According to the latest report by IMARC Group, titled “Redox Flow Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global redox flow battery marketexhibited moderate growth during 2015-2020. 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.
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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 around 13% during 2021-2026.
- Based on the type, the market has been divided into fatty acids, fatty alcohols, glycerin, and others.
- On the basis of the form, the market has been bifurcated into liquid and solid (flakes, pellets, beads, and others).
- Based on the application, the market has been classified into soaps and detergents, plastics, paper, lubricants, rubber, coatings and resins, personal care products, and others.
- On the basis of the feedstock, the market has been segmented into palm, soy, rapeseed, sunflower, tallow, palm kernel, coconut, 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 Akzo Nobel N.V., BASF SE, Cargill Inc., Emery Oleochemicals Group, Evonik Industries, Evyap Oleo, Godrej & Boyce, Kao Corporation, KLK Oleo, Myriant, Oleon NV, Procter & Gamble Company, PTT Global Chemical Public Company, TerraVia Holding Inc., Wilmar International Ltd., etc.
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