During the forecast period of 2023-2035, the global redox flow battery market is expected to reach an estimated value of ~USD 450.0 billion by 2035, by expanding at a CAGR of ~15%. The market further generated a revenue of ~USD 200.0 billion in the year 2022. Major key factors propelling the growth of redox flow battery market worldwide are the high prevalence for the storage of energy, and the rising popularity among people related to the recyclable nature.
Redox flow batteries (RFB) are a type of electrochemical energy storage device. The term “redox” refers to the chemical reduction and oxidation reactions used in the RFB to store energy in liquid electrolyte solutions that flow through a battery of electrochemical cells during charge and discharge. Moreover, it can be quickly recharged by replacing the electrolyte liquid while recovering the spent material for recharging. They have several advantages, including easy scalability, no negative effects of deep discharge, very low self-discharge, low cost for a large system compared to batteries, and long cycle life.
The growth of the global redox flow battery market can majorly be attributed to the surge in energy activities that increase the energy generation capacities for various purposes such as electric vehicles, residential energy consumption, and others. As per the data reported by the International Energy Agency, nearly 6.6 million electric vehicles were sold in the year 2021 around the world. On the other hand, the surging installation of solar, and wind plants that require proper energy storage solutions, is also projected to drive the market’s growth. For instance, solar PV is expected to account for more than 50 percent of the global renewable power growth in the year 2022.
The global redox flow battery market is also estimated to grow majorly on account of the following:
• Surging government initiatives for promoting rechargeable redox batteries
• Increasing use of renewable resources
• Rising development of redox flow batteries
• Increasing awareness related to the advantages of redox batteries over normal batteries
• Preference for longevity by industries for their power backup supply
Global Redox Flow Battery Market: Restraining Factor
There is a technical complication for handling redox flow batteries. Moreover, they are expensive than the normal batteries. Hence, these factors are expected to be the major hindrance for the growth of the global redox flow battery market during the forecast period.
Global Redox Flow Battery Market Segmentation
• By Application (Commercial & Industries, Military, Utility, and Others)
Out of these, the utility segment is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the fact that flow batteries are ideal for utility-scale grid applications. Furthermore, the growing number of utility services involving a large number of operation flow battery projects is expected to strengthen the segment growth in the market over the forecast period. In the United States, the utility scale energy storage is anticipated to grow significantly by the end of 2050 accounting for more than 120 gigawatts of installation capacity.
• By Material (Hydrogen Bromide, Zinc Bromide, Vanadium, and Others)
• By Storage (Large Scale, and Compact)
• By Region
The Asia Pacific redox flow battery market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The presence of a large number of developing countries, and surging government initiatives for the usage of renewable energy in the region are some of the major factors anticipated to drive the growth of the market in Asia Pacific during the forecast period. Moreover, the growth of the electronics industries, and growing awareness related to the use of renewable resources are further expected to boost the market’s growth.
Key Market Players Featured in the Global Redox Flow Battery Market
Some of the key players of the global redox flow battery market are SCHMID Group, VRB Energy, Larco Resources, Invinity Energy Systems, ESS, Inc., Redflow Limited, Primus Power, Sumitomo Electric Industries, Ltd., StorEn Technologies, ViZn Energy Systems, and others.