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PUBLISHER: IMARC | PRODUCT CODE: 1379159
PUBLISHER: IMARC | PRODUCT CODE: 1379159
Redox Flow Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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PAGES: 138 Pages
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Abstract
The global redox flow battery market size reached US$ 206.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 570.0 Million by 2028, exhibiting a growth rate (CAGR) of 18.4% during 2022-2028.
A redox flow battery is a rechargeable, electrochemical device that converts chemical energy into electrical energy via reduction of working fluids and reversible oxidation. It is clean, efficient, reliable, sustainable, and cost effective compared to other types of batteries like lead acid and lithium ion. As it has a flexible system design, it can store energy from intermittent electricity sources, such as solar and wind. Nowadays, the use of renewable energy sources is growing significantly, which is catalyzing the demand for redox flow batteries in several end use industries.
Redox Flow Battery Market Trends:
Fossil fuels have become one of the most exploited sources to generate electricity. This is resulting in the increasing amount of carbon dioxide (CO2) emission in the atmosphere, which is disrupting the ecosphere and causing harmful impacts on the climate. As a result, governing agencies of several countries are encouraging the use of environment-friendly alternatives to generate energy from renewable sources. This represents one of the major factors escalating the demand for redox flow batteries around the world. Moreover, the growing consumption of electricity on account of rapid urbanization and the increasing global population is resulting in frequent power supply interruptions. This is also positively influencing the adoption of redox flow batteries in rechargeable, electrochemical energy storage to enhance the stability of grid networks and store surplus electricity. The stored energy can be delivered to customers, thereby providing a solution to tackle blackout issues. Apart from this, several market players are offering hybrid redox flow batteries, which are strengthening the growth of the market. Furthermore, increasing investments in research and development (R&D) by leading players and the growing popularity of electric vehicles (EVs) are projected to drive the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global redox flow battery market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, product and application.
Breakup by Type:
Vanadium Redox Flow Battery
Hybrid Redox Flow Battery
Breakup by Product:
Compact
Large Scale
Breakup by Application:
Utility Services
Renewable Energy Integration
UPS
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being CellCube Energy Storage Systems Inc, H2 Inc, HydraRedox, Invinity Energy Systems, Largo Resources Ltd., LE SYSTEM CO. Ltd., Lockheed Martin Corporation, StorEn Technologies Inc, Storion Energy and Sumitomo Electric Industries Ltd.
Key Questions Answered in This Report
- 1. How big is the global redox flow battery market?
- 2. What is the expected growth rate of the global redox flow battery market during 2023-2028?
- 3. What are the key factors driving the global redox flow battery market?
- 4. What has been the impact of COVID-19 on the global redox flow battery market?
- 5. What is the breakup of the global redox flow battery market based on the type?
- 6. What is the breakup of the global redox flow battery market based on the application?
- 7. What are the key regions in the global redox flow battery market?
- 8. Who are the key players/companies in the global redox flow battery market?
Product Code: SR112023A4125
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Redox Flow Battery Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Vanadium Redox Flow Battery
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Hybrid Redox Flow Battery
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Product
- 7.1 Compact
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Large Scale
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Application
- 8.1 Utility Services
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Renewable Energy Integration
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 UPS
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 CellCube Energy Storage Systems Inc
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.2 H2 Inc
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 HydraRedox
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 Invinity Energy Systems
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 Largo Resources Ltd.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.6 LE SYSTEM CO. Ltd.
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.7 Lockheed Martin Corporation
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 StorEn Technologies Inc
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.9 Storion Energy
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Sumitomo Electric Industries Ltd
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.1 CellCube Energy Storage Systems Inc
Product Code: SR112023A4125
List of Figures
- Figure 1: Global: Redox Flow Battery Market: Major Drivers and Challenges
- Figure 2: Global: Redox Flow Battery Market: Sales Value (in Million US$), 2017-2022
- Figure 3: Global: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 4: Global: Redox Flow Battery Market: Breakup by Type (in %), 2022
- Figure 5: Global: Redox Flow Battery Market: Breakup by Product (in %), 2022
- Figure 6: Global: Redox Flow Battery Market: Breakup by Application (in %), 2022
- Figure 7: Global: Redox Flow Battery Market: Breakup by Region (in %), 2022
- Figure 8: Global: Redox Flow Battery (Vanadium Redox Flow Battery) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 9: Global: Redox Flow Battery (Vanadium Redox Flow Battery) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 10: Global: Redox Flow Battery (Hybrid Redox Flow Battery) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Redox Flow Battery (Hybrid Redox Flow Battery) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Redox Flow Battery (Compact) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Redox Flow Battery (Compact) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Redox Flow Battery (Large Scale) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Redox Flow Battery (Large Scale) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Redox Flow Battery (Utility Services) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Redox Flow Battery (Utility Services) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Redox Flow Battery (Renewable Energy Integration) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Redox Flow Battery (Renewable Energy Integration) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Redox Flow Battery (UPS) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Redox Flow Battery (UPS) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Redox Flow Battery (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Redox Flow Battery (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: North America: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: North America: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: United States: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: United States: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: Canada: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: Canada: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: Asia-Pacific: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: Asia-Pacific: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: China: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: China: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: Japan: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: Japan: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: India: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: India: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: South Korea: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: South Korea: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: Australia: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: Australia: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 42: Indonesia: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 43: Indonesia: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 44: Others: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 45: Others: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: Europe: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: Europe: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 48: Germany: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 49: Germany: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 50: France: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 51: France: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 52: United Kingdom: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 53: United Kingdom: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 54: Italy: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 55: Italy: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 56: Spain: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 57: Spain: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 58: Russia: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 59: Russia: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 60: Others: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 61: Others: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: Latin America: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: Latin America: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 64: Brazil: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 65: Brazil: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 66: Mexico: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 67: Mexico: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 68: Others: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 69: Others: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: Middle East and Africa: Redox Flow Battery Market: Sales Value (in Million US$), 2017 & 2022
- Figure 71: Middle East and Africa: Redox Flow Battery Market: Breakup by Country (in %), 2022
- Figure 72: Middle East and Africa: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 73: Global: Redox Flow Battery Industry: SWOT Analysis
- Figure 74: Global: Redox Flow Battery Industry: Value Chain Analysis
- Figure 75: Global: Redox Flow Battery Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Redox Flow Battery Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Redox Flow Battery Market Forecast: Breakup by Type (in Million US$), 2023-2028
- Table 3: Global: Redox Flow Battery Market Forecast: Breakup by Product (in Million US$), 2023-2028
- Table 4: Global: Redox Flow Battery Market Forecast: Breakup by Application (in Million US$), 2023-2028
- Table 5: Global: Redox Flow Battery Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 6: Global: Redox Flow Battery Market: Competitive Structure
- Table 7: Global: Redox Flow Battery Market: Key Players
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