Redox flow batteries are rechargeable batteries with long service life & almost no degradation of electrodes & electrolytes. It also provides high safety due to no combustible materials presence. The growing concern for energy storage facilities and the inclination of countries towards generating maximum power from renewable energy resources have positively influenced the market growth of redox flow batteries.
The Global Redox Flow Battery market is projected to grow at a CAGR of around 13.27% during the forecast period, i.e., 2022-27. It has experienced significant growth during the historical period, owing to the large-scale deployment of wind & solar energy-based projects worldwide. The intermittent nature of renewable energy resources, such as solar & wind, has caused grid instability, which has further created the concern for the need of implementing energy storage facilities. Further, the incorporation of energy storage devices, such as redox flow batteries to store energy during peak hours of generation from solar & wind energy, such as high solar irradiance during daytime & highly variable wind speeds in windy regions, have been vastly executed in the solar & wind energy-based power plants.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|Europe: Germany, The UK, France, Russia, Rest of Europe|
|Asia-Pacific: China, Japan, India, Australia, Rest of Asia Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: Israel, GCC, South Africa, Rest of The Middle East & Africa|
|Key Companies Profiled||
Sumitomo Electric, ViZn Energy, Primus Power, VRB Energy, Invinity Energy Systems, Lockheed Martin, Storion Energy, Cellcube – Enerox GmbH, EverFlow Energy, ESS Inc., Redflow Technologies
|Unit Denominations||USD Million/Billion|
Moreover, the numerous advantages of redox flow batteries like long-duration energy storage facilities & cost-effectiveness over other battery storage systems have been some of the prominent factors that facilitated the demand for redox flow batteries globally. Additionally, due to the several advantages of redox flow batteries, investments have also been made by the leading players in renewable energy resources, which has accelerated the business of redox flow batteries. For instance, in 2021, Thailand-based renewable energy-based company BCPG announced the investment of around USD24 million into VRB Energy, a manufacturer of vanadium redox flow batteries, to support the expansion of VRB Energy’s manufacturing capabilities.
Further, BPCG has been actively involved in projects based on solar, wind, geothermal, and hydroelectric technologies with projects in Thailand, Japan, Laos, the Philippines, and Indonesia. Thus, such investments by the leading renewable energy companies in the coming years would positively impact the growth of the Global Redox Flow Battery market in the forecast years, owing to its major benefits, such as cost-effectiveness.