Analyst Insight: Flow Batteries Are on the Way

Flow batteries, particularly the vanadium redox flow battery (VRFB) technology is a leading energy storage option. Although lithium-ion (Li-ion) still leads the industry in deployed capacity, VRFBs offer new capabilities that enable a new wave of industry growth. Flow batteries are durable and have a long lifespan, low operating costs, safe operation, and a low environmental impact in manufacturing and recycling. The technology can work in tandem with existing chemistries to fill demand in a growing energy storage market.

The flow battery market is primarily concentrated in North America, Europe, and Asia pacific. Most of Latin America and Middle East & Africa have seen minimal activity in the distributed market because of the limited number of active vendors, nascent business models, costs, and prohibitive electricity prices and rate structures.

This Guidehouse Insights Energy Storage Tracker Analyst Insight provides an overview of the market including market inflection trends, market drivers and barriers, global energy storage market forecasts, regional market analysis of energy storage capacity, and key recommendations for stakeholders in the energy storage industry. The report covers data from the Energy Storage Tracker released in 2Q22.