PORTLAND, Oregon, April 14, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Redox Flow Battery Marketby Type (Vanadium and Hybrid) and Application (Utility Services, Renewable Energy Integration, UPS, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global redox flow battery industry generated $130.4 million in 2018, and is expected to garner $403.0 million by 2026, registering a CAGR of 15.2% from 2019 to 2026.
Prime determinants of growth
Surge in adoption of vanadium redox flow batteries for energy storage solutions and ongoing projects, investments, and developments drive the growth of the global redox flow battery market. However, increase in competition in the energy storage sector and huge consumer base for lithium-ion battery hinder the market growth. On the other hand, development of hybrid redox flow battery and potential usage in electric vehicle create new opportunities in the industry.
The vanadium segment to grow fastest & contribute the highest revenue
Based on type, the vanadium segment contributed to more than four-fifths of the total share of the global redox flow battery market in 2018, and is expected to dominate in terms of revenue throughout the forecast period. Moreover, this segment is expected to witness the highest CAGR of 15.3% from 2019 to 2026. This is attributed to its utilization in large energy storage applications such as utility facilities, UPS systems, and renewable energy integration. The research also discusses the hybrid segment.
The utility services segment to possess dominant position by 2026
Based on application, the utility services segment held the highest market share of the global redox flow battery market, contributing to more than half of the total market share in 2018, and is estimated to possess dominant position by 2026. This is attributed to usage in energy storage devices for storing electricity for a longer time interval and lack of requirement of maintenance. However, the renewable energy integration segment would register the fastest CAGR of 15.7% from 2019 to 2026, owing to rise in initiatives to raise awareness regarding eco-friendly ways to generate electricity from renewable sources and 100% recyclable in nature of redox flow batteries.
Asia-Pacific to offer lucrative opportunities, North America to grow steadily
Based on region, Asia-Pacific contributed to for the highest share in terms of revenue in 2018, accounting for nearly two-fifths of the global redox flow battery market, and is expected to maintain its dominant share during the forecast period. Moreover, this region is expected to portray the fastest CAGR of 15.7% from 2019 to 2026. This is attributed to the world's largest battery project situated in China and rise in investments in R&D activities. However, North America accounted for nearly one-fifth of the total market share in 2018 and is estimated to maintain its share by 2026. This region would register a CAGR of 15.1% during the forecast period.
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