demand for energy storage to foster market growth 202 15 APPENDIX 203 15.1 INSIGHTS FROM INDUSTRY EXPERTS 203 15.2 DISCUSSION GUIDE 203 15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 207 15.4 CUSTOMIZATION OPTIONS 209 15.5 RELATED REPORTS 209 15.6 AUTHOR DETAILS 210
SummaryThe global flow battery market size is expected to grow from USD 289 million in 2023 to USD 805 million by 2028, at a CAGR of 22.8 % from 2023 to 2028. The flow battery market’s growth can be attributed to the increasing investments in renewable energy and the benefits provided by the flow batteries over conventional ones, which are fueling their adoption in various applications. Table of Contents1 INTRODUCTION 271.1 STUDY OBJECTIVES 27 1.2 MARKET DEFINITION 27 1.3 STUDY SCOPE 28 1.3.1 MARKETS COVERED 28 FIGURE 1 FLOW BATTERY MARKET SEGMENTATION 28 1.3.2 INCLUSIONS AND EXCLUSIONS 28 1.3.3 GEOGRAPHICAL SCOPE 29 FIGURE 2 FLOW BATTERY MARKET: REGIONS COVERED 29 1.3.4 YEARS CONSIDERED 29 1.4 CURRENCY CONSIDERED 30 1.5 LIMITATIONS 30 1.6 STAKEHOLDERS 30 1.7 SUMMARY OF CHANGES 31 1.8 RECESSION IMPACT 31 2 RESEARCH METHODOLOGY 32 2.1 RESEARCH APPROACH 32 FIGURE 3 FLOW BATTERY MARKET: RESEARCH DESIGN 32 2.1.1 SECONDARY AND PRIMARY RESEARCH 33 FIGURE 4 FLOW BATTERY MARKET: RESEARCH APPROACH 33 2.1.2 SECONDARY DATA 34 2.1.2.1 List of major secondary sources 34 2.1.2.2 Key data from secondary sources 35 2.1.3 PRIMARY DATA 35 2.1.3.1 Primary interviews with experts 36 2.1.3.2 Key data from primary sources 36 2.1.3.3 Key industry insights 37 2.1.3.4 Breakdown of primaries 37 2.2 MARKET SIZE ESTIMATION 37 2.2.1 BOTTOM-UP APPROACH 38 2.2.1.1 Approach to arrive at market size using bottom-up analysis 38 FIGURE 5 FLOW BATTERY MARKET: BOTTOM-UP APPROACH 38 2.2.2 TOP-DOWN APPROACH 39 2.2.2.1 Approach to arrive at market size using top-down analysis 39 FIGURE 6 FLOW BATTERY MARKET: TOP-DOWN APPROACH 39 FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY FOR FLOW BATTERY MARKET: SUPPLY-SIDE ANALYSIS 40 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 41 FIGURE 8 DATA TRIANGULATION 41 2.4 RESEARCH ASSUMPTIONS 42 FIGURE 9 ASSUMPTIONS 42 2.5 PARAMETERS CONSIDERED TO UNDERSTAND RECESSION IMPACT ON FLOW BATTERY MARKET 43 2.6 RISK ASSESSMENT 43 TABLE 1 RISK ASSESSMENT 43 3 EXECUTIVE SUMMARY 44 FIGURE 10 FLOW BATTERY MARKET SIZE, 2019–2028 (USD MILLION) 44 FIGURE 11 REDOX FLOW BATTERIES TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 45 FIGURE 12 VANADIUM SEGMENT TO HOLD LARGEST SHARE OF FLOW BATTERY MARKET, BY MATERIAL, DURING FORECAST PERIOD 45 FIGURE 13 LARGE-SCALE FLOW BATTERIES TO DOMINATE MARKET FROM 2023 TO 2028 46 FIGURE 14 UTILITIES SEGMENT TO LEAD FLOW BATTERY MARKET, BY APPLICATION, THROUGHOUT FORECAST PERIOD 46 FIGURE 15 NORTH AMERICA HELD LARGEST SHARE OF FLOW BATTERY MARKET IN 2022 47 4 PREMIUM INSIGHTS 48 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FLOW BATTERY MARKET 48 FIGURE 16 GROWING ADOPTION OF FLOW BATTERIES IN UTILITIES APPLICATIONS TO DRIVE MARKET FROM 2023 TO 2028 48 4.2 FLOW BATTERY MARKET, BY BATTERY TYPE 48 FIGURE 17 REDOX BATTERY TYPE TO LEAD FLOW BATTERY MARKET DURING FORECAST PERIOD 48 4.3 