Market Research Report
Redox Flow Battery Market by Type (Vanadium and Hybrid) and Application (Utility Services, Renewable Energy Integration, UPS, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026
|Published by||Allied Market Research||Product code||938441|
|Published||Content info||200 Pages
Delivery time: 2-3 business days
|Redox Flow Battery Market by Type (Vanadium and Hybrid) and Application (Utility Services, Renewable Energy Integration, UPS, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026|
|Published: March 5, 2020||Content info: 200 Pages||
The global redox flow battery market was valued at $130.4 million in 2018, and is projected to reach $403.0 million by 2026, growing at a CAGR of 15.2% from 2019 to 2026.
A redox flow battery is an electrochemical energy storage equipment, which converts chemical energy into electrochemical energy using an electrochemical cell through reversible oxidation and reduction of working fluid. It is more appropriately called a fuel cell rather than the instead of battery, as the redox cell in the battery is employed for heterogeneous electron transfer rather than solid-state diffusion. Redox flow battery is 100% recyclable, as the electrolyte inside the battery does not undergo deterioration. Vanadium redox flow battery and hybrid battery are two prominent types of redox flow battery, wherein the vanadium battery type is the most developed version over others.
The global redox flow battery market is in its nascent phase, and is anticipated to explore lucrative growth opportunities during the forecast period. This is attributed to the scalable properties associated with these batteries, surge in demand for power backup across the globe, and low maintenance associated with these batteries. Furthermore, redox flow battery are 100% recyclable in nature that causes the least environmental impact, thus making them highly favorable in the renewable energy sector. Therefore, increase in renewable energy production across the globe and rise in need for energy storage are the major factors fueling the demand for redox flow batteries. On the contrary, redox flow battery technology is relatively new, and is not well-developed, which also comes with a few limitations. High initial manufacturing cost and low energy to volume ratio over other counterparts hamper the global market growth. However, increase in investment in this battery type along with its developing applications in electric vehicles is expected to offer profitable growth opportunities to this market during the forecast period.
The global redox flow battery market is segmented into type, application, and region. Depending on type, the global market is segregated into vanadium redox flow battery and hybrid redox flow battery. The applications covered in the study include utility facilities, renewable energy integration, UPS, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major market players studied and profiled in the global redox flow battery market are Sumitomo Electric Industries, Ltd., Dalian Rongke Power, UniEnergy Technologies., CELLCUBE, Avalon Battery Corporation, HydraRedox, Big pawer Electrical Technology Xiangyang Inc. Co., Ltd, Pinflow energy storage, s.r.o., VRB ENERGY, Vionx Energy, and others
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global redox flow batterymarket from 2018 to 2026 to determine the prevailing opportunities
A comprehensive analysis of the factors that drive and restrict the growth of the market is provided
Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume
Profiles of leading players operating in the market are provided to understand the global competitive scenario
The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth
Vanadium redox flow battery
Hybrid redox flow battery
Renewable Energy Integration
Rest of Europe
Rest of Asia-Pacific
Avalon Battery Corporation
Dalian Rongke Power Co., Ltd
Le System Co., Ltd.
redT Energy plc
StorEn Technologies Inc.
Sumitomo Electric Industries, Ltd
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