Global Redox Flow Battery Market, By Type (Hybrid Redox Flow Battery, Vanadium Redox Flow Battery, Zinc-Iron, Zinc-Bromide), Application (Renewable Energy Integration, Utility Services, Uninterruptible Power Supply (UPS), Commercial, Telecommunications, Electric Vehicle Charging, Solar, Off-Grid Solutions, Residential, Wind, Industrial), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Redox flow battery market is expected to reach USD 1,991.08 million by 2028 witnessing market growth at a rate of 31.60% in the forecast period of 2021 to 2028. Data Bridge Market Research report on redox flow battery market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
The Redox flow battery is an electrochemical storage system that allows electrical energy to conceal chemical energy. Energy is contained in liquid electrolyte solutions in a redox flow battery, which flows through a battery of electro-chemical cells primarily used for charge and discharge. These batteries are intended to store electrical energy at a low cost for reliable long-term operations. These batteries operate at room temperature and there are lesser chances of ignition or explosion.
Increasing preferences towards the usages of renewable sources, rapid urbanization across the globe, rising installation of telecom towers, rising number of batteries as backup for power supply with renewable sources, high adoption of vanadium redox flow batteries in energy storage solutions, surging levels of investment in ongoing projects and development on redox flow battery are some of the major as well as vital factors which will likely to augment the growth of the redox flow battery market in the projected timeframe of 2021-2028. On the other hand, rising preferences towards electric vehicle along with increase in capacity to produce energy which will further contribute by generating massive opportunities that will lead to the growth of the redox flow battery market in the above mentioned projected timeframe.
High competition in the energy storage sector and the broad lithium-ion battery customer base which will likely to act as market restraints factor for the growth of the redox flow battery in the above mentioned projected timeframe. Limitation of vanadium redox flow batteries along with technical issues after the installation and the cost involved in the construction of redox which will become the biggest and foremost challenge for the growth of the market.
This redox flow battery market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on redox flow battery market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Redox Flow Battery Market Scope and Market Size
Redox flow battery market is segmented on the basis of type and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Redox flow battery market on the basis of type has been segmented as hybrid redox flow battery, vanadium redox flow battery, zinc-iron, and zinc-bromide. Vanadium redox flow battery segment will hold the largest share in the growth of the market due to the higher capacities associated with this battery type make it well suited in large energy storage applications.
- On the basis of application, the redox flow battery market has been segmented into renewable energy integration, utility services, uninterruptible power supply (UPS), commercial, telecommunications, electric vehicle charging, solar, off-grid solutions, residential, wind, and industrial. Utility services segment will hold the largest market share in the growth of the market as these batteries are favourable in energy storage applications.
Redox Flow Battery Market Country Level Analysis
Redox flow battery market is analysed and market size, volume information is provided by country, type and application as referenced above.
The countries covered in the redox flow battery market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific will dominate the redox flow battery market due to the increasing adoption of economic batteries for energy storage and offer superior energy capacity characteristics in the long run, increasing population, and rapid industrialization along with rising adoption of cost-effective energy storage devices in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Redox Flow Battery Market Share Analysis
Redox flow battery market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to redox flow battery market.
The major players covered in the redox flow battery market report are Invinity Energy Systems.; Dalian Rongke Energy Storage Technology Development Co., Ltd.; HydraRedox; H2, Inc.; LE SYSTEM CO., Ltd.; StorEn Technologies; Storion Energy; Sumitomo Electric Industries, Ltd.; UniEnergy Technologies; VRB ENERGY.; CellCube Energy Storage; Redflow Limited; Big pawer Electrical Technology Xiangyang Inc. Co.,Ltd; Pinflow energy storage, s.r.o.; ViZn Energy Systems.; SCHMID Group; ESS, Inc; thyssenkrupp; Primus Power; JenaBatteries GmbH; among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.