FLOW BATTERY MARKET, BY APPLICATION 49 FIGURE 18 UTILITIES APPLICATION TO CAPTURE LARGEST MARKET SHARE THROUGHOUT FORECAST PERIOD 49 4.4 FLOW BATTERY MARKET IN NORTH AMERICA, BY APPLICATION AND COUNTRY, 2028 49 FIGURE 19 UTILITIES APPLICATION AND US TO HOLD LARGEST SHARE OF FLOW BATTERY MARKET IN NORTH AMERICA BY 2028 49 4.5 FLOW BATTERY MARKET, BY COUNTRY 50 FIGURE 20 FLOW BATTERY MARKET IN CHINA EXPECTED TO RECORD HIGHEST CAGR DURING FORECAST PERIOD 50 5 MARKET OVERVIEW 51 5.1 INTRODUCTION 51 5.2 MARKET DYNAMICS 51 FIGURE 21 FLOW BATTERY MARKET DYNAMICS 51 5.2.1 DRIVERS 52 5.2.1.1 Growing preference for flow batteries over conventional batteries 52 5.2.1.2 Government-led investments in developing renewable energy storage systems 52 FIGURE 22 GLOBAL INVESTMENTS IN RENEWABLE ENERGY, 2019–2023 (USD BILLION) 53 5.2.1.3 High adoption of flow batteries in utilities sector 53 5.2.1.4 Increasing installations of telecom towers 54 FIGURE 23 IMPACT OF DRIVERS ON GLOBAL FLOW BATTERY MARKET 54 5.2.2 RESTRAINTS 55 5.2.2.1 Need for substantial upfront investment 55 5.2.2.2 Lack of calibration standards 55 FIGURE 24 IMPACT OF RESTRAINTS ON GLOBAL FLOW BATTERY MARKET 55 5.2.3 OPPORTUNITIES 56 5.2.3.1 Increasing importance of backup power systems in data centers 56 5.2.3.2 Rising adoption of flow batteries in residential applications 56 5.2.3.3 Increasing focus on grid modernization 56 5.2.3.4 Rising focus on developing efficient and sustainable batteries 57 FIGURE 25 IMPACT OF OPPORTUNITIES ON GLOBAL FLOW BATTERY MARKET 57 5.2.4 CHALLENGES 57 5.2.4.1 Presence of affordable alternative battery technologies 57 FIGURE 26 IMPACT OF CHALLENGES ON GLOBAL FLOW BATTERY MARKET 58 5.3 VALUE CHAIN ANALYSIS 58 FIGURE 27 FLOW BATTERY MARKET: VALUE CHAIN ANALYSIS 58 5.4 ECOSYSTEM MAPPING 60 FIGURE 28 GLOBAL FLOW BATTERY MARKET: ECOSYSTEM 60 TABLE 2 FLOW BATTERY MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM 61 5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 62 FIGURE 29 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN FLOW BATTERY MARKET 62 5.6 PORTER’S FIVE FORCES ANALYSIS 62 TABLE 3 FLOW BATTERY MARKET: PORTER’S FIVE FORCES ANALYSIS 62 FIGURE 30 FLOW BATTERY MARKET: PORTERS FIVE FORCES ANALYSIS 63 5.6.1 BARGAINING POWER OF SUPPLIERS 63 5.6.2 BARGAINING POWER OF BUYERS 63 5.6.3 THREAT OF NEW ENTRANTS 63 5.6.4 THREAT OF SUBSTITUTES 64 5.6.5 INTENSITY OF COMPETITIVE RIVALRY 64 5.7 CASE STUDY ANALYSIS 64 TABLE 4 OPTUS TELECOMMUNICATIONS REDUCED GENERATOR OPERATING TIME USING FLOW BATTERIES 64 TABLE 5 SANDBAR SOLAR PARTNERED WITH INVINITY ENERGY AND AGETO ENERGY TO DEVELOP VANADIUM FLOW BATTERY AND MICROGRID SOLUTIONS 65 TABLE 6 VODAFONE NEW ZEALAND USED FLOW BATTERIES TO PROVIDE OFF-GRID POWER IN REMOTE LOCATION 65 5.8 TECHNOLOGY TRENDS 66 5.8.1 SODIUM-SULFUR BATTERIES 66 5.8.2 COBALT-FREE BATTERIES 66 5.8.3 POTASSIUM-METAL BATTERIES 66 5.8.4 SOLID-STATE BATTERIES 66 5.8.5 METAL-AIR BATTERIES 67 5.8.6 LIQUID-METAL BATTERIES 67 5.8.7 LITHIUM-SILICON BATTERIES 67 5.8.8 LITHIUM-SULFUR BATTERIES 67 5.9 PRICING ANALYSIS 67 FIGURE 31 AVERAGE SELLING PRICE TREND OF FLOW BATTERY, 2022–2028 68 5.9.1 AVERAGE SELLING