Press release
Redox Flow Battery Market 2021 Statistical Analysis, Growth Opportunities and Forecast by 2026
Surge in adoption of vanadium redox flow batteries for energy storage solutions and ongoing projects, investments, and developments drive the growth of the global redox flow battery market. However, increase in competition in the energy storage sector and huge consumer base for lithium-ion battery hinder the market growth. On the other hand, development of hybrid redox flow battery and potential usage in electric vehicle create new opportunities in the industry.Global redox flow battery market size was valued at $130.4 million in 2018, and is projected to reach $403.0 million by 2026, growing at a CAGR of 15.2% from 2019 to 2026.
Clean and sustainable energy supplied from renewable sources may lead to the requirement of efficient, reliable, and cost-effective energy storage systems in the future. Therefore, after lead-acid batteries, redox flow battery is among those few battery types that store renewable and clean energy, and can be 100% recycled without affecting environmental conditions.
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In addition, electrochemical energy storage using rechargeable batteries based on redox chemistry can provide a comprehensive solution to the energy storage issues in the renewable energy sector through storing energy in recirculating electrolytes. This is attributed to the fact that redox flow batteries have merits of decoupled energy density along with power generation capability. As a result, along with lead-acid batteries, the demand for redox flow batteries is expected to increase—being a cost-competitive energy storage device. Some of the other factors such as flexibility in system design and competence in scaling costs are expected to favor their adoption in the renewable energy sector, thereby contributing to the global redox flow battery market growth.
On the basis of type, vanadium redox flow battery type dominated the market in 2018, and is anticipated to be the largest battery type by the end of the forecast period. This is attributed to the fact that the vanadium battery is the only developed version of the redox battery type currently, and is used in large-scale energy storage applications. As a result, increase in energy storage needs is fueling the demand for vanadium redox flow batteries across the globe.
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On the basis of application, the utility services segment accounted for the largest market share, contributing to more than half of the global share in 2018, and is estimated to witness the dominant position by 2026. However, the renewable energy integration segment is expected to portray the fastest CAGR of 15.7% from 2019 to 2026, owing to increase in initiatives for awareness regarding eco-friendly methods for creating electricity from renewable sources.
Some of the major market players studied and profiled in the global redox flow battery market are Sumitomo Electric Industries, Ltd., Dalian Rongke Power, UniEnergy Technologies., CELLCUBE, Avalon Battery Corporation, HydraRedox, Big pawer Electrical Technology Xiangyang Inc. Co., Ltd, Pinflow Energy Storage, s.r.o., VRB ENERGY, and Vionx Energy.
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Based on region, Asia-Pacific contributed to for the highest share in terms of revenue in 2018, accounting for nearly two-fifths of the global redox flow battery market, and is expected to maintain its dominant share during the forecast period. Moreover, this region is expected to portray the fastest CAGR of 15.7% from 2019 to 2026. This is attributed to the world's largest battery project situated in China and rise in investments in R&D activities. However, North America accounted for nearly one-fifth of the total market share in 2018 and is estimated to maintain its share by 2026. This region would register a CAGR of 15.1% during the forecast period.
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