A lead analyst at AMR highlighted that the redox flow battery market across North America is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the redox flow battery market. The findings of the report states that the global market for redox flow battery generated $130.4 million in 2018, and is projected to reach $403.0 million by 2026, witnessing a CAGR of 15.2% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides detailed insights on the drivers, restrains, and opportunities to help the market players devise several growth strategies. Increase in adoption of vanadium redox flow batteries for energy storage solutions, ongoing projects, investments, and developments drive the growth of the global redox flow battery market. On the other hand, rise in competition in the energy storage sector and huge consumer base for lithium-ion battery impede the growth to some extent. However, development of hybrid redox flow battery and potential usage in electric vehicle create new opportunities for the key players in the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the redox flow battery market globally. Disruptions in supply chain & transportation and ban in import & export across the world impacted the global redox flow battery market negatively, especially during the initial period. However, as the global situation is getting better, the market has also started to recoup at a slow & steady pace.
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“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 the redox flow batteries market during the forecast period.” said Eswara Prasad, Manager, Energy Power at Allied Market Research.
The report offers detailed segmentation of the global redox flow battery market based on type, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
By application, the utility services segment contributed to the highest market share, garnering more than half of the global share in 2018, and is projected to cite the dominant position by 2026. Simultaneously, the renewable energy integration segment would cite the fastest CAGR of 15.7% from 2019 to 2026.
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By type, the vanadium segment garnered more than four-fifths of the total market share in 2018, and is expected to maintain its dominance in terms of revenue during the forecast period. Moreover, this segment would also manifest the fastest CAGR of 15.3% during the forecast period.
By region, Asia-Pacific accounted for the largest share in 2018, holding nearly two-fifths of the global market. North America, on the other hand, is expected to cite the fastest CAGR of 15.1% throughout the forecast period.
The leading market players analyzed in the global redox flow battery market report include Le System Co., Ltd., redT Energy Plc, Avalon Battery Corporation, Dalian Rongke Power Co., Ltd., Sumitomo Electric Industries, Ltd., Vionx Energy, HydraRedox, H2, Inc., StorEn Technologies Inc., and Storion Energy.
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