PRICE TREND, BY BATTERY TYPE 68 TABLE 7 AVERAGE SELLING PRICE OF FLOW BATTERIES, BY BATTERY TYPE 68 5.9.2 AVERAGE SELLING PRICE TREND, BY KEY PLAYER 69 FIGURE 32 AVERAGE SELLING PRICE OF FLOW BATTERIES OFFERED BY KEY PLAYERS 69 TABLE 8 AVERAGE SELLING PRICE OF FLOW BATTERIES OFFERED BY KEY PLAYERS 69 5.9.3 AVERAGE SELLING PRICE TREND, BY REGION 69 TABLE 9 AVERAGE SELLING PRICE OF FLOW BATTERIES, BY REGION 69 5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 70 5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 70 FIGURE 33 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS 70 TABLE 10 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS 70 5.10.2 BUYING CRITERIA 70 FIGURE 34 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS 70 TABLE 11 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS 71 5.11 TRADE ANALYSIS 71 FIGURE 35 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8112, BY KEY COUNTRIES, 2018–2022 (USD MILLION) 71 FIGURE 36 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8112, BY KEY COUNTRIES, 2018–2022 (USD MILLION) 72 5.12 PATENT ANALYSIS 72 FIGURE 37 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS 72 TABLE 12 US: TOP 20 PATENT OWNERS IN LAST 10 YEARS 73 FIGURE 38 NUMBER OF PATENTS GRANTED PER YEAR FROM 2013 TO 2022 74 TABLE 13 FLOW BATTERY MARKET: LIST OF PATENTS, 2022–2023 74 5.13 KEY CONFERENCES AND EVENTS, 2023–2024 75 TABLE 14 FLOW BATTERY MARKET: DETAILED LIST OF CONFERENCES AND EVENTS 75 5.14 TARIFFS AND REGULATORY LANDSCAPE 76 5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76 TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76 TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76 TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 77 TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 78 5.14.2 REGULATORY STANDARDS 78 TABLE 19 FLOW BATTERY MARKET: STANDARDS 78 6 FLOW BATTERY MARKET, BY BATTERY TYPE 80 6.1 INTRODUCTION 81 FIGURE 39 FLOW BATTERY MARKET, BY BATTERY TYPE 81 FIGURE 40 REDOX TO HOLD DOMINANT SHARE OF FLOW BATTERY MARKET THROUGHOUT FORECAST PERIOD 81 TABLE 20 FLOW BATTERY MARKET, BY TYPE, 2019–2022 (USD MILLION) 82 TABLE 21 FLOW BATTERY MARKET, BY TYPE, 2023–2028 (USD MILLION) 82 6.2 REDOX 82 6.2.1 GROWING ADOPTION OF REDOX FLOW BATTERIES IN LARGE-SCALE ENERGY STORAGE APPLICATIONS TO BOOST SEGMENTAL GROWTH 82 TABLE 22 REDOX: FLOW BATTERY MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 83 TABLE 23 REDOX: FLOW BATTERY MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 83 TABLE 24 REDOX: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 83 TABLE 25 REDOX: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 83 6.3 HYBRID 84 6.3.1 COMPACT SIZE AND DESIGN FLEXIBILITY OF HYBRID FLOW BATTERIES TO DRIVE SEGMENTAL LANDSCAPE 84 TABLE 26 HYBRID: FLOW BATTERY MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 84 TABLE 27 HYBRID: FLOW BATTERY MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 84 TABLE 28 HYBRID: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 85 TABLE 29 HYBRID: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 85 7 FLOW BATTERY MARKET, BY MATERIAL 86 7.1 INTRODUCTION 87 FIGURE 