The North America Flow Battery Market would witness market growth of 19.4% CAGR during the forecast period (2023-2030).In the year 2019, the North America market's volume surged to 22,173.0 Units, showcasing a growth of 16.3% (2019-2022).
As flow batteries can replenish used electrolytes in storage tanks, their functioning is more flexible. Other benefits provided by flow batteries include their long operational life and low maintenance requirements. The market for flow batteries has grown rapidly due to the rising use of renewable energy sources like solar and wind, increasing demand for batteries. This trend is anticipated to continue globally because of numerous industrialized and developing countries establishing green energy targets. The utility industry is where flow batteries are mostly used for energy storage.
Hybrid and redox flow batteries compose most of the market. Due to its greater capacity retention even after numerous cycles and a faster payback period, redox flow batteries are the most used battery type. Depending on its application, the market can be divided into power, automotive, residential, industrial, energy storage, and others. The power sector now accounts for a higher share of the market due to rising electricity demand and increased solar and wind power use. Due to the demand for constant power and the development of new utility networks, adoption in the power sector will continue to increase.
North America has one of the most developed automotive industries. The North American Free Trade Agreement (NAFTA) has helped the region’s automobile industry grow. Passenger cars with cutting-edge comfort and safety technologies have been valued by the US automotive industry. The US is one of the world’s largest marketplaces for autos. According to the International Trade Administration (ITA), 14.5 million light commercial vehicles (LCVs) were bought nationwide in 2020.This, in turn, will drive the demand for more backup power batteries due to which the demand for market will rise.
The US market dominated the North America Flow Battery Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $220,789.5 Thousands by 2030. The Canada market is showcasing a CAGR of 22.1% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 21.1% during (2023 - 2030).
Based on Type, the market is segmented into Redox and Hybrid. Based on Material, the market is segmented into Vanadium, Zinc Bromine, and Others. Based on Storage, the market is segmented into Large Scale and Small Scale. Based on Application, the market is segmented into Utilities, Commercial & Industrial, EV Charging Stations and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Flow Battery Market is Projected to reach USD 1 Billion by 2030, at a CAGR of 19.9%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include VRB Energy, Inc. (Ivanhoe Electric Inc.), Invinity Energy Systems plc, Redflow Limited, ViZn Energy, Inc., Gebr. SCHMID GmbH, Elestor BV, Largo Inc., Stryten Energy LLC (Atlas Holdings LLC), Sumitomo Electric Industries, Ltd., Lockheed Martin Corporation.
By Type
By Material
By Storage (Volume, Units, USD Thousands, 2019-2030)
By Application (Volume, Units, USD Thousands, 2019-2030)
By Country (Volume, Units, USD Thousands, 2019-2030)
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