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Redox Flow Battery Market by Type (Vanadium and Hybrid) and Application (Utility Services, Renewable Energy Integration, UPS, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026

A05315
Pages: 200
Mar 2020 | 537 Views
 
Author(s) : Krunal Yeware , Eswara Prasad
Tables: 91
Charts: 48
 

Redox Flow Battery Market Outlook - 2026

The global redox flow battery market size was valued at $130.4 million in 2018, and is projected to reach $403.0 million by 2026, growing at a CAGR of 15.2% from 2019 to 2026.

A battery is a collective set of cells that stores energy and supply whenever needed. A redox flow battery is a type of electrochemical cell, where two chemical components provide chemical energy, which is dissolved in a liquid contained system and separated by the membrane. This system is called as stack with two electric components such as anode and cathode, which individually have separate tanks.Other components in the battery are bipolar plate and membrane. The number and size of the stack depends upon the power output required, which further determines the capacity of the battery. The trem redox in the redox flow battery refers to the redoxreaction, which means a change in the oxidation level of chemical, i.e., reduction and oxidation. During this process, electrons are transferred from one element to another and the overall setup produces energy.

Redox-flow-Battery-Market-2019-2026

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The global redox flow battery market is in its nascent phase, and a multiple developments are currently witnessed on this battery type. Redox flow battery type has several superior advantageous due to which it is largely used in energy storage applications. Therefore, rise in energy generation activities and increase in energy generation capacities fuel the demand for the redox flow battery. A redox flow battery is the only product that can be 100%recycled,which favoring its use in renewable energy, thereby contributing to market growth. As a result, high recylable nature of this battery is itself driving the growth of the marketglobally. On the other hand, high competition in the energy storage sector and large consumer base of lithium-ion battery hamperingthe global redox flow battery market growth. Developement of hybrid redox flow battery is one of the recent redox flow battery market trends observed in across the globe. Therefore, the global redox flow industry expected to witness profitable growth opportunities.

The global redox flow battery market is segmented into type, application, and region. Dependingon type, the global market is bifurcated into a vanadium redox flow battery and hybrid redox flow battery. By application, it is categorizedinto utility services, renewable energy integration, ups, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific is the largest regional market of redox flow battery wherein countries such as China, Japan, India, South Korea, and Australia have emerged as prominent consumers. Energy consumption in Asia-Pacific is growing significantly due to growth in population, robust industrialization, and the adoption of cost-effective energy storage devices. Therefore, with increasing energy, the demand for energy storage devices is increasing rapidly, which drives the adoption of redox flow battery in Asia-Pacific.

Some of the major market players operating and profiled in this market are Avalon Battery Corporation, Dalian Rongke Power Co., Ltd, HydraRedox, H2, Inc, Le System Co., Ltd., redT Energy plc, StorEn Technologies Inc, Storion Energy, Sumitomo Electric Industries, Ltd, and Vionx Energy.

Global Redox Flow BatteryMarket, bytype

By type, vanadium redox flow battery segment accounted for the largest redox flow battery market share in 2018 and the similar trends are expecetd during the forecast period. This is attracted to the fact that it is a more developed version of redox flow batteries and is used in various applications. Higher capacities associated with this battery type make it well suited in large energy storage applications. Therefore, utility facilities, renewable energy integration, and UPS systems are some of the prominent applications of vanadium redox flow batteries

Redox Flow Battery Market
By Type

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Vanadium is projected as the most lucrative segment.

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Global Redox Flow Battery Market, by application 

By application, utility services segment dominated the global market with largest market share. Since redox flow batteries are favorable in energy storage applications, the utility sector serves as the largest application segment. The electric utility sector is engaged in electricity generation and distribution roles where energy storage devices are consistently required to store electricity for a longer time interval. Redox flow batteries are cost-competitive energy storage devices,which requirezero maintenance. Therefore, their demand for electric utility services is growing significantly. Although electric utility companies majorly operatein the government-regulated market, over the past few years, these companies are focuson the commercial market in response to privatization in most countries.

Redox Flow Battery Market
By Application

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Utility Services is projected as the most lucrative segment.

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Global Redox Flow BatteryMarket, by region

By region, Asia-Pacific is the largest regional market in the redox flow battery market, which acquired around 40% market share in 2018. The countries that are a key contributor in the Asia-Pacific region include China, India, Japan, South Korea, and Australia. Asia-Pacific region has been significant in terms of the adoption of economic batteries for energy storage. Thus, redox flow batteries showcase superior energy capacity characteristics in the long run.

