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Redox Flow Battery Market: Revenue Growth is Making Marketplace Explosive
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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.
Based on type, the vanadium segment accounted for more than four-fifths of the total market share in 2018, and is estimate to maintain its dominance in terms of revenue during the forecast period. Moreover, this segment would portray the largest CAGR of 15.3% during the forecast period. The research also analyzes the hybrid segment.
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.
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Geographically, Asia-Pacific accounted for the largest share in terms of revenue in 2018, contributing to nearly two-fifths of the total market, and is estimated to contribute its highest share throughout the forecast period. In addition, this region is expected to witness the largest CAGR of 15.7% during the forecast period. However, North America held nearly one-fifth of the total share in 2018, and is expected to continue its position in terms of revenue by 2026. This region is estimated to maintain the highest CAGR of 15.1% during the forecast period.
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.
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