Press release
Redox Flow Battery Market : Global Opportunity Analysis and Industry Forecast, 2019-2026
The global redox flow battery market size was valued at USD 130.4 Million in 2018 and is projected to reach USD 403.0 Million by 2026, growing at a CAGR of 15.2% from 2019 to 2026.
Redox Flow Battery converts electrical energy into chemical potential energy by means of a reversible electrochemical reaction between two liquid electrolyte solutions contained in external electrolyte tanks.
Clean and sustainable energy supply from renewable sources would require energy storage systems that are efficient, reliable, and cost-effective. Redox flow batteries are promising in stationary energy storage from intermittent sources such as solar and wind due to the versatility in device design and competence in scaling cost.
The Redox Flow Battery Market report provides an in-depth analysis of the redox flow battery market forecast along with the current and future market trends.
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TRENDS INFLUENCING THE REDOX FLOW BATTERY MARKET SIZE
Rising energy generation activities and the increase in capacity to produce energy drive the redox flow battery market size.
The only commodity that can be 100 percent recycled is a redox flow battery, which supports its use in renewable energy and leads to consumer growth. Consequently, the high recyclable nature self-drives the redox flow battery market size during the forecast period.
The development of hybrid redox flow batteries is expected to fuel the market size during the forecast period.
High competition in the energy storage sector and the broad lithium-ion battery customer base is expected to restrain the redox flow battery market size.
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REDOX FLOW BATTERY MARKET SHARE ANALYSIS
Vanadium redox flow battery segment accounted for the largest redox flow battery market share during the forecast period. Higher capacities associated with this type of battery make it well suited to large applications for energy storage. Utility facility, clean energy integration, and UPS systems are also some of the popular applications of vanadium redox flow batteries.
Based on the region, the Asia-Pacific holds the largest redox flow battery market share. Countries like China, Japan, India, South Korea, and Australia have emerged as leading consumers in this region. Energy consumption is increasing significantly in Asia-Pacific due to population growth, rapid industrialization, and the adoption of cost-effective energy storage products.
TOP COMPANIES IN THE REDOX FLOW BATTERY MARKET ANALYSIS
Some of the major market players operating in this market are Avalon Battery Corporation, Dalian Rongke Power Co., Ltd, HydraRedox, H2, Inc, Le System Co., Ltd., redT Energy plc, StorEn Technologies Inc, Storion Energy, Sumitomo Electric Industries, Ltd, and Vionx Energy.
KEY MARKET SEGMENTS
By Region
North America
Europe
Asia-Pacific
LAMEA
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By Type
Vanadium Redox Flow Battery
Hybrid Redox Flow Battery.
By Application
Utility Services
Renewable Energy Integration
UPS
Others.
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