Redox Flow Battery Market Size & Share, by Material (Vanadium, Zinc Bromide, Hydrogen Bromide); Storage (Compact, Large Scale); Application (Utility, Commercial & Industrial, Military) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2029

  • Report ID: 3015
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

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

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


In-the-news

In the News

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3015
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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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