41 FLOW BATTERY MARKET, BY MATERIAL 87 FIGURE 42 VANADIUM MATERIAL TO ACCOUNT FOR LARGEST SHARE OF FLOW BATTERY MARKET IN 2028 87 TABLE 30 FLOW BATTERY MARKET, BY MATERIAL, 2019–2022 (USD MILLION) 87 TABLE 31 FLOW BATTERY MARKET, BY MATERIAL, 2023–2028 (USD MILLION) 88 7.2 VANADIUM 88 7.2.1 INCREASING FOCUS ON REDUCING CARBON FOOTPRINT TO FUEL ADOPTION OF VANADIUM FLOW BATTERIES 88 TABLE 32 VANADIUM: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 88 TABLE 33 VANADIUM: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 89 7.3 ZINC BROMINE 89 7.3.1 EASY AVAILABILITY AND COST-EFFECTIVENESS OF ZINC-BROMINE BATTERIES TO ACCELERATE SEGMENTAL GROWTH 89 TABLE 34 ZINC BROMINE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 89 TABLE 35 ZINC BROMINE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 90 7.4 OTHERS 90 TABLE 36 OTHERS: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 90 TABLE 37 OTHERS: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 91 8 FLOW BATTERY MARKET, BY OWNERSHIP 92 8.1 INTRODUCTION 92 FIGURE 43 FLOW BATTERY MARKET, BY OWNERSHIP 92 8.2 CUSTOMER-OWNED 92 8.2.1 INCREASING FOCUS ON OPTIMIZING ENERGY USAGE TO DRIVE ADOPTION OF FLOW BATTERIES 92 8.3 UTILITY-OWNED 93 8.3.1 RISING EMPHASIS ON ENHANCING GRID RELIABILITY TO FUEL DEMAND FOR FLOW BATTERIES 93 8.4 THIRD-PARTY-OWNED 93 8.4.1 NEED TO REDUCE UPFRONT COSTS AND RISKS TO BOOST ADOPTION OF THIRD-PARTY OWNERSHIP MODEL 93 9 FLOW BATTERY MARKET, BY STORAGE 94 9.1 INTRODUCTION 95 FIGURE 44 FLOW BATTERY MARKET, BY STORAGE 95 FIGURE 45 LARGE-SCALE SEGMENT TO DOMINATE FLOW BATTERY MARKET DURING FORECAST PERIOD 95 TABLE 38 FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 95 TABLE 39 FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 96 9.2 LARGE-SCALE 96 9.2.1 RISING DEMAND FOR LARGE-SCALE ENERGY STORAGE SOLUTIONS IN UTILITIES SECTOR TO SUPPORT SEGMENTAL GROWTH 96 TABLE 40 LARGE-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 96 TABLE 41 LARGE-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 97 TABLE 42 LARGE-SCALE: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 97 TABLE 43 LARGE-SCALE: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 97 9.3 SMALL-SCALE 97 9.3.1 INCREASING DEMAND FOR FLOW BATTERIES IN RESIDENTIAL APPLICATIONS TO DRIVE MARKET 97 TABLE 44 SMALL-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 98 TABLE 45 SMALL-SCALE: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 98 TABLE 46 SMALL-SCALE: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 98 TABLE 47 SMALL-SCALE: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 99 10 FLOW BATTERY MARKET, BY APPLICATION 100 10.1 INTRODUCTION 101 FIGURE 46 FLOW BATTERY MARKET, BY APPLICATION 101 FIGURE 47 UTILITIES SEGMENT TO CAPTURE LARGEST SHARE OF FLOW BATTERY MARKET IN 2028 101 TABLE 48 FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 102 TABLE 49 FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 102 10.2 UTILITIES 102 10.2.1 INCREASING ADOPTION OF FLOW BATTERIES IN RENEWABLE ENERGY STORAGE SYSTEMS TO FUEL SEGMENTAL GROWTH 102 TABLE 50 UTILITIES: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 103 TABLE 51 