Flow Battery Energy Storage Market Size, Share, Growth Strategies & Trends, 2034

Market Overview
According to Fortune Business Insight, The global flow battery energy storage market size was valued at USD 41.71 million in 2024. The market is projected to grow from USD 46.28 million in 2025 to USD 72.70 million by 2032, exhibiting a CAGR of 6.67% during the forecast period.
The market is driven by the ability of flow batteries to store energy for 4 to 12+ hours, making them ideal for balancing intermittent solar and wind power. Unlike lithium-ion batteries, flow batteries are well suited for grid-level and industrial applications requiring extended backup, scalability, and low degradation rates.

Major Players Profiled in the Market Report:
• Invinity Energy Systems (U.K.)
• Sumitomo Electric Industries Ltd. (Japan)
• VRB Energy (Canada)
• Enerox GmbH (Austria)
• Elestor (Netherlands)
• ESS Tech, Inc. (U.S.)
• Largo Inc (Canada)
• Lockheed Martin Corporation (U.S.)
• Primus Power (U.S.)
• EverFlow (Germany)
• Stryten Energy (U.S.)
• ViZn Energy Systems (U.S.)
• H2, Inc. (South Korea)
• KEMIWATT (France)

Segments
Independent Scaling of Power and Energy to Drive Redox Battery Type Growth
Based on battery type, the market covers redox and hybrid. Redox is the dominant segment in the market, with major companies like Sumitomo and Invinity utilizing this technology. In Redox flow batteries, power (cell stack) and energy capacity (electrolyte tank) can be scaled independently, making them highly flexible for custom solutions.

Long Cycle Life and Low Degradation to Drive Vanadium-based Flow Battery Demand
By material, the market is segmented into vanadium, zinc bromine, and others. Vanadium is the dominant segment due to its ability to handle 10,000-20,000 cycles with negligible capacity loss. Zinc bromine is the fastest-growing segment, offering higher energy density suitable for space-constrained installations.

Requirement for Long-Duration and High-Capacity Battery to Escalate Large-Scale Segment Demand
By storage, the market is segmented into large scale and small scale. Large-scale is the dominating segment because adding more tanks or stacks makes it easier to build modular systems that can reach 100+ MWh.

Non-Inflammable Properties of Flow Batteries Aids in Utilities Application
Based on application, the market is segmented into utilities, commercial and industrial, EV charging station, and others. Utilities are anticipated to drive segment growth due to the non-inflammable, water-based electrolytes used in flow batteries, which pose less fire risk than lithium-ion alternatives.

Source: https://www.fortunebusinessinsights.com/flow-battery-energy-storage-market-113815

Report Coverage
The report offers:
• Detailed analysis of leading companies and competitive landscape.
• Insights into market trends and product processes.
• Leading sources and regional analysis.
• Key industry developments including partnerships and product launches.
• Major growth drivers and potential restraining factors.

Drivers & Restraints
Global Renewable Energy Expansion to Drive Market Growth
Massive investments in integrating renewable energy sources such as solar and wind drive the need for stable, dispatchable backup storage. Flow batteries allow for a 24/7 green energy supply by storing excess renewable energy and releasing it when needed. Additionally, the commercial and industrial sector is emerging as a major driver due to the need for resilience and cost control through peak shaving.

However, the High Initial Capital Cost acts as a restraint. Flow batteries require large tanks, pumps, and external components, increasing upfront costs and engineering complexity compared to compact lithium-ion systems. This can hinder adoption in small-scale or budget-sensitive projects.

Regional Insights
Asia Pacific Dominated the Global Market
Asia Pacific dominated the global market with a share of 55.93% in 2024 and is expected to continue leading. The region’s growth is attributed to rapid solar and wind deployment across China, Japan, and Australia. China's five-year plan mandates energy storage for renewable projects, driving large-scale deployments.

North America is also growing steadily, driven by the U.S. Inflation Reduction Act, which provides investment tax credits for flow batteries. Frequent power outages and grid reliability issues are further accelerating demand in the region.

Pet Food Market Future Growth: (Note: Adapted title to Flow Battery Market Future Growth based on context)
Flow Battery Market Future Growth:
The flow battery market is poised for growth through strategic partnerships and large-scale demonstration projects. Collaborations among developers, utilities, and government agencies are validating the performance and safety of these systems, building investor confidence. There is a strong trend toward long-duration storage to support the integration of intermittent renewables. Furthermore, technological shifts, such as the move toward hybrid flow batteries and alternative chemistries like hydrogen-iron, are expected to lower total ownership costs and expand market applicability.

Competitive Landscape
Vendors Partnering with Local Utilities and Government To Drive Flow Market Growth
The market features prominent players like Sumitomo Electric, VRB Energy, and Invinity Energy Systems. These companies are accelerating growth through strategic initiatives such as brand enhancement, innovative product development, and mergers and acquisitions. A key trend involves vendors partnering with local utilities and governments to launch demonstration projects that highlight the suitability of flow batteries for grid-scale applications.

Key Industry Development
• May 2025: Sumitomo Electric started a vanadium redox flow battery (VRFB) system at a community solar microgrid in southern Japan.
• May 2025: VFlowTech raised USD 20.5 million in funding led by Granite Asia.
• May 2025: Elestor announced a strategic shift from hydrogen-bromine to hydrogen-iron flow batteries.
• May 2025: Aramco assigned a megawatt-scale renewable energy storage system using Iron-Vanadium flow battery technology for gas production projects.