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.
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.
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
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
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
