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Redox Flow Battery Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026

  • ID: 5031452
  • Report
  • March 2020
  • Region: Global
  • 200 Pages
  • Allied Analytics LLP

FEATURED COMPANIES

  • CELLCUBE
  • Dalian Rongke Power
  • HydraRedox
  • Pinflow Energy Storage
  • UniEnergy Technologies.
  • Vionx Energy
The global redox flow battery market was valued at $130.4 million in 2018, and is projected to reach $403.0 million by 2026, growing at a CAGR of 15.2% from 2019 to 2026.



A redox flow battery is an electrochemical energy storage equipment, which converts chemical energy into electrochemical energy using an electrochemical cell through reversible oxidation and reduction of working fluid. It is more appropriately called a fuel cell rather than the instead of battery, as the redox cell in the battery is employed for heterogeneous electron transfer rather than solid-state diffusion. Redox flow battery is 100% recyclable, as the electrolyte inside the battery does not undergo deterioration. Vanadium redox flow battery and hybrid battery are two prominent types of redox flow battery, wherein the vanadium battery type is the most developed version over others.

The global redox flow battery market is in its nascent phase, and is anticipated to explore lucrative growth opportunities during the forecast period. This is attributed to the scalable properties associated with these batteries, surge in demand for power backup across the globe, and low maintenance associated with these batteries. Furthermore, redox flow battery are 100% recyclable in nature that causes the least environmental impact, thus making them highly favorable in the renewable energy sector. Therefore, increase in renewable energy production across the globe and a rise in need for energy storage are the major factors fueling the demand for redox flow batteries. On the contrary, redox flow battery technology is relatively new, and is not well-developed, which also comes with a few limitations. High initial manufacturing cost and low energy to volume ratio over other counterparts hamper the global market growth. However, increase in investment in this battery type along with its developing applications in electric vehicles is expected to offer profitable growth opportunities to this market during the forecast period.

The global redox flow battery market is segmented into type, application, and region. Depending on type, the global market is segregated into vanadium redox flow battery and hybrid redox flow battery. The applications covered in the study include utility facilities, renewable energy integration, UPS, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Some of the major market players studied and profiled in the global redox flow battery market are Sumitomo Electric Industries, Ltd., Dalian Rongke Power, UniEnergy Technologies., CELLCUBE, Avalon Battery Corporation, HydraRedox, Big pawer Electrical Technology Xiangyang Inc. Co., Ltd, Pinflow energy storage, s.r.o., VRB ENERGY, Vionx Energy, and others

KEY BENEFITS FOR STAKEHOLDERS
  • The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global redox flow battery market from 2018 to 2026 to determine the prevailing opportunities
  • A comprehensive analysis of the factors that drive and restrict the growth of the market is provided
  • Estimations and forecasts are based on factors impacting the market growth, in terms of both value and volume
  • Profiles of leading players operating in the market are provided to understand the global competitive scenario
  • The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth

KEY MARKET SEGMENTS

By Type
  • Vanadium redox flow battery
  • Hybrid redox flow battery

By Application
  • Utility Services
  • Renewable Energy Integration
  • UPS
  • Others

By Region
  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • South Africa
  • LAMEA

KEY MARKET PLAYERS
  • Avalon Battery Corporation
  • Dalian Rongke Power Co., Ltd
  • HydraRedox
  • H2, Inc.
  • Le System Co., Ltd.
  • redT Energy plc
  • StorEn Technologies Inc.
  • Storion Energy
  • Sumitomo Electric Industries, Ltd
  • Vionx Energy
Frequently Asked Questions about the Global Redox Flow Battery Market

What is the estimated value of the Global Redox Flow Battery Market?

The Global Redox Flow Battery Market was estimated to be valued at $130.4 million in 2018.

What is the growth rate of the Global Redox Flow Battery Market?

The growth rate of the Global Redox Flow Battery Market is 15.1%, with an estimated value of $403.0 million by 2026.

What is the forecasted size of the Global Redox Flow Battery Market?

The Global Redox Flow Battery Market is estimated to be worth $403.0 million by 2026.

Who are the key companies in the Global Redox Flow Battery Market?

Key companies in the Global Redox Flow Battery Market include Sumitomo Electric Industries Ltd., Dalian Rongke Power, UniEnergy Technologies., CELLCUBE, Avalon Battery Corporation, HydraRedox, Big pawer Electrical Technology Xiangyang Inc. Co. Ltd, Pinflow Energy Storage and Vionx Energy.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • CELLCUBE
  • Dalian Rongke Power
  • HydraRedox
  • Pinflow Energy Storage
  • UniEnergy Technologies.
  • Vionx Energy

