Portland, OR, April 27, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global redox flow battery market garnered $130.4 million in 2018, and is estimated to generate $403.0 million by 2026, witnessing a CAGR of 15.2% from 2019 to 2026. The report offers a detailed analysis of current market trends, market size & estimations, top winning strategies, key segments, value chain, and competitive landscape.
Increase in adoption of vanadium redox flow batteries to store energy along with ongoing developments, investments, and projects propel the growth of the global redox flow battery industry. However, fierce competition in the energy storage sector and large customer base for lithium-ion batteries restrain the market growth. Contrarily, research and development activities and potential implementation in electric vehicles provide new opportunities in the coming years.
Based on type, the vanadium segment accounted for more than four-fifths of the total market share in 2018, and is estimate to maintain its dominance in terms of revenue during the forecast period. Moreover, this segment would portray the largest CAGR of 15.3% during the forecast period. The research also analyzes the hybrid segment.
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On the basis of application, the utility services segment accounted for the largest market share, contributing to more than half of the global share in 2018, and is estimated to witness the dominant position by 2026. However, the renewable energy integration segment is expected to portray the fastest CAGR of 15.7% from 2019 to 2026, owing to increase in initiatives for awareness regarding eco-friendly methods for creating electricity from renewable sources.
Geographically, Asia-Pacific accounted for the largest share in terms of revenue in 2018, contributing to nearly two-fifths of the total market, and is estimated to contribute its highest share throughout the forecast period. In addition, this region is expected to witness the largest CAGR of 15.7% during the forecast period. However, North America held nearly one-fifth of the total share in 2018, and is expected to continue its position in terms of revenue by 2026. This region is estimated to maintain the highest CAGR of 15.1% during the forecast period.
Leading market players analyzed in the research include Avalon Battery Corporation, HydraRedox, Dalian Rongke Power Co., Ltd., Le System Co., Ltd., H2, Inc., StorEn Technologies Inc., redT Energy plc, Sumitomo Electric Industries, Ltd., Storion Energy, and Vionx Energy.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.