Iron Flow Battery Market
PUBLISHED: 2024 ID: SMRC27269
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Iron Flow Battery Market

Iron Flow Battery Market Forecasts to 2030 - Global Analysis By Battery Type (Hybrid Flow Battery and Redox Flow Battery), Type (Below 100 MW, 100 MW to 500 MW and Above 500 MW), Material, Electrolyte, Deployment, Application and by Geography

4.3 (46 reviews)
4.3 (46 reviews)
Published: 2024 ID: SMRC27269

This report covers the impact of COVID-19 on this global market
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Years Covered

2022-2030

Estimated Year Value (2024)

US $5.62 BN

Projected Year Value (2030)

US $23.92 BN

CAGR (2024 - 2030)

27.3%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Iron Flow Battery Market is accounted for $5.62 billion in 2024 and is expected to reach $23.92 billion by 2030 growing at a CAGR of 27.3% during the forecast period. An increasingly viable substitute for conventional lithium-ion batteries in the energy storage market are iron-flow batteries, also known as iron-redox flow batteries. Moreover, through a redox reaction that involves the reduction and oxidation of iron compounds, this technology uses liquid electrolytes to facilitate the charging and discharging of electrons. Because common, non-toxic materials like salt and iron are used in their construction, these batteries have a higher safety profile (no thermal runaway dangers), which is in line with environmental sustainability objectives.

According to the International Flow Battery Forum, as reported by Chemical & Engineering News (C&EN), flow batteries could be storing about 61 MWh of electricity each year and generating annual sales for producers of more than $22 billion by 2030.

Market Dynamics: 

Driver: 

Increasing need for power sources

The world's energy landscape is changing dramatically as nations work to meet their energy needs in a sustainable manner. The need for dependable energy storage solutions has increased due to the frequency of power outages becoming more frequent and the requirement for grid stability. Iron-flow batteries have the capacity to store excess energy produced on days with high production, like sunny or windy ones, and release it on days with low generation or high demand. Additionally, iron-flow batteries are a vital part of  present energy infrastructure because of their capacity to improve energy reliability and facilitate the grid's integration of variable renewable energy sources. 

Restraint:

Excessive initial capital expenses

The high initial capital investment needed for deployment is one of the biggest obstacles to the widespread adoption of iron-flow batteries. These systems can be developed, manufactured, and installed at significant financial expense. Component, material, and infrastructure setup costs are included in this. Furthermore, these up-front expenses may be too much for small and medium-sized businesses (SMEs), which restrict their capacity to invest in iron flow battery technology even with its long-term advantages. 

Opportunity:

Growing renewable energy source integration

There is a growing need for efficient energy storage solutions due to the world's transition to renewable energy sources like solar and wind. Because iron-flow batteries can store a lot of energy for a long time, they are perfect for balancing supply and demand in renewable energy systems, which makes them especially well-suited for this role. Moreover, iron-flow batteries will become more and more necessary as governments and organizations invest in renewable infrastructure, making them a vital part of accomplishing energy transition objectives. 

Threat:

Fierce rivalry from well-established technologies

Lithium-ion batteries and vanadium redox flow batteries, two well-established energy storage technologies, are the main competitors for the iron flow battery market. Due to their high energy density, extensive usage in consumer electronics, and well-established supply chains, lithium-ion batteries have dominated the market. Furthermore, they gain from economies of scale that enable reduced expenses and enhanced functionality. Iron-flow batteries face a great deal of competition in this market, and in order to increase their market share, they must show that they are superior in particular applications. 

Covid-19 Impact: 

The market for iron flow batteries has been significantly impacted by the COVID-19 pandemic, which has also caused major disruptions in project installations and supply chains. There was a decrease in the installation of flow batteries for a variety of applications in 2020 as a result of numerous projects experiencing delays or cancellations because of limitations on construction activities and the closure of manufacturing facilities. Moreover, the pandemic also resulted in shortages of vital parts needed for battery manufacturing, which made the market's difficulties even worse.

The Below 100 MW segment is expected to be the largest during the forecast period

The largest share is held by the below 100 MW segment, due to the growing need for energy storage solutions in small-scale industrial, commercial, and residential settings is the main driver of this market. Because of their long life cycle of about 20 years without degradation and safety features like not being toxic or flammable, iron flow batteries are especially well-suited for these applications. Additionally, the market for iron-flow batteries is further supported by the growing trend of smaller-scale integration of renewable energy sources, such as microgrids and solar installations.

The Commercial & Industrial segment is expected to have the highest CAGR during the forecast period

In the iron-flow battery market, the commercial and industrial segment is anticipated to grow at the highest CAGR. The need for dependable and effective energy storage solutions in commercial and industrial settings, where power demands can be high and fluctuating, is what is fueling this growth. For these kinds of applications, iron-flow batteries are especially useful because of their extended lifespan, built-in safety features, and capacity for scalable energy storage. Furthermore, the demand for iron-flow batteries in the commercial and industrial sectors is expected to rise significantly as businesses look to optimize energy usage, reduce operating costs, and integrate renewable energy sources into their operations. 

