A redox flow battery is a type of electrochemical cell where chemical energy is converted to electrical energy. It is obtained when two chemical components dissolved in liquids are placed together separated by a membrane. Ion exchange accompanied by flow of electric current occurs through the membrane while both liquids circulate in their own respective space. Cell voltage is derived by the Nernst equation and in practical applications ranges from, from 1.0 to 2.2 volts. A redox flow battery may be used like a rechargeable battery, where an electric power source drives the regeneration of energy. It is technically advantageous over conventional rechargeable batteries in terms of longevity. The redox flow battery market research report will open up avenues to analyse the potential future growth and market share of this industry by 2025.
The Redox Flow Battery market research report is prepared to present worldwide Redox Flow Battery market size (value, production and consumption), splits the breakdown (data analysis from 2014-2019 and forecast to 2025), based on the study of the market segments classified as under manufacturers, region, type and application. It has a global market value of 130 Million US$ in 2018 and is estimated to grow around 370 Million US$ by 2025, at a CAGR of 14.3% during the forecast period. In this report, 2018 has been considered as the base year and the timespan of 2019 to 2025 is considered as the forecast period to estimate the market size for Redox Flow Battery Industry.
According to the report, the worldwide largest market share for installation of redox flow battery are grabbed by North America and Asia-Pacific region. Both the two regions take more than 80% of the credit in 2017 with Europe following them holding 15.09% market share. This study is done by regional segmentation of production and consumption.
The prime production regions for redox flow battery industry are United States, Europe, China and Japan amongst others. Whereas the major consumption region are classified region wise and further country wise as North America (United States, Canada, Mexico), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, Malaysia, Philippines, Thailand, Vietnam), Europe(Germany, France, UK, Italy, Russia, Rest of Europe), Central & South America (Brazil, Rest of South America), Middle East & Africa (GCC Countries, Turkey, Egypt, South Africa, Rest of Middle East & Africa). The region wise production and consumption data gives the details of trend, market share, growth factor, sales revenue, opportunities, market risks etc.
The manufacturers covered in this report are Sumitomo Electric, Dalian Rongke Power, UniEnergy Technologies, Gildemeister, Primus Power, redTENERGY Storage and EnSync. Sumitomo Electric, Dalian Rongke Power are the top two market drivers identified for red flow batteries with 29.33% and 19.29% revenue market share in 2017, respectively. The report helps to present the key Redox Flow Battery industry manufacturers, production, revenue, market share, and recent development. It also helps to derive competitive growth such as expansions, agreements, new product launches, and acquisitions in the market.
The report covers analysis data of Redox Flow Battery Market classified under types as Vanadium Redox Flow Battery and Hybrid Flow Battery and application data breakdown are as under Utility Facilities, Renewable Energy Integration and others. Vanadium Flow Battery is the main source that has occupied about 70 percent revenue market share. The report helps in determining the future growth opportunities and challenges, sales revenue, volume and value.
This study also analyses the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and roadblocks, sales channels, vendors and Porter’s Five Forces Analysis.
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This report helps to know the estimation of market size Redox Flow Battery market and various other dependent submarkets for value (million USD) and volume (MWh), which is derived by both top-down and bottom-up approaches. Thus, this report serves as a ready guide for all the stake holders who wished to get a glance of growth opportunities and market forecast of Redox Flow Battery market.
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