Global Iron Flow Battery Market Report and Forecast 2024-2032

Global Iron Flow Battery Market Outlook 

The global market size for iron flow battery reached a value of more than USD 4.61 million in 2023. The global iron flow battery market is expected to grow at a CAGR of 28.8% between 2024 and 2032.

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Key Trends in the Market 

Iron flow battery, commonly known as redox flow battery, is an electrochemical cell which stores energy in the tanks of liquid electrolytes. It is used widely because of its characteristics such as being non-flammable, non-explosive, and non-toxic. Iron flow batteries can also last for about 20 years without degradation.

• Iron flow batteries find applications in various industries including industrial, military, and broadcast, however, the maximum utilisation is in residential applications and electric vehicles. A continuous rise of the use of iron flow batteries due to their safety features over other batteries, is surging the market demand.

• Further research and developments in iron flow battery technology are underway, with a goal to expand their application to other areas. Some target areas are virtual power plants and utility scales. The potential future applications of these batteries are likely to contribute to the growth of the global iron flow battery market.

• Despite the wide range of benefits iron flow batteries offer, they do have relatively high costs. Alternatives such as lead-acid, zinc-bromine, and lithium-ion batteries are often chosen by consumers rather than iron flow batteries. Reducing costs of iron flow batteries can help further bolster the market. 

Market Analysis 

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Based on application, the market is segmented into utility, commercial and industrial, and off grid and microgrid. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.  

The comprehensive EMR report provides an in-depth assessment of the iron flow battery market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• ESS Inc.

• Electric Fuel Limited

• ViZn Energy Systems

• Energy Vault, Inc.

• Others

Market Share by Application 

Worldwide, there are an increasing number of renewable energy projects driven by preference to reduce the use of non-renewable energy sources. Iron flow batteries are extensively used in utilities to support renewable energy, due to which the utility segment holds a substantial share in the iron flow battery market. 

Although commercial and industrial applications of iron flow batteries are on the rise, the presence of low cost alternatives limits its usage. Iron flow batteries are highly suited for off grid and microgrid applications with continuously fluctuating loads due to the enhanced safety they provide with their non-flammable, non-explosive, and non-toxic characteristics. 

Market Share by Region

At a regional level, North America is expected to witness significant growth in the iron flow battery market as a result of the strong presence of the manufacturing sector, and growing industries for chemicals, oil and gas, and power generation. Safety is a high priority in North America, due to which iron flow batteries are preferred, despite the higher costs. 

The market for iron flow batteries is projected for substantial growth in the Asia Pacific region in the upcoming years. This is due to the presence of low-cost raw materials and labour that would make the Asia Pacific a key market for manufacture of iron flow batteries. 

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Competitive Landscape 

ESS Inc. (NYSE: GWH) was established in 2011 and has its headquarter in Oregon, United States. They provide environmentally safe energy storage solutions that are sustainable and reliable and aim at introducing the cleanest, most economical, and long-duration lasting energy storage systems 

Electric Fuel Limited is a division of Arotech Corporation and was established in 1990. It provides supplies to the medical, automotive, industrial, and aerospace industries. It is a key supplier to variety of industries for high-end primary and rechargeable batteries and chargers. 

Energy Vault, Inc. founded in 2017 has its headquarter in Lugano, Switzerland. It develops and improves technologies to provide energy storage solutions to accelerate economies to a fully renewable world. 

Other market players include viZn Energy Systems, among others.

Key Highlights of the Report