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. KEY BENEFITS FOR STAKEHOLDERS
1.3. Key market segments
1.4. Research methodology
1.4.1. Secondary research
1.4.2. Primary research
1.5. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. High adoption of vanadium redox flow batteries in energy storage solutions
3.4.1.2. Ongoing projects, investments, and development on redox flow battery
3.4.2. Restraints
3.4.2.1. Limitation of vanadium redox flow batteries
3.4.3. Opportunity
3.4.3.1. Possibility of use in electric vehicle
3.5. Parent market overview
3.6. Patent analysis, 2015-2018
3.6.1. Patent analysis by country
3.6.2. Patent analysis by applicant
3.7. Impact of government rules and regulations
3.7.1. Mandatory renewable energy targets
CHAPTER 4: REDOX FLOW BATTERY MARKET, BY TYPE
4.1. Overview
4.1.1. Market size and forecast, by region
4.2. Vanadium redox flow battery
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis, by country
4.3. Hybrid redox flow battery
4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis, by country
CHAPTER 5: REDOX FLOW MARKET, BY APPLICATION
5.1. Overview
5.1.1. Market size and forecast, by application
5.2. Utility services
5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis, by country
5.3. Renewable energy integration
5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis, by country
5.4. UPS
5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market share analysis, by country
5.5. Others
5.5.1. Key market trends, growth factors, and opportunities
5.5.2. Market size and forecast, by region
5.5.3. Market share analysis, by country
CHAPTER 6: REDOX FLOW MARKET, BY REGION
6.1. Overview
6.1.1. Market size and forecast, by region
6.1.2. Market size and forecast, by region
6.1.3. Market size and forecast, by application
6.2. North America
6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast, by type
6.2.3. Market size and forecast, by application
6.2.4. Market size and forecast by Country
6.2.5. U. S.
6.2.5.1. Market size and forecast, by type
6.2.5.2. Market size and forecast, by application
6.2.6. Canada
6.2.6.1. Market size and forecast, by type
6.2.6.2. Market size and forecast, by application
6.2.7. Mexico
6.2.7.1. Market size and forecast, by type
6.2.7.2. Market size and forecast, by application
6.3. Europe
6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast, by type
6.3.3. Market size and forecast, by application
6.3.4. Market size and forecast by country
6.3.5. Germany
6.3.5.1. Market size and forecast, by type
6.3.5.2. Market size and forecast, by application
6.3.6. France
6.3.6.1. Market size and forecast, by type
6.3.6.2. Market size and forecast, by application
6.3.7. Italy
6.3.7.1. Market size and forecast, by type
6.3.7.2. Market size and forecast, by application
6.3.8. Spain
6.3.8.1. Market size and forecast, by type
6.3.8.2. Market size and forecast, by application
6.3.9. UK
6.3.9.1. Market size and forecast, by type
6.3.9.2. Market size and forecast, by application
6.3.10. Rest of Europe
6.3.10.1. Market size and forecast, by type
6.3.10.2. Market size and forecast, by application
6.4. Asia-Pacific
6.4.1. Key market trends, growth factors, and opportunities
6.4.2. Market size and forecast, by type
6.4.3. Market size and forecast, by application
6.4.4. Market size and forecast by Country
6.4.5. China
6.4.5.1. Market size and forecast, by type
6.4.5.2. Market size and forecast, by application
6.4.6. Japan
6.4.6.1. Market size and forecast, by type
6.4.6.2. Market size and forecast, by application
6.4.7. India
6.4.7.1. Market size and forecast, by type
6.4.7.2. Market size and forecast, by application
6.4.8. South Korea
6.4.8.1. Market size and forecast, by type
6.4.8.2. Market size and forecast, by application
6.4.9. Australia
6.4.9.1. Market size and forecast, by type
6.4.9.2. Market size and forecast, by application
6.4.10. Rest of Asia-Pacific
6.4.10.1. Market size and forecast, by type
6.4.10.2. Market size and forecast, by application
6.5. LAMEA
6.5.1. Key market trends, growth factors, and opportunities
6.5.2. Market size and forecast, by type
6.5.3. Market size and forecast, by application
6.5.4. Market size and forecast by Country
6.5.5. Brazil
6.5.5.1. Market size and forecast, by type
6.5.5.2. Market size and forecast, by application
6.5.6. Saudi Arabia
6.5.6.1. Market size and forecast, by type
6.5.6.2. Market size and forecast, by application
6.5.7. UAE
6.5.7.1. Market size and forecast, by type
6.5.7.2. Market size and forecast, by application
6.5.8. South Africa
6.5.8.1. Market size and forecast, by type
6.5.8.2. Market size and forecast, by application
6.5.9. Rest of LAMEA
6.5.9.1. Market size and forecast, by type
6.5.9.2. Market size and forecast, by application
CHAPTER 7: COMPETITIVE LANDSCAPE
7.1. INTRODUCTION
7.1.1. MARKET PLAYER POSITIONING, 2018
7.2. PRODUCT MAPPING OF TOP 10 PLAYER
7.3. COMPETITIVE HEATMAP
CHAPTER 8: COMPANY PROFILES
8.1. Avalon Battery Corporation
8.1.1. Company overview
8.1.2. Company snapshot
8.1.3. Product portfolio
8.2. Dalian Rongke Power Co. , Ltd.
8.2.1. Company overview
8.2.2. Company snapshot
8.2.3. Product portfolio
8.3. HydraRedox
8.3.1. Company overview
8.3.2. Company snapshot
8.3.3. Product portfolio
8.4. H2, Inc.
8.4.1. Company overview
8.4.2. Company snapshot
8.4.3. Product portfolio
8.5. Le System Co. , Ltd.
8.5.1. Company overview
8.5.2. Company snapshot
8.5.3. Product portfolio
8.6. redT Energy Plc
8.6.1. Company overview
8.6.2. Company snapshot
8.6.3. Operating business segments
8.6.4. Product portfolio
8.6.5. Business performance
8.7. StorEn Technologies Inc.
8.7.1. Company overview
8.7.2. Company snapshot
8.7.3. Product portfolio
8.8. Storion Energy
8.8.1. Company overview
8.8.2. Company snapshot
8.8.3. Product portfolio
8.9. Sumitomo Electric Industries, Ltd.
8.9.1. Company overview
8.9.2. Company snapshot
8.9.3. Operating business segments
8.9.4. Product portfolio
8.9.5. Business performance
8.9.6. Key strategic moves and developments
8.10. Vionx Energy
8.10.1. Company overview
8.10.2. Company snapshot
8.10.3. Product portfolio
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • CELLCUBE
  • Dalian Rongke Power
  • HydraRedox
  • Pinflow Energy Storage
  • UniEnergy Technologies.
  • Vionx Energy
According to the report titled, 'Redox Flow Battery Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the global redox flow battery market size was valued at $130.4 million in 2018, and is projected to reach $403.0 million by 2026, growing at a CAGR of 15.2% from 2019 to 2026.

