Global Redox Flow Battery Market to Grow at 17.3% During 2023-2028, Supported by Increasing Investments in Renewable Energy

According to the latest report by IMARC Group, titled “Redox Flow Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global redox flow battery market reached a value of US$ 206.9 Million in 2022. A redox flow battery (RFB) refers to a rechargeable battery that converts chemical energy into electric energy through reduced working fluids and reversible oxidation. The electrolytes flow through one or more electrochemical cells, wherein the interconversion of energy takes place. These cells are typically stacked in bipolar arrangements that contain the positive and negative electrodes. As compared to other types of batteries, RFB is more efficient, reliable, sustainable, cost-effective, and cleaner. These electrochemical storage devices also have a flexible system design that can store energy from intermittent electricity sources, such as solar and wind.
 

Global Redox Flow Battery Market Trends:

The global redox flow battery market is primarily being driven by increasing investments in renewable energy, the rising need for efficient energy storage devices, and low maintenance costs associated with these batteries. Moreover, a rise in the energy consumption activities due to rapid urbanization, along with the increasing instances of frequent power supply interruptions, is facilitating the demand for power backup across the globe. This, in turn, is supporting the market growth. In line with this, extensive applications of RFB in the utility, off-grid, and mini-grid markets and the increasing commercialization of this technology are acting as other growth-inducing factors. Additionally, rapid advancements in technology and materials, such as the development of electrochemical capacitors and hybrid RFB, with unlimited operational lifespan and increased reliability and output, are catalyzing the market growth. Looking forward, the market is expected to grow at a CAGR of 17.3% during 2023-2028.
 

Market Summary:

• Based on the type, the market has been divided into vanadium redox flow battery, and hybrid redox flow battery. 
• On the basis of the product, the market has been bifurcated into compact and large scale.
• Based on the application, the market has been classified into utility services, renewable energy integration, UPS and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some 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.

Report Scope:

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