Region with largest share:

The market for iron-flow batteries is dominated by the Asia-Pacific region. Numerous factors contribute to this dominance, including the large number of operational flow battery installations in a variety of applications, including commercial, industrial, residential, and utility sectors. Leading nations include China and Australia, with China having the largest installed flow battery capacity overall. The increasing need for energy storage solutions to facilitate the integration of renewable energy sources and improve grid stability is driving the growth of the region. Moreover, the market in this region is anticipated to grow during the forecast period due to factors such as rising investments in energy storage projects and a growing focus on sustainable energy practices in major economies like India and Japan. 

Region with highest CAGR:

Due to its strong manufacturing sector and rising investments in renewable energy projects, the North American region is expected to have the highest CAGR in the iron-flow battery market. The need for efficient energy storage solutions is fueled by the existence of important industries such as chemicals, oil and gas production, and power generation. The preference for non-flammable and non-toxic iron flow batteries is further bolstered by North America's emphasis on safety and dependability in energy systems. Additionally, iron-flow battery adoption is anticipated to increase as the region continues to prioritize grid stability and the integration of renewable energy sources, establishing North America as a key player in the global market landscape.

Key players in the market

Some of the key players in Iron Flow Battery market include Sumitomo Electric Industries Ltd., UniEnergy Technologies, Lockheed Martin Corporation , CellCube Energy Storage Systems Inc, Primus Power, Bushveld Energy, ViZn Energy Systems, Australian Vanadium Limited, Redflow Limited, ESS, Inc., Grupo Saesa, Invinity Energy Systems, VRB Energy and Largo Clean Energy.

Key Developments:

In August 2024, Lockheed Martin announced the signing of a definitive agreement to acquire Terran Orbital, a global leader of satellite-based solutions primarily supporting the aerospace and defense industries. Terran Orbital brings a high throughput, robotic manufacturing capacity and high-performing modular space vehicle designs.

In May 2024, Sumitomo Electric Industries, Ltd. announces that it has received the contract for the 250-kV DC XLPE cable construction, a pivotal part of the Hokuto-Imabetsu HVDC (high-voltage direct current) Link Enhancement Project being implemented by Hokkaido Electric Power Network, Inc.

Battery Types Covered:
• Hybrid Flow Battery
• Redox Flow Battery 
 
Types Covered:
• Below 100 MW
• 100 MW to 500 MW
• Above 500 MW 

Materials Covered:
• Vanadium
• Zinc-Bromine
• Other Materials 

Electrolytes Covered:
• Aqueous
• Non-Aqueous 
 
Deployments Covered:
• On-Grid
• Off-Grid 

Applications Covered:
• Commercial & Industrial
• EV Charging Stations
• Microgrids
• Renewable Energy Storage
• Residential
• Utility Facilities
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary          
           
2 Preface          

 2.1 Abstract         
 2.2 Stake Holders         
 2.3 Research Scope         
 2.4 Research Methodology         
  2.4.1 Data Mining        
  2.4.2 Data Analysis        
  2.4.3 Data Validation        
  2.4.4 Research Approach        
 2.5 Research Sources         
  2.5.1 Primary Research Sources        
  2.5.2 Secondary Research Sources        
  2.5.3 Assumptions        
           
3 Market Trend Analysis          
 3.1 Introduction         
 3.2 Drivers         
 3.3 Restraints         
 3.4 Opportunities         
 3.5 Threats         
 3.6 Application Analysis         
 3.7 Emerging Markets         
 3.8 Impact of Covid-19         
           
4 Porters Five Force Analysis          
 4.1 Bargaining power of suppliers         
 4.2 Bargaining power of buyers         
 4.3 Threat of substitutes         
 4.4 Threat of new entrants         
 4.5 Competitive rivalry         
           
5 Global Iron Flow Battery Market, By Battery Type          
 5.1 Introduction         
 5.2 Hybrid Flow Battery         
 5.3 Redox Flow Battery         
           
6 Global Iron Flow Battery Market, By Type          
 6.1 Introduction         
 6.2 Below 100 MW         
 6.3 100 MW to 500 MW         
 6.4 Above 500 MW         
           
7 Global Iron Flow Battery Market, By Material          
 7.1 Introduction         
 7.2 Vanadium         
 7.3 Zinc-Bromine         
 7.4 Other Materials         
           
8 Global Iron Flow Battery Market, By Electrolyte          
 8.1 Introduction         
 8.2 Aqueous         
 8.3 Non-Aqueous         
           
9 Global Iron Flow Battery Market, By Deployment          
 9.1 Introduction         
 9.2 On-Grid         
 9.3 Off-Grid         
           