Vanadium redox flow battery is the only developed version of redox flow battery available in the market. Manufacturers are still working on the development of other redox flow batteries; therefore, the market for this battery type is still in its developing phase. Some of the factors that significantly contribute toward the growth of redox flow battery market are low cost associated with this battery type, increase in demand from the utility sector, and a rise in the adoption of UPS systems. Furthermore, these battery types are effectively used in renewable energy storage, which is expected to offer remunerative opportunities for market expansion during the forecast period.

Clean and sustainable energy supplied from renewable sources may lead to the requirement of efficient, reliable, and cost-effective energy storage systems in the future. Therefore, after lead-acid batteries, redox flow battery is among those few battery types that store renewable and clean energy, and can be 100% recycled without affecting environmental conditions. In addition, electrochemical energy storage using rechargeable batteries based on redox chemistry can provide a comprehensive solution to the energy storage issues in the renewable energy sector through storing energy in recirculating electrolytes. This is attributed to the fact that redox flow batteries have merits of decoupled energy density along with power generation capability. As a result, along with lead-acid batteries, the demand for redox flow batteries is expected to increase—being a cost-competitive energy storage device. Some of the other factors such as flexibility in system design and competence in scaling costs are expected to favor their adoption in the renewable energy sector, thereby contributing to the global redox flow battery market growth.

On the basis of type, vanadium redox flow battery type dominated the market in 2018, and is anticipated to be the largest battery type by the end of the forecast period. This is attributed to the fact that the vanadium battery is the only developed version of the redox battery type currently, and is used in large-scale energy storage applications. As a result, increase in energy storage needs is fueling the demand for vanadium redox flow batteries across the globe.

By application, the utility facilities segment acquired the largest redox flow battery market share in 2018, as a result of the highest number of operational flow battery projects. However, the renewable energy integration segment is anticipated to exhibit the highest CAGR during the forecast period on account of increasing m mandatory renewable energy targets as a part of the legislative approach and resulting surge in production activities.

Some of the major market players studied and profiled in the global redox flow battery market are Sumitomo Electric Industries, Ltd., Dalian Rongke Power, UniEnergy Technologies., CELLCUBE, Avalon Battery Corporation, HydraRedox, Big pawer Electrical Technology Xiangyang Inc. Co., Ltd, Pinflow Energy Storage, s.r.o., VRB ENERGY, and Vionx Energy.

According to Eswara Prasad, Manager, Energy Power, and Aerospace & Defense, “As trend of developing sustainable solution in incasing considerably, recyclable batteries are expected to witness significant adoption during the forecast period. This is expected to offer lucrative growth opportunities for the expansion of redox flow batteries market during the forecast period.”

KEY FINDINGS OF THE STUDY
  • By type, the vanadium redox flow batteries emerged as a global leader by acquiring around 80% market share in 2018, and is anticipated to dominate the redox flow battery market during the forecast period.
  • On the basis of application, the utility services segment generated the highest revenue in 2018.
  • Asia-Pacific is the largest regional market for redox flow batteries, and is expected to continue this trend during the forecast period.
Note: Product cover images may vary from those shown
  • Sumitomo Electric Industries Ltd.
  • Dalian Rongke Power
  • UniEnergy Technologies.
  • CELLCUBE
  • Avalon Battery Corporation
  • HydraRedox
  • Big pawer Electrical Technology Xiangyang Inc. Co. Ltd
  • Pinflow Energy Storage
  • VRB ENERGY
  • Vionx Energy
Note: Product cover images may vary from those shown

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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