Global Redox Flow Battery Market Size By Material (Vanadium, Zinc-bromine), By Application (Utility, Renewable Energy Storage, Electric Vehicle, Telecom, Solar), By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Global Redox Flow Battery Market Size By Material (Vanadium, Zinc-bromine), By Application (Utility, Renewable Energy Storage, Electric Vehicle, Telecom, Solar), By Geographic Scope And Forecast

Redox Flow Battery Market Size And Forecast

Redox Flow Battery Market size was valued at USD 330.46 Million in 2022 and is projected to reach USD 1,810.80 Million by 2030, growing at a CAGR of 23.63% from 2024 to 2030.

During the projected period, ongoing renewable energy generating projects around the world are likely to have a favorable influence on the worldwide redox flow battery market share. The Global Redox Flow Battery Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Redox Flow Battery Executive Summary

Redox flow batteries (RFB) are composed of an electrochemical cell where chemical energy is provided by two chemical components dissolved in liquids contained within the system and separated by a membrane. They have become one of the most promising options for large-scale energy storage systems. Depending on the nature of the fuel, there are two modes of operation for a redox flow battery. If the flowing fuel is depleted by the reaction, and cannot be reused, then it is removed from the system and new flow is added. In this situation, it actuates as a fuel cell. The second possibility, is that it works like a rechargeable battery, where there is always fuel flowing in the system. They have excellent characteristicsa long service life with almost no degradation of electrodes and electrolytes, high safety due to being free of combustible materials, and availability of operation under normal temperatures.

With the increasing awareness of the environmental crisis and energy consumption, the need for sustainable and cost-effective energy storage technologies has never been greater. Redox flow batteries fulfil a set of requirements to become the leading stationary energy storage technology with seamless integration in the electrical grid and incorporation of renewable energy sources. Significant research has been done on electric vehicles for the last two decades to increase energy efficiency and reduce emissions. However, lengthy charging times, constrained range, and usually subpar battery performance have hampered the commercialization of electric vehicles. Hybrid propulsion, which is more energy efficient and emits less pollutants than conventional internal combustion engine vehicles, can address the majority of these limitations (ICEVs). Redox flow batteries (RFB), which are still developing, have the ability to rapidly recharge EV batteries. The reactants can be quickly pumped into the tanks of the batteries to refuel them. The separation of the energy and power components, in terms of physical location and size, is another aspect of RFBs that makes them appealing for EV applications.

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Global Redox Flow Battery Market Attractiveness Analysis

Asia-Pacific accounted for the largest market share of 41.73% in 2022, with a market value of USD 137.90 Million and is projected to grow at the highest CAGR of 24.69% during the forecast period. Europe was the second-largest market in 2022, Value of USD 88.43 Million in 2022; it is projected to grow at a CAGR of 24.40%. The region is expected to experience substantial growth due to increasing population, robust industrialization, and the adoption of cost-effective energy storage devices. Also, increasing energy demand, the demand for energy storage devices is growing rapidly, which drives the adoption of redox flow batteries in the Asia-Pacific region. In China, in September 2022, Dalian Rongke Power, a service provider for vanadium redox flow batteries, connected the world’s largest redox flow battery energy storage station to the grid, in Dalian, in China’s Liaoning province.

Global Redox Flow Battery Market Outlook

Renewable technologies develop electricity by using natural resources. New technologies are required for green energy. The development of renewable energy sources has increased the demand for energy storage devices to store the electricity generated. As a result, there is a huge demand for energy storage devices such as redox flow batteries. During the projected period, ongoing renewable energy generating projects around the world are likely to have a favorable influence on the worldwide redox flow battery market share. Over the last two decades, significant research has been conducted on electric cars to improve energy efficiency and minimize emissions. Long charging periods, limited range, and often poor battery performance have impeded the commercialization of electric cars. The bulk of these restrictions (ICEVs) may be addressed by hybrid propulsion, which is more energy efficient and produces less emissions than traditional internal combustion engine cars. Redox flow batteries (RFB), which are still in development, may rapidly recharge EV batteries. To recharge the batteries, the reactants can be swiftly injected into their tanks. Another feature of RFBs that makes them suitable for EV applications is the separation of the energy and power components in terms of physical location and size. Several firms across the world have begun to use vanadium RFBs in EV charging systems to measure charging performance.

The complex nature of the construction is the most significant constraint for the redox flow battery market. It requires sensors, pumps, power management, and flow to the secondary containment to work, which raises the cost of the battery. Furthermore, it makes the functional design substantially heavier and bulkier, resulting in the inability of its implementation in large scale locations. Furthermore, significant technological challenges and a lack of suitable redox development standards are projected to stymie market expansion during the projection period. The market is growing due to increased investment in active projects and research & development on redox flow batteries. Redox flow batteries provide distinct benefits, particularly in large-scale energy storage and grid-level applications, which have piqued the interest of investors, academics, and energy storage firms. Scalability and the capacity to store significant amounts of energy for lengthy periods of time distinguish redox flow batteries. They may be engineered to have a high capacity without increasing their size proportionally, making them appropriate for applications that need long-duration energy storage.

