Redox Flow Battery Market Growth Must Triple Due to Technology innovation during 2019-2026
Some of the factors that significantly contribute toward the growth of redox flow battery market are low cost associated with this battery type, increase in demand from the utility sector, and rise in adoption of UPS systems. Furthermore, these battery types are effectively used in renewable energy storage, which is expected to offer remunerative opportunities for market expansion during the forecast period.
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.
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.
Connect to Analyst For more Info @ https://www.alliedmarketresearch.com/connect-to-analyst/5680
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.
By application, the utility facilities segment acquired the largest redox flow battery market share in 2018, as a result of the highest number of operational flow battery projects. However, the renewable energy integration segment is anticipated to exhibit the highest CAGR during the forecast period on account of increasing mandatory renewable energy targets as a part of the legislative approach and resulting surge in production activities.
Inquiry Before Buying @ https://www.alliedmarketresearch.com/purchase-enquiry/5680
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.
KEY FINDINGS OF THE STUDY
• By type, the vanadium redox flow batteries emerged as a global leader by acquiring around 80% market share in 2018, and is anticipated to dominate the redox flow battery market during the forecast period.
• On the basis of application, the utility services segment generated the highest revenue in 2018.
• Asia-Pacific is the largest regional market for redox flow batteries, and is expected to continue this trend during the forecast period.
Questions answered in the Redox Flow Battery Market research report:
1. Which are the leading market players active in the market?
2. What are the current trends that will influence the market in the next few years?
3. What are the driving factors, restraints, and opportunities of the market?
4. What are the projections for the future that would help in taking further strategic steps?
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow us on: https://www.linkedin.com/company/allied-market-research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Redox Flow Battery Market Growth Must Triple Due to Technology innovation during 2019-2026 here
News-ID: 2278814 • Views: 116
More Releases from Allied Analytics LLP
Smart Energy Market Foreseen to Draw a Promising Growth of $253.1 billion by 202 …
Global smart energy market size was valued at $124.0 billion in 2019, and is projected to reach $253.1 billion by 2027, growing at a CAGR of 9.6% from 2020 to 2027. Smart energy is a cost-effective, sustainable, and secure energy system, which focuses on sustainable energy production while reducing the production cost. The smart energy system consists of smart electricity, smart gas, and smart thermal grids. In addition, the application
Electrolyzers Market will Grow at Fastest Rate of 24.6% during 2020 – 2027
Global electrolyzers market size was valued at $0.2 billion in 2019 and is anticipated to generate $0.9 billion by 2027. The market is projected to experience growth at a CAGR of 24.6% from 2020 to 2027. In electrolyzer, water is split into hydrogen and oxygen by using electricity. There are different processes used for electrolysis such as alkaline method, PEM and solid oxide electrolysis method. The hydrogen obtained from the
Green Power Market Will Reflect Significant Growth Prospects during 2020-2027
The green power market was valued at $41.1 billion in 2019 and is anticipated to generate $103.5 billion by 2027. The market is projected to experience growth at a CAGR of 12.3% from 2020 to 2027. Presence of countries, such as China and India, are the major factor that boosts the Asia-Pacific green power market, owing to rise in investment in green power projects. There is significant increase in energy
Wave Energy Market Growth Rate Up 17.8% Worldwide by 2027
Global wave energy market was valued at $43.8 million in 2019, and is projected to reach $141.1 million by 2027, growing at a CAGR of 17.8% from 2020 to 2027. Wave energy is the one of the renewable energies extracted from the ocean source, other being tidal currents, tidal range, biofuels from marine biomass and others. Wave energy converters are used to convert kinetic and potential energy of ocean waves
More Releases for Redox
Global Redox Enzymes Industry Market Research Report from 2020-2025
This report also researches and evaluates the impact of Covid-19 outbreak on the Redox Enzymes industry, involving potential opportunity and challenges, drivers and risks. We present the impact assessment of Covid-19 effects on Redox Enzymes and market growth forecast based on different scenario (optimistic, pessimistic, very optimistic, most likely etc.). Global Info Research offers a latest published report on Redox Enzymes Market Analysis and Forecast 2019-2025 delivering key insights and providing a competitive advantage to clients through a
Global Redox Flow Battery Market 2018 - EnSync, Gildemeister
Eminent Market, recently published a detailed market research study focused on the “Redox Flow Battery Market” across the global, regional and country level. The report provides 360° analysis of “Redox Flow Battery Market” from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global PP Pipe industry, and estimates the future trend of Redox Flow
Global All-Vanadium Redox Flow Batteries Market 2018 - Imergy, Sun2live
Apex Market Reports, recently published a detailed market research study focused on the “All-Vanadium Redox Flow Batteries Market” across the global, regional and country level. The report provides 360° analysis of “All-Vanadium Redox Flow Batteries Market” from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global PP Pipe industry, and estimates the future trend
Global Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) Sales Ma …
The market for Vanadium Redox Battery is growing with the expansion of this Industry Sector Worldwide. Market Research Hub (MRH) has added a new report titled “Global Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) Sales Market Report 2018” which offer details about the current trends and analysis, as well as scope for the near future. This research study also covers information about the production, consumption and market share based
Global Redox Flow Batteries Market Segments Research Report Till 2025
Summary: Global Redox Flow Batteries Market industry valued approximately USD XX billion in 2016 is anticipated to grow with a healthy growth rate of more than X% over the forecast period 2017-2025. Redox flow batteries (RFB) represent one class of electrochemical energy storage devices which uses chemical reduction and oxidation process in order to store energy. The global need to save grid-connected energy along with the inherent request for services of
Global All Vanadium Redox Flow Battery Market Research Report 2018
The market for power sector is growing with the expansion of this Industry Sector Worldwide. Market Research Hub (MRH) has added a new report titled “Global All Vanadium Redox Flow Battery Market Research Report 2018”which offer details about the current trends as well as scope for the near future. This research study also covers information about the production and market share based on different active regions. Furthermore, an anticipated growth