New York, USA, July 11, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global redox flow battery market accounted for $127.8 million in 2018 and is projected to rise at a healthy CAGR of 13.5% over the forecast period from 2019 to 2026.
As per our analysts, with the increased use of renewable resources and the longevity of the battery, the redox flow battery market is predicted to experience significant growth during the analysis timeframe. Besides, the increasing installation of wind and solar power plants all around the world is further expected to bolster the growth of the market over the forecast period. Moreover, the increasing government initiatives on emphasizing the use of rechargeable redox batteries over normal batteries are expected to amplify the growth of the market during the estimated period. However, the complexity of the structure of the redox batteries may hinder the growth of the market over the analysis period.
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Segments of the Redox Flow Battery Market
The report has divided the market into segments based on material, application, and region.
Material: Vanadium Sub-Segment to be Most Productive
The vanadium sub-segment is predicted to generate a revenue of $325.6 million during the analysis timeframe. Vanadium can store batteries for a longer period with low maintenance and operate in a full cycle even with a 0% charge, which is the factor expected to upsurge the growth of the market sub-segment during the forecast period.
Application: Utilities Sub-Segment to be Most Profitable
The utility sub-segment is projected to generate a revenue of $205.9 million over the estimated timeframe. This is mainly because flow batteries are perfectly suitable for utility-scale grid applications. The increasing number of utility services that involve a large number of operation flow battery projects is expected to fortify the growth of the market sub-segment over the analysis timeframe.
Region: Asia-Pacific Region to Have Enormous Growth Opportunities
The Asia-Pacific region of the redox flow battery market is expected to generate a revenue of $166.9 million during the forecast timeframe. The growing government initiatives for the use of renewable energy and the presence of many developing countries in this region are predicted to thrive the regional growth of the market during the estimated period.
Key Players of the Redox Flow Battery Market
The major players of the redox flow battery market include
- VRB Energy
- Vizn Energy system
- Vionx Energy
- Primus Power
- Uni energy Technologies
- RedT energy PLC.
- SCHMID Group
- ESS Inc.
- Sumitomo electric industries ltd.
- Reflow
These players are widely working on the development of new business strategies such as partnerships and collaborations, mergers and acquisitions, and product development to acquire a leading position in the global industry.
For instance, in June 2021, TNG Limited, a leading Australian resource, and mineral processing technology company, announced its collaboration with AGV Energy & Technology, a well-established Malaysian environmental, health, safety, sustainability, climate change, energy, and green technology project management, and consulting group. With this collaboration, the companies aimed to develop vanadium redox flow batteries (VRFB) and produce green hydrogen and oxygen with technology known as ‘HySustain’ that included the electrolysis of demineralized water and renewable energy.
Further, the report also presents other important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Redox Flow Battery Market:
- Redox Flow Batteries: An Ideal Solution for Energy Storage Needs
- Growing Need for Energy Storage Batteries to Pave Way for the Growth of the Redox Flow Battery Industry