Global Redox Flow Battery MarketSegmentation Analysis

The Global Redox Flow Battery Market is segmented on the basis of Material, Application, and Geography.

Redox Flow Battery Market, By Material

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Based on Material, the market is segmented into Vanadium, Zinc-bromine, and Others. The vanadium redox flow battery is the most advanced of the various flow batteries. The vanadium redox flow battery is a novel form of energy storage for power grid applications. The charge is added or removed from the reactant tanks via a membrane as the catholyte or anolyte is cycled. The battery takes advantage of vanadium’s ability to thrive in four different oxidation states in solution to create a battery with only one electroactive component rather than two.

Redox Flow Battery Market, By Application

Based on Application, the market is segmented into Utility, Renewable Energy Storage, Electric Vehicle, Telecom, Solar, Others. Utilities are an early application area for flow batteries because they deal with renewable energy grid penetration. Flow batteries are ideal for utilities that require long discharge times in MW scale power increments. Besides. They transmit energy while grid services are disrupted while avoiding power outages. Until recently, the vast majority of flow battery installation projects worldwide worked on utility needs. To meet the increased demand for electrification in rural and urban areas, government and business organizations have recently improved the electric grid infrastructure. Given the increased demand for electricity, many governments are investing heavily in grid construction.

Redox Flow Battery Market, By Geography

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On the basis of regional analysis, the Global Redox Flow Battery Market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia-Pacific accounted for the largest market share of 41.73% in 2022 and is projected to grow at the highest CAGR of 24.69% during the forecast period. The region is expected to experience substantial growth due to increasing population, robust industrialization, and the adoption of cost-effective energy storage devices. Also, increasing energy demand, the demand for energy storage devices is growing rapidly, which drives the adoption of redox flow batteries in the Asia-Pacific region. In China, in September 2022, Dalian Rongke Power, a service provider for vanadium redox flow batteries, connected the world’s largest redox flow battery energy storage station to the grid, in Dalian, in China’s Liaoning province. Also, China has the world’s largest vanadium reserves, about 9.5 million tonnes at the end of 2021, according to the United States Geological Survey (USGS). Continuous research and development efforts in China’s Redox Flow Batteries sector have led to advancements in technology, making Redox Flow Batteries more efficient, cost-effective, and suitable for various applications.

Key Players

The Global Redox Flow Battery Market is highly fragmented with the presence of a large number of players in the Market. Some of the major companies include Invinity Energy Systems, Dalian Rongke Power, CellCube Energy Storage Systems Inc., H2 Inc., HydraRedox, Largo Resources Ltd., LE SYSTEM CO. Ltd., StorEn Technologies Inc., STORION ENERGY (STRYTEN ENERGY), Vionx Energy (Largo), ViZn Energy, VRB Energy, Sumitomo Electric Industries Ltd., Australian Vanadium Ltd., VFlowTech Pte. Ltd., Volterion and others. This section provides company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.

Company Market Ranking Analysis

The company ranking analysis provides a deeper understanding of the top 5 players operating Redox Flow Battery Market. takes into consideration several factors before providing a company ranking.

The top five players for the Redox Flow Battery Market are Sumitomo Electric Industries Ltd., CellCube Energy Storage Systems Inc., Largo Resources Ltd., Invinity Energy Systems, Dalian Rongke Power. The factors considered for evaluating these players include company’s brand value, product portfolio (including product variations, specifications, features and price), company presence across major regions, product related sales obtained by the company in recent years and its share in the total revenue. further study the company’s product portfolio based on the technologies adopted or new strategies undertaken by the company to enhance their market presence globally or regionally. We also consider the distribution network (online as well as offline) of the company that helps us to understand the company’s presence and foothold in various Redox Flow Battery Markets.

Company Regional Footprint

The company’s regional section provides geographical presence, regional level reach, or the respective company’s sales network presence. For instance, Sumitomo Electric Industries Ltd has its presence globally i.e. in North America, Europe, Asia Pacific and RoW. All the companies considered for profiling are reviewed similarly under this section. These sections help us to understand the overall Redox Flow Battery Market presence on a global and country level.

Ace Matrix

This section of the report provides an overview of the company evaluation scenario in the Redox Flow Battery Market. The company evaluation has been carried out based on the outcomes of the qualitative and quantitative analyses of various factors such as the product portfolios, technological innovations, market presence, revenue

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