1	INTRODUCTION	27
1.1	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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