Redox Flow Battery Market: Current Analysis and Forecast (2023-2030)

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Emphasis on Type (Vanadium, and Hybrid); Application (Peaking Capacity, Energy Shifting, and Other); Region/Country

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161

Table:

74

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105

Report ID:

UMEP212579

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Report Description

Redox Flow Battery Market
Redox Flow Battery Market

Redox Flow Battery Market – Current Scenario and Forecast (2023-2030)

The Redox Flow Market is expected to grow at a strong CAGR of 26.5% during the forecast period owing to the rising sales of UPS and increasing investment in vanadium battery products. Redox flow batteries are well-suited for large-scale energy storage, with applications ranging from grid energy storage to load balancing. The flexibility in system design and competence in scaling costs make redox flow batteries promising for various applications, including portable electronics and electric vehicles.

Various Companies have started expanding their services towards North America, specifically towards the United States of America as it is one of the biggest markets for redox flow batteries. For instance – Sumitomo Electric Industries, Ltd. announced in February 2023 that it will expand its redox flow battery business in the United States. US Vanadium has completed a $2 million expansion of its capacity to produce ultra-high-purity electrolyte used by Vanadium Redox Flow Batteries. German battery giant Gildemeister Energy Solutions will now market its vanadium redox flow battery, called the CellCube, in North America via American. Among the various flow batteries, vanadium redox flow batteries are the most developed ones, offering high volumetric energy density (about 580 Wh L−1). However, efforts have been made to search for alternative battery chemistries from electrolytes to improve the overall system performance and cost. Membrane-free redox flow batteries have also been developed, which can further enhance the system’s flexibility and cost-effectiveness.

Some of the major players operating in the market include Enerox, Sumitomo Electric Industries, Bryte Batteries, H2, Inc., Vionx Energy, Invinity Energy Systems¸ HydraRedox, Dalian Rongke Power Co., Ltd¸ Panzhihua Iron and Steel Group, and Hebei Iron & Steel Group. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Type, the Vanadium segment would grow with significant CAGR during the forecast period”

Based on Type, the Redox Flow Battery Market is bifurcated into Vanadium and Hybrid segments. The Vanadium segment acquired a majority share in the Redox Flow Battery Market and is expected to register a substantial growth rate during the forecast period. A Vanadium Redox Flow Battery is known for its scalability due to modularity, ability to change energy and power independently, and long cycle and calendar life. They are used for medium- to long-duration energy storage, making them ideal for applications such as microgrids, utility-scale storage, and renewable energy storage. Vanadium Redox Flow Battery has unlimited cycle life with proper maintenance, stable capacity to last the life of deployment, and are non-flammable and aggressive charge and discharge tolerant.

“Amongst Application, the Energy Shifting category would grow with significant CAGR during the forecast period”

Based on Application, the Redox Flow Battery Market is divided into Peaking Capacity, Energy Shifting, and other segments. The Energy Shifting segment acquired a majority share in the Redox Flow Battery Market and is expected to showcase a substantial growth rate during the forecast period. Redox flow batteries are a type of flow battery that can be used for long-duration energy shifting, making them suitable for grid-scale energy storage. The Department of Energy has indicated that flow batteries, particularly vanadium redox flow batteries, match the needs of long-duration energy shifting. Vanadium redox flow batteries are a particularly attractive subset of flow batteries due to the abundance of vanadium in the earth’s crust, making it highly available for use.

“APAC to grow with high CAGR during forthcoming ”

APAC registered the highest market share in the Redox Flow Battery Market and is expected to witness an influential CAGR in the forecasted period. The Redox Flow Battery market in the Asia Pacific region is experiencing significant growth, driven by the increasing demand from countries like China, India, Japan, and South Korea. Additionally, the presence of significant OEMs, electronic component manufacturers, and electronic device assemblers in economies like India, China, and Japan is expected to further drive the Redox Flow Battery market in the Asia Pacific region. Redox flow batteries are gaining popularity due to their potential to store renewable energy and improve the reliability of electricity sourced from solar panels. However, Since the market is still in its early stages, it is experiencing a lot of challenges such as The Redox Flow Battery market relies on the availability of raw materials. Raw material shortages or price fluctuations can impact the cost and production of flow batteries, potentially affecting the market’s growth.

