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Global Iron Flow Battery Market Size, Share, Growth, Forecast: By Application: Utility, Commercial and Industrial, Off grid and Microgrid; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand and Price; Competitive Landscape; Key Trends and Developments in the Market; 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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Iron Flow Battery Market Analysis
8.1 Key Industry Highlights
8.2 Global Iron Flow Battery Historical Market (2018-2023)
8.3 Global Iron Flow Battery Market Forecast (2024-2032)
8.4 Global Iron Flow Battery Market by Application
8.4.1 Utility
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Commercial and Industrial
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Off grid and Microgrid
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Iron Flow Battery Market by Region
8.5.1 North America
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Europe
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Asia Pacific
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Latin America
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Middle East and Africa
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
9 North America Iron Flow Battery Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Iron Flow Battery Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Iron Flow Battery Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Iron Flow Battery Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Iron Flow Battery Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ESS Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Electric Fuel Limited
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 ViZn Energy Systems
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Energy Vault, Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Others
17 Key Trends and Developments in the Market
List of Figures and Tables
1. Global Iron Flow Battery Market: Key Industry Highlights, 2018 and 2032
2. Global Iron Flow Battery Historical Market: Breakup by Application (USD Million), 2018-2023
3. Global Iron Flow Battery Market Forecast: Breakup by Application (USD Million), 2024-2032
4. Global Iron Flow Battery Historical Market: Breakup by Region (USD Million), 2018-2023
5. Global Iron Flow Battery Market Forecast: Breakup by Region (USD Million), 2024-2032
6. North America Iron Flow Battery Historical Market: Breakup by Country (USD Million), 2018-2023
7. North America Iron Flow Battery Market Forecast: Breakup by Country (USD Million), 2024-2032
8. Europe Iron Flow Battery Historical Market: Breakup by Country (USD Million), 2018-2023
9. Europe Iron Flow Battery Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Asia Pacific Iron Flow Battery Historical Market: Breakup by Country (USD Million), 2018-2023
11. Asia Pacific Iron Flow Battery Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Latin America Iron Flow Battery Historical Market: Breakup by Country (USD Million), 2018-2023
13. Latin America Iron Flow Battery Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Middle East and Africa Iron Flow Battery Historical Market: Breakup by Country (USD Million), 2018-2023
15. Middle East and Africa Iron Flow Battery Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Global Iron Flow Battery Market Structure
Key Questions Answered in the Report
The global market size for iron flow batteries reached a value of more than USD 4.61 million in 2023.
The market is expected to grow at a CAGR of 28.8% between 2024 and 2032.
Major market drivers are growing demand for power supply, advantages of iron flow batteries, and their use in utility sectors.
Key trends of the market are security offered by the usage of iron-flow batteries, developments to expand their applications, and potential for lowering costs.
The regional markets can be categorised into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key players in the global iron flow battery market are ESS Inc., Electric Fuel Limited, ViZn Energy Systems, and Energy Vault, Inc., among others.
The market for iron flow batteries is segmented based on application and region.
The primary applications for iron flow batteries are utility, commercial and industrial, and off grid and microgrid.
An iron flow battery, commonly known as redox flow battery, is an electrochemical cell which stores energy in the tanks of liquid electrolytes.
Iron flow battery is preferred over conventional batteries because of its properties of being non-flammable, non-explosive, and non- toxic, as well as its ability to last for around 20 years without degradation.
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