The global redox flow battery market size was US$ 183.8 Mn in 2021 and is estimated to reach US$ 718.0 Mn by the end of 2031, growing at a CAGR of 14.6% from 2022 to 2031.
A redox flow battery is an electrochemical energy storage system that transforms chemical energy into electrical energy by reversibly oxidizing and reducing working fluids. Redox, which stands for reduction-oxidation, is a compound term. When discussing chemical reactions, the terms "oxidation" and "reduction" refer to the release of electrons. The redox flow battery is composed of three components. A membrane and two electrodes are present in this electrochemical cell. The electrolyte liquids are kept in the two tanks. This two different valence or concentrations of electrolyte solutions are each pumped to one electrode in a separate circuit.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The pandemic had a significant influence on a number of industries, including battery manufacturing, semiconductors, EV ecosystems, and automotive. Major firms responded to government directions by totally closing down or working at reduced capacity. Road traffic came to a complete stop, businesses around the world closed, and the demand for electric cars fell. Mines, refineries, and factories that produced batteries and cars had to shut down as a result of quarantines and instructions to stay at home. It also stopped the shipments of manufactured goods, which had a significant impact on the global market.
Regional Analysis
Asia Pacific dominated the global market. The expansion of the redox flow battery market is due to the increase in energy consumption brought on by the region's dense population and expanding economies. In recent years, several nations have adopted various sustainable policies and solutions to support the energy transition process. Energy storage technology is rising in demand in nations like India, China, and Japan. Thus, this is anticipated to fuel demand for redox flow batteries in the Asia Pacific region.
Additionally, the region's increased manufacturing of electric vehicles is fueling the expansion of the redox flow battery industry there. EVs are a key component in Asia's move toward net zero energy. One of the largest generators of greenhouse gas (GHG) emissions, the transportation sector accounts for 15% of the region's emissions. The leading redox flow battery producers are heavily putting money into new and innovative technologies. This aspect is probably going to support the expansion of the redox flow battery market in the near future.
Leading Companies
Some of the prominent players in the global redox flow battery market are:
Segmentation Outline
The global redox flow battery market segmentation focuses on Material, Capacity, Application, End-Use, and Region.
By Material
By Capacity
By Application
By End-Use
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL REDOX FLOW BATTERY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
4 GLOBAL REDOX FLOW BATTERY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE MODEL
4.4 VALUE CHAIN ANALYSIS
5 GLOBAL REDOX FLOW BATTERY MARKET, BY MATERIAL
5.1 OVERVIEW
5.2 VANADIUM
5.3 ZINC-BROMIDE
5.4 OTHERS
6 GLOBAL REDOX FLOW BATTERY MARKET, BY CAPACITY
6.1 OVERVIEW
6.2 UP TO 100 KW
6.3 100-1000 KW
6.4 MORE THAN 1000 KW
7 GLOBAL REDOX FLOW BATTERY MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 UTILITY
7.3 ELECTRIC VEHICLE
7.4 RENEWABLE ENERGY STORAGE
7.5 TELECOMMUNICATION
7.6 SOLAR
7.7 OTHERS
8 GLOBAL REDOX FLOW BATTERY MARKET, BY END-USE
8.1 OVERVIEW
8.2 RESIDENTIAL
8.3 COMMERCIAL
8.4 INDUSTRIAL
9 GLOBAL REDOX FLOW BATTERY MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL REDOX FLOW BATTERY MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
11 COMPANY PROFILES
11.1 AVALON BATTERY CORPORATION
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.2 LE SYSTEM CO., LTD.
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.3 REDT ENERGY PLC
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.4 DALIAN RONGKE POWER CO. LTD.
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.5 STOREN TECHNOLOGIES INC.
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.6 HYDRAREDOX
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.7 H2, INC.
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.8. SUMITOMO ELECTRIC INDUSTRIES, LTD.
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.9 STORION ENERGY
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.10 VIONX ENERGY
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.11 VIZN ENERGY
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.12 VRB ENERGY
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.13 AUSTRALIAN VANADIUM LIMITED
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.14 VFLOWTECH PTE LTD.
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.15 INVINITY ENERGY SYSTEM
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
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