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PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1349474

PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1349474

Redox Flow Battery Market - Global Redox Flow Battery Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By Application Coverage, By Geographic Coverage and By Company)

PUBLISHED: August 10, 2023

PAGES: 220 Pages

DELIVERY TIME: 2-5 business days

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Description

Global Redox Flow Battery Market Set to Surge at a 15% CAGR, Reaching US$700 Mn by 2030.

Rising Renewable Energy Demand and Advanced Battery Chemistries Drive Growth

The global redox flow battery market is poised for impressive growth, with a projected Compound Annual Growth Rate (CAGR) of 15% during the period from 2023 to 2030. By the end of 2030, the market is expected to reach a valuation of approximately US$700 million. Redox flow batteries, a form of electrochemical cell that stores energy in a liquid-contained system, are gaining prominence as a vital component in energy storage and renewable energy integration.

Key Report Findings

The redox flow battery market is anticipated to witness substantial revenue expansion between 2023 and 2030, driven by growing financial support for renewable energy sources and the deployment of remote telecommunication towers. Hybrid redox flow batteries remain in high demand, with the utility services category leading in market revenue in 2022. Asia Pacific is expected to maintain market leadership, while North America's redox flow battery market will experience the strongest growth until 2030.

Growth Drivers

Accelerating Use of Renewable Energy

The rapid growth of renewable energy is a key driver behind the increasing demand for redox flow batteries. As investment in the renewable energy sector continues to rise, the importance of energy storage for grid stability becomes paramount. Redox flow batteries are uniquely suited for this purpose, allowing for the efficient storage of energy from sources like wind and solar, thus addressing issues related to intermittency. Governments around the world are actively promoting renewable energy, further fueling the growth of redox flow battery installations.

Development of Sophisticated and Innovative Flow Battery Chemistries

The global flow battery market is set to expand due to ongoing research and development efforts focused on improving battery chemistries. This innovation is expected to lead to enhanced power density and cost-effectiveness. Residential applications of flow batteries are also on the rise, providing homeowners and small businesses with cost-effective energy storage solutions. As a result, the redox flow battery market is expected to grow substantially, driven by these technological advancements and expanding residential use.

Market Challenges

Expensive Initial Investment

While redox flow batteries offer significant advantages, the initial investment required for manufacturing and installation can be substantial. Costs encompass materials, components, installation, maintenance, and repair, posing a challenge for small and medium-sized businesses. The cost factor may hinder widespread adoption, particularly in sectors with limited capital resources.

Overview of Key Segments

Hybrid Type Leads the Market

Hybrid redox flow batteries are at the forefront of the market due to their versatility and suitability for various applications. These batteries are particularly favored for large-scale energy storage applications, offering efficient energy storage, release, and maintenance benefits.

Utility Industry Dominates Demand

The utility industry is the primary driver of demand for redox flow batteries, as they serve as a buffer between electricity demand and grid supply. Utilities rely on these batteries to ensure grid stability, especially in areas with high renewable energy integration. Flow batteries, with their long discharge durations, are well-suited for this purpose.

Growth Opportunities Across Regions

Asia Pacific Leading the Way

Asia Pacific is poised to maintain its leadership in the redox flow battery market, with countries like Australia, Japan, China, and India witnessing increasing adoption. These nations are embracing flow batteries for utility, commercial, and industrial applications. Additionally, the region's growing industrial expansion and investment in renewable energy create significant opportunities for market growth.

Strong Growth in North America

North America is expected to experience robust growth in the redox flow battery market, driven by the deployment of grid-scale energy storage systems and government initiatives supporting renewable energy. Vanadium flow batteries, known for their durability and long service life, are gaining prominence in the region. Despite higher upfront costs, these batteries provide high energy output over their lifespan.

Redox Flow Battery Market: Competitive Landscape

Leading players in the redox flow battery market include: StorEn Technologies Inc., Avalon Battery Corporation, HydraRedox, Storion Energy, Vionx Energy, H2, Inc., Le System Co., Ltd., Sumitomo Electric Industries, Ltd., redT Energy Plc, and Dalian Rongke Power Co., Ltd.