10 Global Iron Flow Battery Market, By Application          
 10.1 Introduction         
 10.2 Commercial & Industrial         
 10.3 EV Charging Stations         
 10.4 Microgrids         
 10.5 Renewable Energy Storage         
 10.6 Residential         
 10.7 Utility Facilities         
 10.8 Other Applications         
           
11 Global Iron Flow Battery Market, By Geography          
 11.1 Introduction         
 11.2 North America         
  11.2.1 US        
  11.2.2 Canada        
  11.2.3 Mexico        
 11.3 Europe         
  11.3.1 Germany        
  11.3.2 UK        
  11.3.3 Italy        
  11.3.4 France        
  11.3.5 Spain        
  11.3.6 Rest of Europe        
 11.4 Asia Pacific         
  11.4.1 Japan        
  11.4.2 China        
  11.4.3 India        
  11.4.4 Australia        
  11.4.5 New Zealand        
  11.4.6 South Korea        
  11.4.7 Rest of Asia Pacific        
 11.5 South America         
  11.5.1 Argentina        
  11.5.2 Brazil        
  11.5.3 Chile        
  11.5.4 Rest of South America        
 11.6 Middle East & Africa         
  11.6.1 Saudi Arabia        
  11.6.2 UAE        
  11.6.3 Qatar        
  11.6.4 South Africa        
  11.6.5 Rest of Middle East & Africa        
           
12 Key Developments          
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures         
 12.2 Acquisitions & Mergers         
 12.3 New Product Launch         
 12.4 Expansions         
 12.5 Other Key Strategies         
           
13 Company Profiling          
 13.1 Sumitomo Electric Industries Ltd.         
 13.2 UniEnergy Technologies         
 13.3 Lockheed Martin Corporation          
 13.4 CellCube Energy Storage Systems Inc          
 13.5 Primus Power         
 13.6 Bushveld Energy         
 13.7 ViZn Energy Systems         
 13.8 Australian Vanadium Limited         
 13.9 Redflow Limited          
 13.10 ESS, Inc.         
 13.11 Grupo Saesa         
 13.12 Invinity Energy Systems         
 13.13 VRB Energy          
 13.14 Largo Clean Energy          
           
List of Tables           
1 Global Iron Flow Battery Market Outlook, By Region (2022-2030) ($MN)          
2 Global Iron Flow Battery Market Outlook, By Battery Type (2022-2030) ($MN)          
3 Global Iron Flow Battery Market Outlook, By Hybrid Flow Battery (2022-2030) ($MN)          
4 Global Iron Flow Battery Market Outlook, By Redox Flow Battery (2022-2030) ($MN)          
5 Global Iron Flow Battery Market Outlook, By Type (2022-2030) ($MN)          
6 Global Iron Flow Battery Market Outlook, By Below 100 MW (2022-2030) ($MN)          
7 Global Iron Flow Battery Market Outlook, By 100 MW to 500 MW (2022-2030) ($MN)          
8 Global Iron Flow Battery Market Outlook, By Above 500 MW (2022-2030) ($MN)          
9 Global Iron Flow Battery Market Outlook, By Material (2022-2030) ($MN)          
10 Global Iron Flow Battery Market Outlook, By Vanadium (2022-2030) ($MN)          
11 Global Iron Flow Battery Market Outlook, By Zinc-Bromine (2022-2030) ($MN)          
12 Global Iron Flow Battery Market Outlook, By Other Materials (2022-2030) ($MN)          
13 Global Iron Flow Battery Market Outlook, By Electrolyte (2022-2030) ($MN)          
14 Global Iron Flow Battery Market Outlook, By Aqueous (2022-2030) ($MN)          
15 Global Iron Flow Battery Market Outlook, By Non-Aqueous (2022-2030) ($MN)          
16 Global Iron Flow Battery Market Outlook, By Deployment (2022-2030) ($MN)          
17 Global Iron Flow Battery Market Outlook, By On-Grid (2022-2030) ($MN)          
18 Global Iron Flow Battery Market Outlook, By Off-Grid (2022-2030) ($MN)          
19 Global Iron Flow Battery Market Outlook, By Application (2022-2030) ($MN)          
20 Global Iron Flow Battery Market Outlook, By Commercial & Industrial (2022-2030) ($MN)          
21 Global Iron Flow Battery Market Outlook, By EV Charging Stations (2022-2030) ($MN)          
22 Global Iron Flow Battery Market Outlook, By Microgrids (2022-2030) ($MN)          
23 Global Iron Flow Battery Market Outlook, By Renewable Energy Storage (2022-2030) ($MN)          
24 Global Iron Flow Battery Market Outlook, By Residential (2022-2030) ($MN)          
25 Global Iron Flow Battery Market Outlook, By Utility Facilities (2022-2030) ($MN)          
26 Global Iron Flow Battery Market Outlook, By Other Applications (2022-2030) ($MN)          
           
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.           

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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