Market Overview:
The global redox flow batteries for energy storage market is expected to grow at a CAGR of XX% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for renewable energy sources and the need for grid-scale energy storage solutions. The vanadium redox flow battery (VRFB) segment is expected to account for the majority of the market share during the forecast period, owing to its high efficiency and long life cycle. However, hybrid flow batteries are gaining traction in recent years due their lower cost and higher flexibility as compared with VRFBs. Utility facilities accounted for a majority of the revenue generated from redox flow batteries for energy storage in 2017. This can be attributed to government initiatives aimed at promoting renewable energy sources, which has led utilities across various countries adopt these technologies en masse.
Product Definition:
A redox flow battery (RFB) is a type of electrochemical cell where chemical energy is stored in the form of two liquid electrolytes, separated by a membrane. Electricity is generated by passing electrons from one electrolyte to the other, through an external circuit.
Redox flow batteries are often used for energy storage because they can provide high power output and long cycle life. The importance of redox flow batteries for energy storage lies in their ability to store large amounts of energy while occupying relatively little space.
Vanadium Redox Flow Battery:
Vanadium redox flow battery is a rechargeable battery that uses the chemical reaction between vanadium pentoxide and sulfuric acid to generate electricity. It has the ability to operate at higher temperatures as compared to other batteries, which makes it more efficient in terms of power generation. The operating cost of this type of battery is much lower than conventional ones owing to its high energy density property, which makes it an attractive option for applications such as off-grid or grid energy storage systems.
Hybrid Flow Battery:
Hybrid flow battery (HFB) is a type of redox flow battery that uses both lead acid and zinc-based electrolytes. It has the ability to deliver higher power in smaller packages, making it well suited for applications where size, weight, and cost are critical factors. HFBs have been commercialized for energy storage in several European countries including France (stationary batteries), Germany (mobility batteries) and Switzerland (power).
Application Insights:
The utility facilities application segment accounted for the largest revenue share in 2016 and is projected to witness significant growth over the forecast period. The utility facilities application segment includes grid balancing, peak shaving and load leveling. These batteries help in smoothening out power supply by shifting generation from periods of high demand to low demand periods thereby helping in reducing electricity costs.
Peak shaving is another important application of these batteries as they allow users to shift loads from busy hours to off-peak hours thus cutting down on operating costs significantly. This technology helps renewable energy producers integrate into existing grids without changing infrastructure or establishing new connections which would otherwise be expensive or impractical under normal circumstances.
Regional Analysis:
Asia Pacific regional redox flow batteries market is expected to witness significant growth over the forecast period owing to increasing demand for clean energy storage. The region is anticipated to account for a major share in terms of revenue generation owing to growing investments in renewable energy and micro-grid applications.
The growing penetration of renewable power generation technologies such as wind, solar, and biomass coupled with rising demand from end-use industries such as transportation & logistics, water & wastewater treatment, and electric grid integration will drive the market further. In addition, supportive government initiatives aimed at promoting sustainable electricity generation are also expected to boost industry growth over the coming years.
North America held a substantial share in 2016 due its early adoption of advanced battery systems across various sectors including automotive (hybrid), telecom (cellular), and now energy storage sector as well.
Growth Factors:
- Increasing demand for energy storage systems owing to the growing need for uninterrupted power supply
- Favorable government policies and regulations for the deployment of renewable energy sources
- Technological advancements in redox flow battery technology
- Growing demand from the transportation sector for electric vehicles and hybrid vehicles
- Declining prices of redox flow batteries due to increasing competition among manufacturers
Scope Of The Report
Report Attributes
Report Details
Report Title
Redox Flow Batteries for Energy Storage Market Research Report
By Type
Vanadium Redox Flow Battery, Hybrid Flow Battery
By Application
Utility Facilities, Renewable Energy Integration, Micro-grid, Energy Storage at Users' Side
By Companies
Sumitomo Electric, Dalian Rongke Power, UniEnergy Technologies, Gildemeister, Primus Power, redTENERGY Storage, EnSync, Sumitomo Electric
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
147
Number of Tables & Figures
103
Customization Available
Yes, the report can be customized as per your need.
Global Redox Flow Batteries for Energy Storage Market Report Segments:
The global Redox Flow Batteries for Energy Storage market is segmented on the basis of:
Types
Vanadium Redox Flow Battery, Hybrid Flow Battery
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Utility Facilities, Renewable Energy Integration, Micro-grid, Energy Storage at Users' Side
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Sumitomo Electric
- Dalian Rongke Power
- UniEnergy Technologies
- Gildemeister
- Primus Power
- redTENERGY Storage
- EnSync
- Sumitomo Electric
Highlights of The Redox Flow Batteries for Energy Storage Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Vanadium Redox Flow Battery
- Hybrid Flow Battery
- By Application:
- Utility Facilities
- Renewable Energy Integration
- Micro-grid
- Energy Storage at Users' Side
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Redox Flow Batteries for Energy Storage Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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- Consumer Insights
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Redox flow batteries are a type of energy storage device that uses an electrochemical reaction to convert chemical energy into electrical energy. The stored electricity can then be used to power devices like lights, fans, and appliances.