Redox Flow Battery Market
By Region

2026
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.

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Key Benefits For Stakeholders

  • The report provides an in-depth analysis of the redox flow batterymarket forecast along with the current and future markettrends. 
  •  This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
  •  Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global redox flow batteryindustry for strategy building.
  •  A comprehensive redox flow battery market analysis covers factors that drive and restrain market growth.
  •  The qualitative data in this report aims on market dynamics, trends, and developments.

KEY MARKET SEGMENTS

 By Type

  • Vanadium Redox Flow Battery
  •  Hybrid Redox Flow Battery

 By Application

  • Utility Services
  • Renewable Energy Integration
  • UPS
  • Others

 By Region

  •  North America
    • U.S.
    • Canada
    • Mexico
  •  Europe
    • Germany
    •  France
    •  Italy
    •  Spain
    •  UK
    •  Rest of Europe
  •  Asia-Pacific
    •  China
    •  Japan
    •  India
    •  South Korea
    •  Australia 
    •  Rest of Asia-Pacific
  •  LAMEA

    •  Brazil
    •  Saudi Arabia
    •  South Africa
    •  South Africa
    •  LAMEA
 

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. KEY BENEFITS FOR STAKEHOLDERS
1.3. Key market segments
1.4. Research methodology

1.4.1. Secondary research
1.4.2. Primary research

1.5. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. Key findings of the study
2.2. CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings

3.2.1. Top investment pockets

3.3. Porter’s five forces analysis
3.4. Market dynamics

3.4.1. Drivers

3.4.1.1. High adoption of vanadium redox flow batteries in energy storage solutions
3.4.1.2. Ongoing projects, investments, and development on redox flow battery

3.4.2. Restraints

3.4.2.1. Limitation of vanadium redox flow batteries

3.4.3. Opportunity

3.4.3.1. Possibility of use in electric vehicle

3.5. Parent market overview
3.6. Patent analysis, 2015–2018

3.6.1. Patent analysis by country
3.6.2. Patent analysis by applicant

3.7. Impact of government rules and regulations

3.7.1. Mandatory renewable energy targets

CHAPTER 4: REDOX FLOW BATTERY MARKET, BY TYPE

4.1. Overview

4.1.1. Market size and forecast, by region

4.2. Vanadium redox flow battery

4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis, by country

4.3. Hybrid redox flow battery

4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis, by country

CHAPTER 5: REDOX FLOW MARKET, BY APPLICATION

5.1. Overview

5.1.1. Market size and forecast, by application

5.2. Utility services

5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis, by country

5.3. Renewable energy integration

5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis, by country

5.4. UPS

5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market share analysis, by country

5.5. Others

5.5.1. Key market trends, growth factors, and opportunities
5.5.2. Market size and forecast, by region
5.5.3. Market share analysis, by country

CHAPTER 6: REDOX FLOW MARKET, BY REGION

6.1. Overview

6.1.1. Market size and forecast, by region
6.1.2. Market size and forecast, by region
6.1.3. Market size and forecast, by application

6.2. North America

6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast, by type
6.2.3. Market size and forecast, by application
6.2.4. Market size and forecast by Country
6.2.5. U.S.

6.2.5.1. Market size and forecast, by type
6.2.5.2. Market size and forecast, by application

6.2.6. Canada

6.2.6.1. Market size and forecast, by type
6.2.6.2. Market size and forecast, by application

6.2.7. Mexico

6.2.7.1. Market size and forecast, by type
6.2.7.2. Market size and forecast, by application

6.3. Europe

6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast, by type
6.3.3. Market size and forecast, by application
6.3.4. Market size and forecast by country

6.3.5. Germany

6.3.5.1. Market size and forecast, by type
6.3.5.2. Market size and forecast, by application

6.3.6. France

6.3.6.1. Market size and forecast, by type
6.3.6.2. Market size and forecast, by application

6.3.7. Italy

6.3.7.1. Market size and forecast, by type
6.3.7.2. Market size and forecast, by application

6.3.8. Spain

6.3.8.1. Market size and forecast, by type
6.3.8.2. Market size and forecast, by application

6.3.9. UK

6.3.9.1. Market size and forecast, by type
6.3.9.2. Market size and forecast, by application

6.3.10. Rest of Europe

6.3.10.1. Market size and forecast, by type
6.3.10.2. Market size and forecast, by application

6.4. Asia-Pacific

6.4.1. Key market trends, growth factors, and opportunities
6.4.2. Market size and forecast, by type
6.4.3. Market size and forecast, by application
6.4.4. Market size and forecast by Country
6.4.5. China