Redox Flow Battery Market Report Coverage

Redox Flow Battery Market
Redox Flow Battery Market

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
  • The report presents a quick review of overall industry performance at one glance.
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive regional level analysis of the industry.


Customization Options:

The global Redox Flow Battery market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

Frequently Asked Questions (FAQ)

Q1: What is the current market size and growth potential of the global Redox Flow Battery market?

Ans: The global Redox Flow Battery market was valued at USD 272.8 Million in 2022 and is expected to grow a CAGR of 26.5% during the forecast period (2023-2030).

Q2: What are the driving factors for the growth of the global Redox Flow Battery Market?

Ans: Rise in sales of vanadium batteries and increasing investment in clean energy products are the key factors driving the growth of the market.

Q3: Which segment has the largest share of the global Redox Flow Battery market by Type?

Ans: The vanadium segment held the dominant share of the global Redox Flow Battery market by type.

Q4: What are the emerging technologies and trends in the global Redox Flow Battery market?

Ans: The growing technological advancement in battery life and capacity is one of the major trends in the market.

Q5: Which region will dominate the global Redox Flow Battery market?

Ans: APAC is expected to dominate the market during the forecast period.

Q6: Who are the key players operating in the global Redox Flow Battery market?

Ans: Enerox, Sumitomo Electric Industries, Bryte Batteries, H2, Inc., Vionx Energy, Invinity Energy Systems¸ HydraRedox, Dalian Rongke Power Co., Ltd¸ Panzhihua Iron and Steel Group, and Hebei Iron & Steel Group

 

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1.1.Market Definitions
1.2.Main Objective
1.3.Stakeholders
1.4.Limitation

 

2.1.Research Process of the Redox Flow Battery Market
2.2.Research Methodology of the Redox Flow Battery Market
2.3.Respondent Profile

 

3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5GLOBAL REDOX FLOW BATTERY MARKET REVENUE, 2020-2030F

 

6.1.Vanadium
6.2.Hybrid

 

7.1.Peaking Capacity
7.2.Energy Shifting
7.3.Others 

 

8.1.North America  
 8.1.1.United States
 8.1.2.Rest of North America
8.2.Europe   
 8.2.1.Germany 
 8.2.2.United Kingdom
 8.2.3.France 
 8.2.4.Italy 
 8.2.5.Rest of Europe
8.3.Asia Pacific  
 8.3.1.China 
 8.3.2.Japan 
 8.3.3.Australia 
 8.3.4.Rest of APAC
8.4.Rest of World  

 

9.1.Market Drivers
9.2.Market Challenges
9.3.Impact Analysis

 

10REDOX FLOW BATTERY MARKET OPPORTUNITIES

 

11REDOX FLOW BATTERY MARKET TRENDS

 

12.1.Demand Side Analysis
12.2.Supply Side Analysis

 

13VALUE CHAIN ANALYSIS

 

14GOVERNMENT POLICIES AND REGULATIONS

 

15.1.Porter’s Five Forces Analysis

 

16.1.Enerox   
16.2.Sumitomo Electric Industries
16.3.Bryte Batteries 
16.4.H2, Inc.  
16.5.Vionx Energy 
16.6.Invinity Energy Systems
16.7.HydraRedox 
16.8.Dalian Rongke Power Co., Ltd
16.8.Panzhihua Iron and Steel Group
16.9.Hebei Iron & Steel Group

 

17DISCLAIMER

 

Research Methodology

Research Methodology for the Redox Flow Battery Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Redox Flow Battery market were the three major steps undertaken to create and analyze the adoption of Redox Flow Battery in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Redox Flow Battery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Redox Flow Battery market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Redox Flow Battery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as Type, and Application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Redox Flow Battery market. Further, we conducted factor analysis using dependent and independent variables such as Type, and Application of the Redox Flow Battery market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Redox Flow Battery market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Redox Flow Battery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of revenue (USD) and the adoption rate of the Redox Flow Battery market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global Redox Flow Battery market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Redox Flow Battery Market
Redox Flow Battery Market

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Redox Flow Battery market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the Type, and Application in the global Redox Flow Battery market.

The main objective of the Global Redox Flow Battery Market Study

The current & future market trends of the global Redox Flow Battery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of the Redox Flow Battery market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of the Type, and Application
  • Define and analysis of the regulatory framework for the Redox Flow Battery industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Redox Flow Battery market for the major region
  • Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
  • Company profiles of the Redox Flow Battery market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry

 

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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