Global Redox Flow Battery Market Overview:
The latest report by IMARC Group, titled “Redox Flow Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the Redox Flow Battery Market Share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global redox flow battery market size reached US$ 173 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 497 Million by 2027, exhibiting a growth rate (CAGR) of 20.2% during 2022-2027. A redox flow battery (RFB) refers to a rechargeable battery that converts chemical energy into electric energy through reduced working fluids and reversible oxidation. The electrolytes flow through one or more electrochemical cells, wherein the interconversion of energy takes place. These cells are typically stacked in bipolar arrangements that contain the positive and negative electrodes. As compared to other types of batteries, RFB is more efficient, reliable, sustainable, cost-effective, and cleaner. These electrochemical storage devices also have a flexible system design that can store energy from intermittent electricity sources, such as solar and wind.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Redox Flow Battery Market Trends:
The global redox flow battery market is primarily being driven by increasing investments in renewable energy, the rising need for efficient energy storage devices, and low maintenance costs associated with these batteries. Moreover, a rise in the energy consumption activities due to rapid urbanization, along with the increasing instances of frequent power supply interruptions, is facilitating the demand for power backup across the globe. This, in turn, is supporting the market growth. In line with this, extensive applications of RFB in the utility, off-grid, and mini-grid markets and the increasing commercialization of this technology are acting as other growth-inducing factors. Additionally, rapid advancements in technology and materials, such as the development of electrochemical capacitors and hybrid RFB, with unlimited operational lifespan and increased reliability and output, are catalyzing the market growth.
Global Redox Flow Battery Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
- CellCube Energy Storage Systems Inc
- H2 Inc
- Invinity Energy Systems
- Largo Resources Ltd.
- LE SYSTEM CO. Ltd.
- Lockheed Martin Corporation
- StorEn Technologies Inc
- Storion Energy
- Sumitomo Electric Industries Ltd
Breakup by Type:
- Vanadium Redox Flow Battery
- Hybrid Redox Flow Battery
- Large Scale
Breakup by Application:
- Utility Services
- Renewable Energy Integration
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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