6.4.5.1. Market size and forecast, by type
6.4.5.2. Market size and forecast, by application

6.4.6. Japan

6.4.6.1. Market size and forecast, by type
6.4.6.2. Market size and forecast, by application

6.4.7. India

6.4.7.1. Market size and forecast, by type
6.4.7.2. Market size and forecast, by application

6.4.8. South Korea

6.4.8.1. Market size and forecast, by type
6.4.8.2. Market size and forecast, by application

6.4.9. Australia
 

6.4.9.1. Market size and forecast, by type
6.4.9.2. Market size and forecast, by application

6.4.10. Rest of Asia-Pacific

6.4.10.1. Market size and forecast, by type
6.4.10.2. Market size and forecast, by application

6.5. LAMEA

6.5.1. Key market trends, growth factors, and opportunities
6.5.2. Market size and forecast, by type
6.5.3. Market size and forecast, by application
6.5.4. Market size and forecast by Country

6.5.5. Brazil

6.5.5.1. Market size and forecast, by type
6.5.5.2. Market size and forecast, by application

6.5.6. Saudi Arabia

6.5.6.1. Market size and forecast, by type
6.5.6.2. Market size and forecast, by application

6.5.7. UAE

6.5.7.1. Market size and forecast, by type
6.5.7.2. Market size and forecast, by application

6.5.8. South Africa

6.5.8.1. Market size and forecast, by type
6.5.8.2. Market size and forecast, by application

6.5.9. Rest of LAMEA

6.5.9.1. Market size and forecast, by type
6.5.9.2. Market size and forecast, by application

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. INTRODUCTION

7.1.1. MARKET PLAYER POSITIONING, 2018

7.2. PRODUCT MAPPING OF TOP 10 PLAYER
7.3. COMPETITIVE HEATMAP

CHAPTER 8: COMPANY PROFILES

8.1. Avalon Battery Corporation

8.1.1. Company overview
8.1.2. Company snapshot
8.1.3. Product portfolio

8.2. Dalian Rongke Power Co., Ltd.

8.2.1. Company overview
8.2.2. Company snapshot
8.2.3. Product portfolio

8.3. HydraRedox

8.3.1. Company overview
8.3.2. Company snapshot
8.3.3. Product portfolio

8.4. H2, Inc.

8.4.1. Company overview
8.4.2. Company snapshot
8.4.3. Product portfolio

8.5. Le System Co., Ltd.

8.5.1. Company overview
8.5.2. Company snapshot
8.5.3. Product portfolio

8.6. redT Energy Plc

8.6.1. Company overview
8.6.2. Company snapshot
8.6.3. Operating business segments
8.6.4. Product portfolio
8.6.5. Business performance

8.7. StorEn Technologies Inc.

8.7.1. Company overview
8.7.2. Company snapshot
8.7.3. Product portfolio

8.8. Storion Energy

8.8.1. Company overview
8.8.2. Company snapshot
8.8.3. Product portfolio

8.9. Sumitomo Electric Industries, Ltd.

8.9.1. Company overview
8.9.2. Company snapshot
8.9.3. Operating business segments
8.9.4. Product portfolio
8.9.5. Business performance
8.9.6. Key strategic moves and developments

