The international flow battery market is growing steadily and it will start taking market share from gas peaker plants, said Anthony Price, Secretary-General of trade body Flow Batteries Europe (FBE).
Speaking to BEST, he said once flow battery costs come down on the back of growing sales volume, the batteries will start to take market share from gas peaker plants. Twenty per cent is feasible, he said.
“If you are looking at replacing gas peaker plants, then providing you are cost competitive enough, you should expect at least 20% of gas peaker plants being replaced by energy storage. At least.”
For 100MW of new power sources going on stream, logically it should be 30MW of energy storage going on to balance the energy output, he said. “It depends on getting the cost proposals right,” he said. Every time a gas peaker plant is chosen over energy storage, it will be 30 years before the chance to replace that plant comes around again.
The cost of flow batteries is a third of the level from 2020, said Price. “There’s clearly a market for flow batteries.”
Daniela Pöhl, junior policy officer at FBE, has collated figures from various – and widely varying – reports showing the estimated size and value of the global market for flow batteries. She said: “It seems that there are more or less two themes: one valuing the global flow battery market already at over $1 billion, forecasting about $2 billion for the 2030s; and another group that values the current market at about $400 million, forecasting over $1 billion for the 2030s.
“As for the growth rate, most estimate it in the 15–23% area. IDTechEx seems to be rather an outlier.” She believes the big differences are to do with definitions and methods.
Varying estimates on size and value of the global flow battery market
| Author/firm | Link | Market size | Market size forecast | CAGR |
| BCC Research | Flow Batteries Poised for Breakthrough Growth, Projected to Hit $1.1 Billion | $416.3 million (2023) | $1.1 billion (2029)
|
21.7% (2024–2023) |
| IDTechEx | Redox Flow Batteries Market 2024–2034: Forecasts, Technologies, Markets: IDTechEx | $2.8 billion (2034) | 45% (2024–2034) | |
| Markets and Markets | Flow Battery Market Size, Share, Industry Trends and Growth Analysis 2032 | $340 million (2024) | $1.18 billion (2030) | 23% (2024–2030) |
| Mordor Intelligence | Flow Battery Market Analysis | Industry Growth, Size & Forecast Report | $1.02 billion (2025) | $2.08 billion (2030) | 15.41% (2025–2030) |
| Fortune Business Insights | Flow Battery Market Size, Share | Forecast [2025–2032] | $1.03 billion (2024) | $2.72 billion (2032) | 13% (2024–2032) |
| Polaris Market Research | Global Flow Battery Market Size, Trends and Forecast to 2032 | $345.1 million (2023) | $1.3 billion (2032) | 15.6% (2024–2032) |
| Grand View Research | Flow Battery Market Size & Share | Industry Report, 2030 | $328.1 million (2022) | $1.6 billion (2030) | 22.6% (2023–2030) |
| Research and Markets | Flow Battery Industry Eyes $1.18 Billion Valuation by 2030: | $340 million (2024) | $1.18 billion (2030) | 23% (2024–2030) |
Research source: FBE
Using the International Energy Agency estimates for energy storage, FBE itself sees an acheivable target of about 20GW/200GWh of flow battery storage in 2030. This corresponds to a market share of 2–3.5% of the 552–1000GW market for 2030.