UTILITIES: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 103 TABLE 52 UTILITIES: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 103 TABLE 53 UTILITIES: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 104 10.3 COMMERCIAL & INDUSTRIAL 104 10.3.1 INCREASING EMPHASIS ON IMPROVING POWER QUALITY IN COMMERCIAL AND INDUSTRIAL APPLICATIONS TO DRIVE MARKET 104 TABLE 54 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 105 TABLE 55 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 105 TABLE 56 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 105 TABLE 57 COMMERCIAL & INDUSTRIAL: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 105 10.4 EV CHARGING STATIONS 106 10.4.1 GROWING FOCUS ON IMPLEMENTATION OF EV-CHARGING STATIONS TO SUPPORT MARKET 106 TABLE 58 EV CHARGING STATIONS: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 106 TABLE 59 EV CHARGING STATIONS: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 106 10.5 OTHER APPLICATIONS 107 TABLE 60 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 107 TABLE 61 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 107 TABLE 62 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 108 TABLE 63 OTHER APPLICATIONS: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 108 11 FLOW BATTERY MARKET, BY REGION 109 11.1 INTRODUCTION 110 FIGURE 48 FLOW BATTERY MARKET, BY REGION 110 FIGURE 49 GEOGRAPHIC SNAPSHOT: FLOW BATTERY MARKET 111 TABLE 64 FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 111 TABLE 65 FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 111 11.2 NORTH AMERICA 112 11.2.1 RECESSION IMPACT ON MARKET IN NORTH AMERICA 112 FIGURE 50 SNAPSHOT: FLOW BATTERY MARKET IN NORTH AMERICA 113 FIGURE 51 US TO ACCOUNT FOR LARGEST SHARE THROUGHOUT FORECAST PERIOD 113 TABLE 66 NORTH AMERICA: FLOW BATTERY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 114 TABLE 67 NORTH AMERICA: FLOW BATTERY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 114 TABLE 68 NORTH AMERICA: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 114 TABLE 69 NORTH AMERICA: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 114 TABLE 70 NORTH AMERICA: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 115 TABLE 71 NORTH AMERICA: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 115 TABLE 72 NORTH AMERICA: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 115 TABLE 73 NORTH AMERICA: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 115 11.2.2 US 116 11.2.2.1 Government-led policies to boost decarbonization of multiple sectors 116 11.2.3 CANADA 116 11.2.3.1 Increased focus on integrating renewables to generate clean electricity to support flow battery growth 116 11.2.4 MEXICO 117 11.2.4.1 Government-led clean energy development projects to boost market growth 117 11.3 EUROPE 117 11.3.1 RECESSION IMPACT ON MARKET IN EUROPE 117 FIGURE 52 SNAPSHOT: FLOW BATTERY MARKET IN EUROPE 118 FIGURE 53 GERMANY TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 119 TABLE 74 EUROPE: FLOW BATTERY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 119 TABLE 75 EUROPE: FLOW BATTERY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 119 TABLE 