The Global Redox Flow Battery Market is expected to grow at a CAGR of around 13.27% during the forecast period of 2022-27, says MarkNtel Advisors in their recent research report. The demand for Redox Flow batteries has grown considerably across the globe due to the growing concern for energy storage facilities to produce energy from renewable resources. Redox flow batteries are reusable, less expensive, safer, and capable of discharging electricity over a long period, distinguishing them from other energy storage systems. Additionally, the inclination of countries such as the US, Canada, China, Germany, France, South Africa, etc., to generate maximum power from solar & wind energy sources has also positively impacted the market growth of redox flow batteries.
Further, to improve the overall renewable power plant's performance, such as flexibility in operations, reduction in operation costs, etc., the vanadium redox flow batteries coupled with solar arrays have been majorly implemented in the nations. In 2022, Invinity Energy Systems partnered with Elemental Energy to build a 21 MW solar plant with 8.4 MWh of vanadium redox flow battery capacity at Chappice Lake in Canada's Alberta province.
Therefore, large-scale deployment of solar power projects in combination with redox flow batteries would increase the demand for redox flow batteries in the forthcoming years, further states MarkNtel Advisors in their recent research report, "Global Redox Flow Battery Market Analysis, 2022-27."
Vanadium Redox Flow Batteries to Thrive the Market Globally
Based on the battery type, the market divides into Zinc Bromine & Vanadium. Of them, the Vanadium battery type held a consequential share in the global redox flow battery market attributing to the surging demand from large-scale commercial projects such as solar & wind power plants. Further, the usage of vanadium batteries has increased considerably, owing to factors such as flexible design, long life cycle, high efficiency, better safety standards as well as provides high cell voltage. The vanadium batteries also possess the ability to respond immediately to surge power demand from the grid.
Moreover, the demand for vanadium batteries also increased due to the abundant presence of vanadium ores in the countries like South Africa, Russia, China, the United States, Canada, etc. Also, vanadium is eco-friendly as compared to lithium, lead, and zinc-bromine batteries. Thus, the demand for vanadium redox flow batteries would grow considerably in the upcoming years globally.
North America Held a Significant Share in the Redox Flow Battery Market
Geographically, North America countersigned an exponential growth in the Redox Flow Battery market during the historical period. The foremost reason for the progress of the Redox Flow Battery market is the existence of key market players such as Lockheed Martin, ViZn Energy Systems Inc, Primus Power, etc. These redox flow manufacturing companies are entering into a strategic partnership with other countries to provide energy storage systems for various renewable energy-based power plant projects. For instance, in 2019, ViZn Energy Systems, Inc., in collaboration with WeView Energy, announced to pursue China’s utility-scale storage market. This strategic alliance supports the integration of thousands of gigawatts of new wind & solar power to be installed in various renewable energy projects in China.
In addition, the region has seen a surge in the adoption of redox flow batteries due to their environmentally friendly nature. Further, the integrated redox flow batteries supply electricity to the power grid in case of a deficit production of electricity. Thus, it increases the dependence & efficiency of renewable energy sources in the foreseen years, reveals MarkNtel Advisors in their recent research report, "Global Redox Flow Battery Market Analysis, 2022-27."
According to MarkNtel Advisors, the leading players in the Global Redox Flow Battery Market are Sumitomo Electric, ViZn Energy, Primus Power, VRB Energy, Invinity Energy Systems, Lockheed Martin, Storion Energy, Cellcube – Enerox GmbH, EverFlow Energy, ESS Inc., Redflow Technologies.
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