8.10. Vionx Energy

8.10.1. Company overview
8.10.2. Company snapshot
8.10.3. Product portfolio

LIST OF TABLES

TABLE 01. GLOBAL REDOX FLOW BATTERY MARKET REVENUE, BY TYPE ($MILLION) (2019-2026) 62
TABLE 02. GLOBAL REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 63
TABLE 03. LARGEST OPERATIONAL VANADIUM GRID BATTERIES 65
TABLE 04. GLOBAL REDOX FLOW BATTERY MARKET FOR VANADIUM BATTERY, BY REGION, 2018–2026 ($MILLION) 66
TABLE 05. GLOBAL REDOX FLOWBATTERY MARKET FOR HYBRID BATTERY, BY REGION, 2018–2026 ($MILLION) 69
TABLE 06. GLOBAL REDOX FLOW BATTERY MARKET REVENUE, BY APPLICATION ($MILLION) (2019-2026) 73
TABLE 07. GLOBAL REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 74
TABLE 08. GLOBAL REDOX FLOW BATTERY MARKET FOR UTILITY SERVICES, BY REGION, 2018–2026 ($MILLION) 76
TABLE 09. GLOBAL REDOX FLOW BATTERY MARKET FOR RENEWABLE ENERGY INTEGRATION, BY REGION, 2018–2026 ($MILLION) 79
TABLE 10. GLOBAL REDOX FLOW BATTERY MARKET FOR UPS, BY REGION, 2018–2026 ($MILLION) 82
TABLE 11. GLOBAL REDOX FLOW BATTERY MARKET FOR OTHERS, BY REGION, 2018–2026 ($MILLION) 85
TABLE 12. GLOBAL REDOX FLOW BATTERY MARKET, BY REGION  2018–2026 ($MILLION) 88
TABLE 13. GLOBAL REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 89
TABLE 14. GLOBAL REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 90
TABLE 15. NORTH AMERICA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 92
TABLE 16. NORTH AMERICA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 93
TABLE 17. NORTH AMERICA REDOX FLOW BATTERY MARKET, BY COUNTRY 2018–2026 ($MILLION) 94
TABLE 18. U.S. REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 96
TABLE 19. U.S. REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 97
TABLE 20. CANADA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 99
TABLE 21. CANADA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 100
TABLE 22. MEXICO REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 102
TABLE 23. MEXICO REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 103
TABLE 24. EUROPE REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 106
TABLE 25. EUROPE REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 107
TABLE 26. EUROPE REDOX FLOW BATTERY MARKET, BY COUNTRY 2018–2026 ($MILLION) 108
TABLE 27. GERMANY REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 110
TABLE 28. GERMANY REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 111
TABLE 29. FRANCE REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 113
TABLE 30. FRANCE REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 114
TABLE 31. ITALY REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 116
TABLE 32. ITALY REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 117
TABLE 33. SPAIN REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 119
TABLE 34. SPAIN REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 120
TABLE 35. UK REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 122
TABLE 36. UK REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 123
TABLE 37. REST OF EUROPE REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 125
TABLE 38. REST OF EUROPE REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 126
TABLE 39. ASIA-PACIFIC REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 128
TABLE 40. ASIA-PACIFIC REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 129
TABLE 41. ASIA-PACIFIC REDOX FLOW BATTERY MARKET, BY COUNTRY 2018–2026 ($MILLION) 130
TABLE 42. CHINA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 132
TABLE 43. CHINA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 133
TABLE 44. JAPAN REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 135
TABLE 45. JAPAN REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 136
TABLE 46. INDIA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 138
TABLE 47. INDIA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 139
TABLE 48. SOUTH KOREA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 141
TABLE 49. SOUTH KOREA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 142
TABLE 50. AUSTRALIA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 144
TABLE 51. AUSTRALIA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 145
TABLE 52. REST OF ASIA-PACIFIC REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 147
TABLE 53. REST OF ASIA-PACIFIC REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 148
TABLE 54. LAMEA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 150
TABLE 55. LAMEA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 151
TABLE 56. LAMEA REDOX FLOW BATTERY MARKET, BY COUNTRY 2018–2026 ($MILLION) 152
TABLE 57. BRAZIL REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 154
TABLE 58. BRAZIL REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 155
TABLE 59. SAUDI ARABIA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 157
TABLE 60. SAUDI ARABIA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 158
TABLE 61. UAE REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 160
TABLE 62. UAE REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 161
TABLE 63. SOUTH AFRICA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 163
TABLE 64. SOUTH AFRICA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 164
TABLE 65. REST OF LAMEA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 166
TABLE 66. REST OF LAMEA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 167
TABLE 67. AVALON: COMPANY SNAPSHOT 174
TABLE 68. AVALON: PRODUCT PORTFOLIO 174
TABLE 69. RONGKE POWER: COMPANY SNAPSHOT 176
TABLE 70. RONGKE POWER 176
TABLE 71. HYDRAREDOX: COMPANY SNAPSHOT 178
TABLE 72. HYDRAREDOX: PRODUCT PORTFOLIO 178
TABLE 73. H2, INC.: COMPANY SNAPSHOT 180
TABLE 74. H2, INC.: PRODUCT PORTFOLIO 180
TABLE 75. LE SYSTEM: COMPANY SNAPSHOT 182
TABLE 76. LE SYSTEM: PRODUCT PORTFOLIO 182
TABLE 77. REDT: COMPANY SNAPSHOT 184
TABLE 78. REDT: OPERATING SEGMENTS 184
TABLE 79. REDT: PRODUCT PORTFOLIO 185
TABLE 80. OVERALL FINANCIAL STATUS ($MILLION) 186
TABLE 81. STOREN TECHNOLOGIES INC.: COMPANY SNAPSHOT 188
TABLE 82. STOREN TECHNOLOGIES INC.: PRODUCT PORTFOLIO 188
TABLE 83. STORION ENERGY: COMPANY SNAPSHOT 190
TABLE 84. STORION ENERGY: PRODUCT PORTFOLIO 190
TABLE 85. SUMITOMO ELECTRIC: COMPANY SNAPSHOT 192
TABLE 86. SUMITOMO ELECTRIC: OPERATING SEGMENTS 193
TABLE 87. SUMITOMO ELECTRIC: PRODUCT PORTFOLIO 194
TABLE 88. OVERALL FINANCIAL STATUS ($MILLION) 195
TABLE 89. SUMITOMO ELECTRIC: KEY STRATEGIC MOVES AND DEVELOPMENTS 197
TABLE 90. VIONX: COMPANY SNAPSHOT 199
TABLE 91. VIONX: PRODUCT PORTFOLIO 199

