New York, USA, Feb. 19, 2020 (GLOBE NEWSWIRE) -- The redox flow battery market size was $127.8 million in 2018 and is predicted to grow at a CAGR of 13.5% in the forecast period. North American market was valued for $26.8 million in 2018 and is predicted to grow by $81.2 million by 2026. Asia-Pacific market was $52.6 million in 2018 and is predicted to grow by generating a revenue of $166.9 million by 2026.
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Redox flow battery works with oxidation and reduction mechanism and is rechargeable in nature. Redox flow battery converts chemical energy to electrical energy and works as an electrochemical device. These batteries are operated at room temperature and have a lesser chance of explosion. These batteries work for longer time due to less degradation of electrolytes and electrodes.
Increasing use of renewable resources and durability of the battery’s life is the major driving factor for the growth of redox flow battery market. These batteries have a life span of 40 years which encourages the industrials to adopt these batteries for power backups. With the use of renewable energy, the battery can store energy to generate power and use whenever necessary. In addition, increasing urbanization and increasing installation of telecom towers are expected to be the driving factor for the market.
The construction of the redox flow battery requires sensors, pumps, power management and flow to the secondary containment to operate, which makes it more complex. Its complex construction is a major restraint for the redox flow battery market.
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On the basis of material, the market is divided into Vanadium and Hybrid. Vanadium is the most used material in redox flow batteries. Vanadium makes the battery durable with lesser cost. It has the ability to operate in full cycle and it can operate even in 0% energy using only the earlier stored energy for a certain time. Due to the above mentioned reasons, vanadium material battery market is expected to grow at a CAGR of 13.7% by generating a revenue of $325.6 million by 2026.
On the basis of application, the market is divided into Utility Services, Renewable Energy Integration, UPS and Others. The utilities services segment has a huge number of operation flow battery project till date across the world. Moreover, there are large number of projects which are under process and the demand of these batteries in these projects is huge. The utilities service market is expected to grow at a CAGR of 13.5% by generating a revenue of $205.9 million by 2026.
On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific has the largest growth rate in 2018. Asia-Pacific market was $52.6 million in 2018 and is predicted to grow by generating a revenue of $166.9 million by 2026. The presence of large number of developing companies and the government initiative for the use of renewable energy are predicted to drive the market.
The major key players in the market are Sumitomo electric industries ltd., SCHMID Group, Uni energy Technologies, Vionx Energy, VRB Energy, Vizn Energy system, Primus power, RedT energy PLC., ESS Inc. and Reflow, among other.