Redox Flow Battery Market

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

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Report ID: 3015 | Published On: Feb 01, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


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Global Redox Flow Battery Market Highlights over 2020-2029

The global redox flow battery market is anticipated to grow at a significant CAGR, over the forecast period, i.e., 2021-2029, owing to the several advantages of redox batteries over generic batteries. These batteries are designed to store electrical energy at a low cost and are highly reliable for long periods of time. Moreover, factors, such as, clear electrolyte replaceability, instant recharge potential and a long life have made redox flow batteries a significantly safer alternative in place of lead-acid, lithium-ion, or solid-state batteries, which is anticipated to drive the market growth. Rising demand for energy storage solutions are also anticipated to boost the market during the forecast period.

Redox Flow Battery Market Graph

The global redox flow battery market is segmented by material into vanadium, zinc bromide, hydrogen bromide, polysulfide bromide, and others, out of which, the vanadium segment is anticipated to hold the largest share in the market on account of its suitability in storing energy. The multiple valence states of vanadium are used by the vanadium flow battery to store and release charges in a water-based electrolyte containing vanadium salts, which is projected to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT 


Global Redox Flow Battery Market Regional Synopsis

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.

Redox Flow Battery Market Share Image

The redox flow battery market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis


Market Segmentation

Our in-depth analysis of the redox flow battery market includes the following segments:

By Material

  • Vanadium
  • Zinc Bromide
  • Hydrogen Bromide
  • Others

By Storage:

  • Compact
  • Large Scale

By Application:

  • Utility
  • Commercial & Industrial
  • Military
  • Others


Redox Flow Battery Market Graph
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Growth Drivers

  • Growing Investment in Renewable Energy
  • Preference for Longevity by Industries for their Power Backup Supply


Restraints
  • Technical Complications in Handling Redox Flow Battery
  • High Costs than General Batteries


Redox Flow Battery Market Share Image
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Top Featured Companies Dominating the Market

    • ViZn Energy Systems
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Invinity Energy Systems
    • Sumitomo Electric Industries, Ltd.
    • ESS, Inc
    • Primus Power
    • Redflow Limited
    • SCHMID Group
    • Larco Resources
    • VRB Energy
    • StorEn Technologies

Key Questions Answered in the Report

1) What are the major factors driving the growth of the redox flow battery market?

Ans: Features of redox flow battery, such as, instant recharge potential and longer life are the major factors driving the market growth.

2) What would be the CAGR of redox flow battery market over the forecast period?

Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.

3) What are the challenges affecting the redox flow battery market growth?

Ans: High cost of redox flow batteries is one of the factors estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of redox flow battery market in future?

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.

5) Who are the major players dominating the redox flow battery market?

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.

6) How are the company profiles selected?

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.

7) What are the segments in the redox flow battery market?

Ans: The market is segmented by material, storage, application, and by region.

8) Which sub-segment captures the largest market size in the material segment in the market?

Ans: The vanadium segment is anticipated to hold largest market over the forecast period on the back of multiple valences of vanadium.

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