Redox Flow Battery - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Redox Flow Battery Market is accounted for $130.40 million in 2018 and is expected to reach $527.55 million by 2027 growing at a CAGR of 16.8% during the forecast period. Some of the key factors propelling the market growth include increase in energy generation activities, increasing use of renewable resources & durability of the battery’s life, rise in energy generation capacities, and developments of hybrid redox flow battery. However, high competition in the energy storage sector and large consumer base of lithium-ion battery are restricting the market growth.
A redox flow battery is a type of electrochemical cell, where two chemical components provide chemical energy, which is dissolved in a liquid contained system and separated by the membrane. This system is called as stack with two electric components such as anode and cathode, which individually have separate tanks. Other components in the battery are bipolar plate and membrane. The number and size of the stack depends upon the power output required, which further determines the capacity of the battery. The term redox in the redox flow battery refers to the redox reaction, which means a change in the oxidation level of chemical, i.e., reduction and oxidation.
By application, utility services segment is anticipated to grow at the significant rate during the forecast period, due to large number of projects and the demand of these batteries in these projects is huge. The electric utility sector is engaged in electricity generation and distribution roles where energy storage devices are consistently required to store electricity for a longer time interval. Redox flow batteries are cost-competitive energy storage devices which require zero maintenance. Therefore, their demand for electric utility services is growing significantly.
Based on the geography, Asia-Pacific is expected to have considerable market growth during the forecast period, due to growth in population, robust industrialization, and the adoption of cost-effective energy storage devices. Redox flow batteries in countries such as China, Japan, India, South Korea, and Australia have emerged as prominent consumers. Therefore, with increasing energy, the demand for energy storage devices is increasing rapidly, which drives the adoption of redox flow battery in Asia-Pacific.
Some of the key players in redox flow battery market include UniEnergy Technologies, HydraRedox, Vionx Energy, Sumitomo Electric Industries, Ltd., Avalon Battery Corporation, VRB Energy, CELLCUBE, Redflow, Big pawer Electrical Technology, Dalian Rongke Power, RedT energy PLC., Pinflow Energy Storage, s.r.o., Vizn Energy system, Rongke Power, SCHMID Group, ESS Inc., Imergy, and Thyssenkrupp AG.
• Hybrid Redox Flow Battery
• Vanadium Redox Flow Battery
• Renewable Energy Integration
• Utility Services
• Uninterruptible Power Supply (UPS)
• Electric Vehicle Charging
• Off-Grid Solutions
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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