1. Executive Summary

1.1. Global Redox Flow Battery Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2022
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. Covid-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Global Battery Market - Overview
2.8. Economic Overview
- 2.8.1. World Economic Projections
2.9. PESTLE Analysis

3. Global Redox Flow Battery Market Outlook, 2018 - 2030

3.1. Global Redox Flow Battery Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 3.1.1. Key Highlights
  - 3.1.1.1. Vanadium Redox Flow Battery
  - 3.1.1.2. Zinc-bromide Redox Flow Battery
  - 3.1.1.3. Misc.
3.2. Global Redox Flow Battery Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
- 3.2.1. Key Highlights
  - 3.2.1.1. Utility Services
  - 3.2.1.2. Electric Vehicle
  - 3.2.1.3. Renewable Energy Storage
  - 3.2.1.4. UPS
  - 3.2.1.5. Misc.
3.3. Global Redox Flow Battery Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa

4. North America Redox Flow Battery Market Outlook, 2018 - 2030

4.1. North America Redox Flow Battery Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 4.1.1. Key Highlights
  - 4.1.1.1. Vanadium Redox Flow Battery
  - 4.1.1.2. Zinc-bromide Redox Flow Battery
  - 4.1.1.3. Misc.
4.2. North America Redox Flow Battery Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
- 4.2.1. Key Highlights
  - 4.2.1.1. Utility Services
  - 4.2.1.2. Electric Vehicle
  - 4.2.1.3. Renewable Energy Storage
  - 4.2.1.4. UPS
  - 4.2.1.5. Misc.
- 4.2.2. Market Attractiveness Analysis
4.3. North America Redox Flow Battery Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S. Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 4.3.1.2. U.S. Redox Flow Battery Market Application, Value (US$ Mn), 2018 - 2030
  - 4.3.1.3. Canada Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 4.3.1.4. Canada Redox Flow Battery Market Application, Value (US$ Mn), 2018 - 2030
- 4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Redox Flow Battery Market Outlook, 2018 - 2030

5.1. Europe Redox Flow Battery Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 5.1.1. Key Highlights
  - 5.1.1.1. Vanadium Redox Flow Battery
  - 5.1.1.2. Zinc-bromide Redox Flow Battery
  - 5.1.1.3. Misc.
5.2. Europe Redox Flow Battery Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
- 5.2.1. Key Highlights
  - 5.2.1.1. Utility Services
  - 5.2.1.2. Electric Vehicle
  - 5.2.1.3. Renewable Energy Storage
  - 5.2.1.4. UPS
  - 5.2.1.5. Misc.
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Redox Flow Battery Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 5.3.1.2. Germany Redox Flow Battery Market Application, Value (US$ Mn), 2018 - 2030
  - 5.3.1.3. U.K. Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 5.3.1.4. U.K. Redox Flow Battery Market Application, Value (US$ Mn), 2018 - 2030
  - 5.3.1.5. France Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 5.3.1.6. France Redox Flow Battery Market Application, Value (US$ Mn), 2018 - 2030
  - 5.3.1.7. Italy Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 5.3.1.8. Italy Redox Flow Battery Market Application, Value (US$ Mn), 2018 - 2030
  - 5.3.1.9. Russia Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 5.3.1.10. Russia Redox Flow Battery Market Application, Value (US$ Mn), 2018 - 2030
  - 5.3.1.11. Rest of Europe Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 5.3.1.12. Rest of Europe Redox Flow Battery Market Application, Value (US$ Mn), 2018 - 2030
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Redox Flow Battery Market Outlook, 2018 - 2030

6.1. Asia Pacific Redox Flow Battery Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 6.1.1. Key Highlights
  - 6.1.1.1. Vanadium Redox Flow Battery
  - 6.1.1.2. Zinc-bromide Redox Flow Battery
  - 6.1.1.3. Misc.
6.2. Asia Pacific Redox Flow Battery Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
- 6.2.1. Key Highlights
  - 6.2.1.1. Utility Services
  - 6.2.1.2. Electric Vehicle
  - 6.2.1.3. Renewable Energy Storage
  - 6.2.1.4. UPS
  - 6.2.1.5. Misc.
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Redox Flow Battery Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 6.3.1. Key Highlights
  - 6.3.1.1. China Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 6.3.1.2. China Redox Flow Battery Market Application, Value (US$ Mn), 2018 - 2030
  - 6.3.1.3. Japan Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 6.3.1.4. Japan Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
  - 6.3.1.5. South Korea Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 6.3.1.6. South Korea Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
  - 6.3.1.7. India Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 6.3.1.8. India Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
  - 6.3.1.9. Southeast Asia Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 6.3.1.10. Southeast Asia Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
  - 6.3.1.11. Rest of Asia Pacific Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 6.3.1.12. Rest of Asia Pacific Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Redox Flow Battery Market Outlook, 2018 - 2030