76 EUROPE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 120 TABLE 77 EUROPE: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 120 TABLE 78 EUROPE: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 120 TABLE 79 EUROPE: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 120 TABLE 80 EUROPE: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 121 TABLE 81 EUROPE: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 121 11.3.2 GERMANY 121 11.3.2.1 Rising focus on increasing clean energy production to foster market growth 121 11.3.3 UK 122 11.3.3.1 Growing use of flow batteries in commercial applications to drive market 122 11.3.4 FRANCE 122 11.3.4.1 Increasing focus on strengthening electric vehicle charging infrastructure to drive demand for flow batteries 122 11.3.5 REST OF EUROPE 122 11.4 ASIA PACIFIC 123 11.4.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC 123 FIGURE 54 SNAPSHOT: FLOW BATTERY MARKET IN ASIA PACIFIC 124 FIGURE 55 CHINA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 125 TABLE 82 ASIA PACIFIC: FLOW BATTERY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 125 TABLE 83 ASIA PACIFIC: FLOW BATTERY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 125 TABLE 84 ASIA PACIFIC: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 126 TABLE 85 ASIA PACIFIC: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 126 TABLE 86 ASIA PACIFIC: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 126 TABLE 87 ASIA PACIFIC: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 126 TABLE 88 ASIA PACIFIC: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 127 TABLE 89 ASIA PACIFIC: FLOW BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 127 11.4.2 CHINA 127 11.4.2.1 Rising implementation of large-scale energy storage systems to boost market growth 127 11.4.3 JAPAN 128 11.4.3.1 Increasing focus on grid modernization to drive demand for flow batteries 128 11.4.4 INDIA 128 11.4.4.1 Growing investment in modernizing power sector to drive demand for flow batteries 128 11.4.5 AUSTRALIA 129 11.4.5.1 Increasing investments by utilities in flow battery projects to fuel market growth 129 11.4.6 REST OF ASIA PACIFIC 129 11.5 REST OF THE WORLD (ROW) 130 11.5.1 RECESSION IMPACT ON MARKET IN REST OF THE WORLD (ROW) 130 FIGURE 56 MIDDLE EAST & AFRICA TO DOMINATE FLOW BATTERY MARKET IN ROW DURING FORECAST PERIOD 130 TABLE 90 ROW: FLOW BATTERY MARKET, BY REGION, 2019–2022 (USD MILLION) 131 TABLE 91 ROW: FLOW BATTERY MARKET, BY REGION, 2023–2028 (USD MILLION) 131 TABLE 92 ROW: FLOW BATTERY MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 131 TABLE 93 ROW: FLOW BATTERY MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 131 TABLE 94 ROW: FLOW BATTERY MARKET, BY STORAGE, 2019–2022 (USD MILLION) 131 TABLE 95 ROW: FLOW BATTERY MARKET, BY STORAGE, 2023–2028 (USD MILLION) 132 TABLE 96 ROW: FLOW BATTERY MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 132 TABLE 97 ROW: FLOW BATTERY MARKET BY APPLICATION, 2023–2028 (USD MILLION) 132 11.5.2 MIDDLE EAST & AFRICA 133 11.5.2.1 Increasing focus of battery manufacturers on expanding production capacity to drive market 133 11.5.3 