Redox Flow Battery Market Segmentation by Material (Vanadium, Zinc Bromide, Hydrogen Bromide, and Others); by Storage (Compact, and Large Scale); by Application (Utility, Commercial & Industrial, Military, and Others) – Global Demand Analysis and Opportunity Outlook 2029
Buy Now Report ID: 3015 | Published Date: Feb 13, 2023
Our in-depth analysis of the redox flow battery market includes the following segments:
By Material
By Storage:
By Application:
Growth Drivers
Restraints
Regionally, the redox flow battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia-Pacific is predicted to hold a significant market share in the market during the forecast period owing to the escalating growth of electronics manufacturing sector in countries, such as, China, India, Japan, South Korea, and Australia. Additionally, awareness regarding increasing use of renewable resources and the adoption of redox flow battery in place of generic batteries by the masses is anticipated to drive the growth of the market in this region. The market in the North America is also anticipated to hold a notable share by the end of 2029, owing the increasing investments in renewable and clean energy by major end-user industries present in the region.
The redox flow battery market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: Features of redox flow battery, such as, instant recharge potential and longer life are the major factors driving the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
Ans: High cost of redox flow batteries is one of the factors estimated to hamper the market growth.
Ans: The market in Asia Pacific is estimated to garner the largest market share owing to the large number of end-user industries already functioning in the region, which creates further growth opportunities.
Ans: The major players in the market are Sumitomo Electric Industries, Ltd., ESS, Inc, Primus Power, Redflow Limited, SCHMID Group, Larco Resources, VRB Energy, StorEn Technologies, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by material, storage, application, and by region.
Ans: The vanadium segment is anticipated to hold largest market over the forecast period on the back of multiple valences of vanadium.
Submit Your Request For Proposal (RFP)