7.1. Latin America Redox Flow Battery Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 7.1.1. Key Highlights
  - 7.1.1.1. Vanadium Redox Flow Battery
  - 7.1.1.2. Zinc-bromide Redox Flow Battery
  - 7.1.1.3. Misc.
7.2. Latin America Redox Flow Battery Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
- 7.2.1. Key Highlights
  - 7.2.1.1. Utility Services
  - 7.2.1.2. Electric Vehicle
  - 7.2.1.3. Renewable Energy Storage
  - 7.2.1.4. UPS
  - 7.2.1.5. Misc.
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Redox Flow Battery Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 7.3.1.2. Brazil Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
  - 7.3.1.3. Mexico Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 7.3.1.4. Mexico Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
  - 7.3.1.5. Rest of Latin America Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 7.3.1.6. Rest of Latin America Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Redox Flow Battery Market Outlook, 2018 - 2030

8.1. Middle East & Africa Redox Flow Battery Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 8.1.1. Key Highlights
  - 8.1.1.1. Vanadium Redox Flow Battery
  - 8.1.1.2. Zinc-bromide Redox Flow Battery
  - 8.1.1.3. Misc.
8.2. Middle East & Africa Redox Flow Battery Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
- 8.2.1. Key Highlights
  - 8.2.1.1. Utility Services
  - 8.2.1.2. Electric Vehicle
  - 8.2.1.3. Renewable Energy Storage
  - 8.2.1.4. UPS
  - 8.2.1.5. Misc.
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Redox Flow Battery Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 8.3.1.2. GCC Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
  - 8.3.1.3. South Africa Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 8.3.1.4. South Africa Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
  - 8.3.1.5. Rest of Middle East & Africa Redox Flow Battery Market by Type, Value (US$ Mn), 2018 - 2030
  - 8.3.1.6. Rest of Middle East & Africa Redox Flow Battery Market by Application, Value (US$ Mn), 2018 - 2030
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Product vs Charging Type Heatmap
9.2. Manufacturer vs Charging Type Heatmap
9.3. Company Market Share Analysis, 2022
9.4. Competitive Dashboard
9.5. Company Profiles
- 9.5.1. StorEn Technologies Inc.
  - 9.5.1.1. Company Overview
  - 9.5.1.2. Product Portfolio
  - 9.5.1.3. Financial Overview
  - 9.5.1.4. Business Strategies and Development
- 9.5.2. Avalon Battery Corporation
  - 9.5.2.1. Company Overview
  - 9.5.2.2. Product Portfolio
  - 9.5.2.3. Financial Overview
  - 9.5.2.4. Business Strategies and Development
- 9.5.3. Palo HydraRedox
  - 9.5.3.1. Company Overview
  - 9.5.3.2. Product Portfolio
  - 9.5.3.3. Financial Overview
  - 9.5.3.4. Business Strategies and Development
- 9.5.4. Storion Energy
  - 9.5.4.1. Company Overview
  - 9.5.4.2. Product Portfolio
  - 9.5.4.3. Financial Overview
  - 9.5.4.4. Business Strategies and Development
- 9.5.5. Vionx Energy
  - 9.5.5.1. Company Overview
  - 9.5.5.2. Product Portfolio
  - 9.5.5.3. Financial Overview
  - 9.5.5.4. Business Strategies and Development
- 9.5.6. H2, Inc.
  - 9.5.6.1. Company Overview
  - 9.5.6.2. Product Portfolio
  - 9.5.6.3. Financial Overview
  - 9.5.6.4. Business Strategies and Development
- 9.5.7. Le System Co., Ltd.
  - 9.5.7.1. Company Overview
  - 9.5.7.2. Product Portfolio
  - 9.5.7.3. Financial Overview
  - 9.5.7.4. Business Strategies and Development
- 9.5.8. Sumitomo Electric Industries, Ltd.
  - 9.5.8.1. Company Overview
  - 9.5.8.2. Product Portfolio
  - 9.5.8.3. Financial Overview
  - 9.5.8.4. Business Strategies and Development
- 9.5.9. redT Energy Plc
  - 9.5.9.1. Company Overview
  - 9.5.9.2. Product Portfolio
  - 9.5.9.3. Financial Overview
  - 9.5.9.4. Business Strategies and Development
- 9.5.10. Dalian Rongke Power Co., Ltd.
  - 9.5.10.1. Company Overview
  - 9.5.10.2. Product Portfolio
  - 9.5.10.3. Financial Overview
  - 9.5.10.4. Business Strategies and Development
- 9.5.11. Australian Vanadium Limited
  - 9.5.11.1. Company Overview
  - 9.5.11.2. Product Portfolio
  - 9.5.11.3. Financial Overview
  - 9.5.11.4. Business Strategies and Development
- 9.5.12. VFlowTech
  - 9.5.12.1. Company Overview
  - 9.5.12.2. Product Portfolio
  - 9.5.12.3. Financial Overview
  - 9.5.12.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations

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