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
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:
Our in-depth analysis of the redox flow battery market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Features of redox flow battery, such as, instant recharge potential and longer life are the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
High cost of redox flow batteries is one of the factors estimated to hamper the market growth.
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.
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.
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.
The market is segmented by material, storage, application, and by region.
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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