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 market size exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 13% during 2021-2026.
A redox flow battery represents a rechargeable, electrochemical device that converts chemical energy into electrical energy by reversible oxidation and reduction of working fluids. It is clean, sustainable, efficient, reliable, and cost-effective compared to other batteries, such as lead, acid, lithium-ion, etc. The redox flow battery has a flexible system design and stores energy from intermittent electricity sources, including solar and wind.
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Global Redox Flow Battery Market Trends:
The increasing use of renewable energy sources is primarily driving the redox flow batteries market across the globe. Besides this, the high consumption of electricity due to elevating levels of urbanization and the rising global population is resulting in frequent power supply interruptions, which is further augmenting the need for rechargeable devise, such as redox flow battery. Moreover, the growing adoption of redox flow batteries in rechargeable, electrochemical energy storage facilities to improve the stability of grid networks is also catalyzing the product demand. Additionally, increasing investments in R&D activities and escalating prominence of electric vehicles (EVs) are further expected to fuel the global redox flow battery market over the forecasted period.
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Global Redox Flow Battery Market 2021-2026 Analysis and Segmentation:
Competitive Landscape with Key Player:
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.
Breakup by Type:
- Vanadium Redox Flow Battery
- Hybrid Redox Flow Battery
Breakup by Product:
- Large Scale
Breakup by Application:
- Utility Services
- Renewable Energy Integration
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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