Some of the major players in the redox flow batteries for energy storage market are Sumitomo Electric, Dalian Rongke Power, UniEnergy Technologies, Gildemeister, Primus Power, redTENERGY Storage, EnSync, Sumitomo Electric.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Redox Flow Batteries for Energy Storage Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Redox Flow Batteries for Energy Storage Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Redox Flow Batteries for Energy Storage Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Redox Flow Batteries for Energy Storage Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Redox Flow Batteries for Energy Storage Market Size & Forecast, 2018-2028
4.5.1 Redox Flow Batteries for Energy Storage Market Size and Y-o-Y Growth
4.5.2 Redox Flow Batteries for Energy Storage Market Absolute $ Opportunity
Chapter 5 Global Redox Flow Batteries for Energy Storage Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Redox Flow Batteries for Energy Storage Market Size Forecast by Type
5.2.1 Vanadium Redox Flow Battery
5.2.2 Hybrid Flow Battery
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Redox Flow Batteries for Energy Storage Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Redox Flow Batteries for Energy Storage Market Size Forecast by Applications
6.2.1 Utility Facilities
6.2.2 Renewable Energy Integration
6.2.3 Micro-grid
6.2.4 Energy Storage at Users' Side
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Redox Flow Batteries for Energy Storage Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Redox Flow Batteries for Energy Storage Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Redox Flow Batteries for Energy Storage Analysis and Forecast
9.1 Introduction
9.2 North America Redox Flow Batteries for Energy Storage Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Redox Flow Batteries for Energy Storage Market Size Forecast by Type
9.6.1 Vanadium Redox Flow Battery
9.6.2 Hybrid Flow Battery
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Redox Flow Batteries for Energy Storage Market Size Forecast by Applications
9.10.1 Utility Facilities
9.10.2 Renewable Energy Integration
9.10.3 Micro-grid
9.10.4 Energy Storage at Users' Side
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Redox Flow Batteries for Energy Storage Analysis and Forecast
10.1 Introduction
10.2 Europe Redox Flow Batteries for Energy Storage Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Redox Flow Batteries for Energy Storage Market Size Forecast by Type
10.6.1 Vanadium Redox Flow Battery
10.6.2 Hybrid Flow Battery
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Redox Flow Batteries for Energy Storage Market Size Forecast by Applications
10.10.1 Utility Facilities
10.10.2 Renewable Energy Integration
10.10.3 Micro-grid
10.10.4 Energy Storage at Users' Side
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Redox Flow Batteries for Energy Storage Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Redox Flow Batteries for Energy Storage Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Redox Flow Batteries for Energy Storage Market Size Forecast by Type
11.6.1 Vanadium Redox Flow Battery
11.6.2 Hybrid Flow Battery
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Redox Flow Batteries for Energy Storage Market Size Forecast by Applications
11.10.1 Utility Facilities
11.10.2 Renewable Energy Integration
11.10.3 Micro-grid
11.10.4 Energy Storage at Users' Side
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Redox Flow Batteries for Energy Storage Analysis and Forecast
12.1 Introduction
12.2 Latin America Redox Flow Batteries for Energy Storage Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Redox Flow Batteries for Energy Storage Market Size Forecast by Type
12.6.1 Vanadium Redox Flow Battery
12.6.2 Hybrid Flow Battery
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Redox Flow Batteries for Energy Storage Market Size Forecast by Applications
12.10.1 Utility Facilities
12.10.2 Renewable Energy Integration
12.10.3 Micro-grid
12.10.4 Energy Storage at Users' Side
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Redox Flow Batteries for Energy Storage Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Redox Flow Batteries for Energy Storage Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Redox Flow Batteries for Energy Storage Market Size Forecast by Type
13.6.1 Vanadium Redox Flow Battery
13.6.2 Hybrid Flow Battery
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Redox Flow Batteries for Energy Storage Market Size Forecast by Applications
13.10.1 Utility Facilities
13.10.2 Renewable Energy Integration
13.10.3 Micro-grid
13.10.4 Energy Storage at Users' Side
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Redox Flow Batteries for Energy Storage Market: Competitive Dashboard
14.2 Global Redox Flow Batteries for Energy Storage Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Sumitomo Electric
14.3.2 Dalian Rongke Power
14.3.3 UniEnergy Technologies
14.3.4 Gildemeister
14.3.5 Primus Power
14.3.6 redTENERGY Storage
14.3.7 EnSync
14.3.8 Sumitomo Electric
