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Redox Flow Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A4125
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Market Overview:
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 17.3% during 2023-2028.
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.
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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.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- 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:
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- 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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Million |
| Segment Coverage | Type, Product, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global redox flow battery market was valued at US$ 206.9 Million in 2022.
We expect the global redox flow battery market to exhibit a CAGR of 17.3% during 2023-2028.
The rising adoption of redox flow batteries in rechargeable and electrochemical energy storage to enhance the stability of grid networks and store surplus electricity is primarily driving the global redox flow battery market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for redox flow batteries.
Based on the type, the global redox flow battery market has been segmented into vanadium redox flow battery and hybrid redox flow battery. Currently, vanadium redox flow battery holds the majority of the total market share.
Based on the application, the global redox flow battery market can be divided into utility services, renewable energy integration, UPS, and others. Among these, utility services exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global redox flow battery market include 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.
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