The redox flow battery market share is projected to rise at a CAGR of 13.5% by generating a revenue of $390.9 million by 2026. In 2018, market size was $ 127.8 million.
Redox flow battery is an electrochemical storage device which helps to covert chemical energy to electrical energy. In a redox flow battery energy is stored in the liquid electrolyte solutions, which flows through a battery of electro chemical cells mainly used in charge and discharge. These batteries are meant to store electrical energy for long term stable operations with a low cost. These batteries operate at room temperature and there are lesser chances of ignition or explosion.
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These batteries are mostly used as backup for power supply with renewable sources. Increasing use of renewable sources will boost the redox flow battery market. In addition, urbanization and rise in the installation of telecom towers are projected to boost the market. Due to its longevity, these batteries are expected to have a longer life span of 40 years due to which most of the industries use this source for their backup power supply. These above mentioned factors are the major redox flow battery market drivers.
The complexity in the constructing of these batteries is one of the biggest constrains for the market. The battery requires sensors, power management, pumps, and flow to the secondary containment to operate which makes it more complicated. Moreover, due to the presence of more technical issues after the installation and the cost involved in the construction of redox is expected to hamper the redox flow battery market, research analyst says.
Depending on material, the redox flow battery industry is further segmented into Vanadium and Hybrid. Vanadium is expected to grow at a CAGR of 13.7% by generating a revenue of $325.6 million by 2026. Vanadium batteries have been widely accepted due to their suitability in storing energy. These batteries operate in full cycle and can even be operated in 0% energy using the earlier stored energy as the renewable energy. Vanadium allows to store the energy for longer time. These factors are projected to increase the usage of vanadium batteries in the market.
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Depending on application the market is further segmented into Utility Services, Renewable Energy Integration, UPS and Others. Utility service holds the largest market share of 52.96. Utility service market is predicted to grow at a CAGR of 13.5% by generating a revenue of $205.9 million in the forecast period. The utility services make the battery perfect by adding an extra or bigger electrolyte in the tank which increases the capacity in the flow batteries.
Depending on the region the market is segmented into North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific dominates the market share with 41.19% across the globe.
Increasing use and awareness of renewable resources in the region and the adoption of redox flow battery for multiple uses is projected to drive the market in this region.
Redox flow battery market size for Asia-Pacific is predicted to generate a revenue of $166.9 million by 2026 with a CAGR of 14.1%.
The major redox flow battery manufacturers are Reflow, ESS Inc, RedT energy PLC., Primus power, Vizn Energy system, Vionx Energy, Uni energy Technologies, VRB Energy, SCHMID Group and Sumitomo electric industries ltd., among others.
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