BANGALORE, India, July 17, 2020 /PRNewswire/ -- The global redox flow battery market is in its nascent phase, and multiple developments are currently witnessed in this sector. That said, the redox flow battery type has a plethora of advantages which make it one of the most sought after in energy storage applications.
The global redox flow battery market size was valued at USD 130.4 Million in 2018 and is projected to reach USD 403.0 Million by 2026, growing at a CAGR of 15.2% from 2019 to 2026.
Redox Flow Battery converts electrical energy into chemical potential energy by means of a reversible electrochemical reaction between two liquid electrolyte solutions contained in external electrolyte tanks.
Clean and sustainable energy supply from renewable sources would require energy storage systems that are efficient, reliable, and cost-effective. Redox flow batteries are promising in stationary energy storage from intermittent sources such as solar and wind due to the versatility in device design and competence in scaling cost.
The Redox Flow Battery Market report provides an in-depth analysis of the redox flow battery market forecast along with the current and future market trends.
TRENDS INFLUENCING THE REDOX FLOW BATTERY MARKET SIZE
Rising energy generation activities and the increase in capacity to produce energy drive the redox flow battery market size.
The only commodity that can be 100 percent recycled is a redox flow battery, which supports its use in renewable energy and leads to consumer growth. Consequently, the high recyclable nature self-drives the redox flow battery market size during the forecast period.
The development of hybrid redox flow batteries is expected to fuel the market size during the forecast period.
High competition in the energy storage sector and the broad lithium-ion battery customer base is expected to restrain the redox flow battery market size.
Vanadium redox flow battery segment accounted for the largest redox flow battery market share during the forecast period. Higher capacities associated with this type of battery make it well suited to large applications for energy storage. Utility facility, clean energy integration, and UPS systems are also some of the popular applications of vanadium redox flow batteries.
Based on the region, the Asia-Pacific holds the largest redox flow battery market share. Countries like China, Japan, India, South Korea, and Australia have emerged as leading consumers in this region. Energy consumption is increasing significantly in Asia-Pacific due to population growth, rapid industrialization, and the adoption of cost-effective energy storage products.
TOP COMPANIES IN THE REDOX FLOW BATTERY MARKET ANALYSIS
Some of the major market players operating in this market are 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, and Vionx Energy.
Ion Exchange Membrane of All-Vanadium Redox Flow Battery Market Report
In 2019, the global Ion Exchange Membrane of All-Vanadium Redox Flow Battery market size was USD 15 Million, and it is expected to reach USD 50 Million by the end of 2026, with a CAGR of 19.0% during 2021-2026.
Commercial ion-exchange membranes have high proton conductivity and are cost-efficient. At present, ion-exchange membrane prices are still too high. This affects the growth of the Ion Exchange Membrane of All-Vanadium Redox Flow Battery MarkeT size.
More residential and commercial properties integrate energy storage into their building plans due to increasing energy costs. Consumers are investing in cheaper and more efficient technologies; hence energy storage technology is widely adopted in the residential sector.
Inherent features such as high life cycle count, modularity, non-flammable, and flexible capacity make flow batteries highly suitable for residential and commercial applications. These features are, in turn, expected to increase the flow battery market size.
In 2019, the global All-Vanadium Redox Flow Batteries market size was USD 625.4 Million, and it is expected to reach USD 6186 Million by the end of 2026, with a CAGR of 38.3% during 2021-2026.
Vanadium redox flow batteries (VRBs) use only one element (vanadium) in both tanks, exploiting vanadium's ability to exist in several states. By using one element in both tanks, VRBs can overcome cross-contamination degradation.
The global average price of Vanadium Redox Battery (VRB) is decreasing from 4505 USD/KW in 2012 to 1916 USD/KW In 2018.
The Battery Market size was estimated at USD 89,200 Million in 2018 and is projected to reach USD 123,700 Million by 2025, at a CAGR of 4.2% over the forecast period.
The increasing preference for pollution-free hybrid & electric vehicles is expected to drive the forecast period's battery market size. Furthermore, the decreasing cost of lithium-ion batteries and the rising deployments of energy storage in power grids is also expected to fuel the market growth.
The global lead-acid battery market size was valued at USD 39.7 Billion in 2018 and is projected to reach USD 59.7 Billion by 2026, growing at a CAGR of 5.24% from 2019 to 2026.
The major factors responsible for the Lead Acid Battery market growth are growing SLI applications in the automotive industry, growth in renewable energy production, and high demand for energy storage devices.
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