Allied Market Research published a new report, titled, Redox Flow Battery Market garnered $130.4 million in 2018, and is estimated to generate $403.0 million by 2026, witnessing a CAGR of 15.2% from 2019 to 2026.
Increase in adoption of vanadium redox flow batteries to store energy along with ongoing developments, investments, and projects propel the growth of the global redox flow battery industry. However, fierce competition in the energy storage sector and large customer base for lithium-ion batteries restrain the market growth. Contrarily, research and development activities and potential implementation in electric vehicles provide new opportunities in the coming years.
Clean and sustainable energy supplied from renewable sources may lead to the requirement of efficient, reliable, and cost-effective energy storage systems in the future. Therefore, after lead-acid batteries, redox flow battery is among those few battery types that store renewable and clean energy, and can be 100% recycled without affecting environmental conditions. In addition, electrochemical energy storage using rechargeable batteries based on redox chemistry can provide a comprehensive solution to the energy storage issues in the renewable energy sector through storing energy in recirculating electrolytes
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The research offers a detailed segmentation of the global Redox Flow Battery market. Key segments analyzed in the research include Type, Application and geography. Extensive analysis of sales, revenue, growth rate, and market share of each segment, and geography for the historic period and the forecast period is offered with the help of tables.
Geographically, Asia-Pacific accounted for the largest share in terms of revenue in 2018, contributing to nearly two-fifths of the total market, and is estimated to contribute its highest share throughout the forecast period. In addition, this region is expected to witness the largest CAGR of 15.7% during the forecast period. However, North America held nearly one-fifth of the total share in 2018, and is expected to continue its position in terms of revenue by 2026. This region is estimated to maintain the highest CAGR of 15.1% during the forecast period.
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The market player positioning segment provides an understanding of the current position of the market players active in the Redox Flow Battery industry.
The research offers an extensive analysis of key players active in the global Redox Flow Battery industry. Detailed analysis on operating business segments, product portfolio, business performance, and key strategic developments is offered in the research. Leading market players analyzed in the report include Sumitomo Electric Industries, Ltd., Dalian Rongke Power, UniEnergy Technologies., CELLCUBE, Avalon Battery Corporation, HydraRedox, Big pawer Electrical Technology Xiangyang Inc. Co., Ltd, Pinflow Energy Storage, s.r.o., VRB ENERGY, and Vionx Energy. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
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