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According to the latest report by IMARC Group, titled “Redox Flow Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global redox flow battery market reached a value of US$ 173 Million in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 20.2% during 2022-2027.
Market Summary:
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