LIST OF FIGURES

FIGURE 01. GLOBAL REDOX FLOW BATTERY MARKET SEGMENTATION 42
FIGURE 02. TOP INVESTMENT POCKETS, BY APPLICATION 44
FIGURE 03. HIGH BARGAINING POWER OF SUPPLIERS 45
FIGURE 04. MODERATE BARGAINING POWER OF BUYERS 46
FIGURE 05. HIGH  THREAT OF NEW ENTRANTS 47
FIGURE 06. HIGH THREAT OF SUBSTITUTES 48
FIGURE 07. MODERATE INTENSITY OF COMPETITIVE RIVALRY 49
FIGURE 08. REDOX FLOW BATTERY MARKET DYNAMICS 50
FIGURE 09. RENEWABLE ENERGY GENERATION (2012-2018) (TERAWATT HOUR) 52
FIGURE 10. GLOBAL ELECTRIC VEHICLE PRODUCTION (2013-2017)(MILLION UNIT) 56
FIGURE 11. PARENT PEER MARKET OVERVIEW 57
FIGURE 12. PATENT ANALYSIS, BY COUNTRY 58
FIGURE 13. PATENT ANALYSIS, BY APPLICANT 59
FIGURE 14. COMPARATIVE SHARE ANALYSIS OF REDOX FLOWBATTERY MARKET FOR VANADIUM BATTERY, BY COUNTRY, 2018 & 2026 ($MILLION) 67
FIGURE 15. COMPARATIVE SHARE ANALYSIS OF REDOX FLOW BATTERY MARKET FOR HYBRID BATTERY, BY COUNTRY, 2018 & 2026 ($MILLION) 70
FIGURE 16. COMPARATIVE SHARE ANALYSIS OF REDOX FLOW BATTERY MARKET FOR UTILITY SERVICES, BY COUNTRY, 2018 & 2026 ($MILLION) 77
FIGURE 17. COMPARATIVE SHARE ANALYSIS OF REDOX FLOW BATTERY MARKET FOR RENEWABLE ENERGY INTEGRATION, BY COUNTRY, 2018 & 2026 ($MILLION) 80
FIGURE 18. COMPARATIVE SHARE ANALYSIS OF REDOX FLOW BATTERY MARKET FOR UPS, BY COUNTRY, 2018 & 2026 ($MILLION) 83
FIGURE 19. COMPARATIVE SHARE ANALYSIS OF REDOX FLOW BATTERY MARKET FOR OTHERS, BY COUNTRY, 2018 & 2026 ($MILLION) 86
FIGURE 20. U.S. REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 95
FIGURE 21. CANADA REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 98
FIGURE 22. MEXICO REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 101
FIGURE 23. INCREASE IN PERCETANGE OF RENEWABLE ENERGY IN EUROPE (2004-2017) 105
FIGURE 24. GERMANY REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 109
FIGURE 25. FRANCE REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 112
FIGURE 26. ITALY REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 115
FIGURE 27. SPAIN REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 118
FIGURE 28. UK REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 121
FIGURE 29. REST OF EUROPE REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 124
FIGURE 30. CHINA REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 131
FIGURE 31. JAPAN REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 134
FIGURE 32. INDIA REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 137
FIGURE 33. SOUTH KOREA REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 140
FIGURE 34. AUSTRALIA REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 143
FIGURE 35. REST OF ASIA-PACIFIC REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 146
FIGURE 36. BRAZIL REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 153
FIGURE 37. SAUDI ARABIA REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 156
FIGURE 38. UAE REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 159
FIGURE 39. SOUTH AFRICA REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 162
FIGURE 40. REST OF LAMEA REVENUE FOR REDOX FLOW BATTERIES ($MILLION) (2018-2026) 165
FIGURE 41. MARKET PLAYER POSITIONING, 2018 169
FIGURE 42. PRODUCT MAPPING OF TOP 10 PLAYERS 171
FIGURE 43. COMPETITIVE HEATMAP OF KEY PLAYERS 172
FIGURE 44. REDT: NET SALES, 2016–2018 ($MILLION) 185
FIGURE 45. REDT: REVENUE SHARE BY SEGMENT, 2018 (%) 186
FIGURE 46. SUMITOMO ELECTRIC: NET SALES, 2016–2018 ($MILLION) 194
FIGURE 47. SUMITOMO ELECTRIC: REVENUE SHARE BY SEGMENT, 2018 (%) 195
FIGURE 48. SUMITOMO ELECTRIC: REVENUE SHARE BY REGION, 2018 (%) 196