SOUTH AMERICA 133 11.5.3.1 Increasing foreign investments to boost market growth 133 12 COMPETITIVE LANDSCAPE 134 12.1 INTRODUCTION 134 12.2 STRATEGIES ADOPTED BY KEY PLAYERS 134 TABLE 98 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS 134 12.3 REVENUE ANALYSIS OF TOP 5 COMPANIES 136 FIGURE 57 FLOW BATTERY MARKET: REVENUE ANALYSIS OF 5 KEY PLAYERS, 2018–2022 136 12.4 MARKET SHARE ANALYSIS, 2022 136 TABLE 99 FLOW BATTERY MARKET DEGREE OF COMPETITION, 2022 137 FIGURE 58 SHARE OF KEY PLAYERS IN FLOW BATTERY MARKET, 2022 137 12.5 EVALUATION MATRIX FOR KEY COMPANIES, 2022 139 12.5.1 STARS 139 12.5.2 EMERGING LEADERS 139 12.5.3 PERVASIVE PLAYERS 139 12.5.4 PARTICIPANTS 139 FIGURE 59 FLOW BATTERY MARKET: EVALUATION MATRIX FOR KEY COMPANIES, 2022 140 12.6 EVALUATION MATRIX FOR SMES, 2022 140 12.6.1 PROGRESSIVE COMPANIES 140 12.6.2 RESPONSIVE COMPANIES 140 12.6.3 DYNAMIC COMPANIES 141 12.6.4 STARTING BLOCKS 141 FIGURE 60 FLOW BATTERY MARKET: EVALUATION MATRIX FOR SMES, 2022 141 12.7 FLOW BATTERY MARKET: COMPANY FOOTPRINT 142 TABLE 100 COMPANY FOOTPRINT 142 TABLE 101 APPLICATION: COMPANY FOOTPRINT 143 TABLE 102 REGIONAL: COMPANY FOOTPRINT 144 12.8 COMPETITIVE BENCHMARKING 145 TABLE 103 FLOW BATTERY MARKET: DETAILED LIST OF KEY STARTUPS/SMES 145 TABLE 104 FLOW BATTERY MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 145 12.9 COMPETITIVE SCENARIOS AND TRENDS 146 12.9.1 FLOW BATTERY MARKET: PRODUCT LAUNCHES 146 12.9.2 FLOW BATTERY MARKET: DEALS 146 13 COMPANY PROFILES 154 (Business Overview, Products/Services/Solutions Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))* 13.1 KEY PLAYERS 154 13.1.1 SUMITOMO ELECTRIC INDUSTRIES, LTD. 154 TABLE 105 SUMITOMO ELECTRIC INDUSTRIES, LTD.: COMPANY OVERVIEW 154 FIGURE 61 SUMITOMO ELECTRIC INDUSTRIES, LTD.: COMPANY SNAPSHOT 155 TABLE 106 SUMITOMO ELECTRIC INDUSTRIES, LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 155 TABLE 107 SUMITOMO ELECTRIC INDUSTRIES, LTD.: DEALS 156 TABLE 108 SUMITOMO ELECTRIC INDUSTRIES, LTD.: OTHERS 156 13.1.2 INVINITY ENERGY SYSTEMS 158 TABLE 109 INVINITY ENERGY SYSTEMS: COMPANY OVERVIEW 158 FIGURE 62 INVINITY ENERGY SYSTEMS: COMPANY SNAPSHOT 159 TABLE 110 INVINITY ENERGY SYSTEMS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 159 TABLE 111 INVINITY ENERGY SYSTEMS: DEALS 160 13.1.3 ENEROX GMBH 163 TABLE 112 ENEROX GMBH: COMPANY OVERVIEW 163 TABLE 113 ENEROX GMBH: PRODUCTS/SERVICES/SOLUTIONS OFFERED 163 TABLE 114 ENEROX GMBH: DEALS 164 TABLE 115 ENEROX GMBH: OTHERS 164 13.1.4 REDFLOW LIMITED 166 TABLE 116 REDFLOW LIMITED: COMPANY OVERVIEW 166 FIGURE 63 REDFLOW LIMITED: COMPANY SNAPSHOT 166 TABLE 117 REDFLOW LIMITED: PRODUCTS/SERVICES/SOLUTIONS OFFERED 167 TABLE 118 REDFLOW LIMITED: DEALS 167 13.1.5 VRB ENERGY 170 TABLE 119 VRB ENERGY: COMPANY OVERVIEW 170 TABLE 120 VRB ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED 171 TABLE 121 VRB ENERGY: DEALS 171 13.1.6 ELESTOR BV 173 TABLE 122 ELESTOR BV: COMPANY OVERVIEW 173 TABLE 123 ELESTOR BV: PRODUCTS/SERVICES/SOLUTIONS OFFERED 173 13.1.7 ESS INC. 174 TABLE 124 ESS INC.: COMPANY OVERVIEW 174 TABLE 125 ESS INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 174 TABLE 126 ESS INC.: PRODUCT LAUNCHES 175 TABLE 127 ESS INC.: DEALS 175 13.1.8 JENABATTERIES GMBH 177 TABLE 128 JENABATTERIES GMBH: COMPANY OVERVIEW 177 TABLE 129 JENABATTERIES GMBH: PRODUCTS/SERVICES/SOLUTIONS OFFERED 177 TABLE 130 JENABATTERIES GMBH: OTHERS 177 13.1.9 LARGO INC. 178 TABLE 131 LARGO INC.: COMPANY OVERVIEW 178 FIGURE 64 LARGO INC.: COMPANY SNAPSHOT 179 TABLE 132 LARGO INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 179 13.1.10 LOCKHEED MARTIN CORPORATION 180 TABLE 133 LOCKHEED MARTIN CORPORATION: COMPANY OVERVIEW 180 FIGURE 65 LOCKHEED MARTIN CORPORATION: COMPANY SNAPSHOT 181 TABLE 134 LOCKHEED MARTIN CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED 181 TABLE 135 LOCKHEED MARTIN CORPORATION: DEALS 182 13.1.11 PRIMUS POWER SOLUTIONS 183 TABLE 136 PRIMUS POWER SOLUTIONS: COMPANY OVERVIEW 183 TABLE 137 PRIMUS POWER SOLUTIONS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 183 13.1.12 SCHMID GROUP 184 TABLE 138 SCHMID GROUP: COMPANY OVERVIEW 184 TABLE 139 SCHMID GROUP: PRODUCTS/SERVICES/SOLUTIONS OFFERED 184 13.1.13 STRYTEN ENERGY 185 TABLE 140 STRYTEN ENERGY: COMPANY OVERVIEW 185 TABLE 141 STRYTEN ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED 185 13.1.14 VIZN ENERGY SYSTEMS 186 TABLE 142 VIZN ENERGY SYSTEMS: COMPANY OVERVIEW 186 TABLE 143 VIZN ENERGY SYSTEMS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 186 13.2 OTHER PLAYERS 188 13.2.1 DALIAN RONGKE ENERGY STORAGE TECHNOLOGY DEVELOPMENT CO., LTD. 188 13.2.2 H2, INC. 189 13.2.3 KEMIWATT 190 13.2.4 LE SYSTEM CO., LTD. 190 13.2.5 NANOFLOWCELL HOLDINGS PLC 191 13.2.6 STOREN TECHNOLOGIES 192 13.2.7 VANADIS POWER GMBH 193 13.2.8 VFLOWTECH PTE LTD. 194 13.2.9 VISBLUE A/S 195 13.2.10 VOLTERION DORTMUND 195 13.2.11 VOLTSTORAGE GMBH 196 13.2.12 VSUN ENERGY PTY LTD. 197 *Details on Business Overview, Products/Services/Solutions Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies. 14 ADJACENT AND RELATED MARKETS 198 14.1 INTRODUCTION 198 14.2 NICKEL CADMIUM BATTERY MARKET, BY REGION 198 14.2.1 INTRODUCTION 198 TABLE 144 NICKEL-CADMIUM BATTERY MARKET, BY REGION, 2018–2021 (USD MILLION) 198 TABLE 145 NICKEL-CADMIUM BATTERY MARKET, BY REGION, 2022–2027 (USD MILLION) 199 14.2.2 NORTH AMERICA 199 TABLE 146 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 199 TABLE 147 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 199 TABLE 148 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY END USER, 2018–2021 (USD MILLION) 200 TABLE 149 NORTH AMERICA: NICKEL-CADMIUM BATTERY MARKET, BY END USER, 2022–2027 (USD MILLION) 200 14.2.2.1 US 201 14.2.2.1.1 Rising adoption of Ni-Cd batteries in power grids for emergency backup to drive market 201 14.2.2.2 Canada 201 14.2.2.2.1 Increasing aircraft manufacturing activities to accelrate market growth 201 14.2.2.3 Mexico 202 14.2.2.3.1 Growing demand for energy storage to foster market growth 202 15 APPENDIX 203 15.1 INSIGHTS FROM INDUSTRY EXPERTS 203 15.2 DISCUSSION GUIDE 203 15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 207 15.4 CUSTOMIZATION OPTIONS 209 15.5 RELATED REPORTS 209 15.6 AUTHOR DETAILS 210
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