 
 

  According to the CXOs of the leading companies, the global redox flow battery market is anticipated to witness comprehensive growth opportunities during the forecast period. This is attributed to developments being carried out on a large scale for this battery type, which is expected to gain major traction in the energy storage sector. The global redox flow battery market is currently in its nascent phase; however, it is expected to offer remunerative opportunities in the near future. This is attributed to the characteristics of redox flow battery that recommend its use in singular applications such as energy storage. Some of the other factors that support this fact are low cost, minimal maintenance of this battery type, and its 100% recyclable nature. Vanadium redox flow battery is the only fully developed version of the redox flow battery, which is designed for prolonged storage of energy, which can be used at a later stage. One of its key characteristics that makes it a leading technology in energy storage is its negligible thermal runaway (is something that catches fire in battery) risk as compared to other technologies. This eliminates the risk of catching fire in the battery in case of cross-contamination. This factor significantly impacts the adoption of redox flow batteries, thereby reducing the safety-related issues in the energy storage sector.

Redox flow batteries are considered as a reliable solution in long run energy storage at a relatively lower price. Thus, governments in countries such as China, Canada, the U.S., and Australia are making an initial smaller investment in vanadium batteries by showcasing father investment potential. Therefore, redox flow battery is expected to transform the energy storage sector, and is emerging as a key competitor to lithium-ion batteries.

 

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FREQUENTLY ASKED QUESTIONS?
 

A. Some of the factors driving the growth of the global redox flow battery market are scalable properties associated with these batteries, surge in demand for power backup across the globe, and low maintenance associated with these batteries.

A. The global Redox flow Battery market anticipated to grow at CAGR of 15.2% during the forecast period.

A. Business expansions, and acquisition are the major growth strategies adopted by the players in this market.

A. Growing focus on the development of hybrid redox flow battery is the recent trend observed in this market.

A. Asia Pacific and Europe regions expected to provide lucrative growth opportunities to the global Redox flow Battery market.

A. Sumitomo Electric Industries, Ltd., Dalian Rongke Power, UniEnergy Technologies., CELLCUBE, Avalon Battery Corporation, HydraRedox, Big pawer Electrical Technology Xiangyang Inc. Co., Ltd, Pinfloww energy storage, s.r.o., VRB ENERGY are some of the prominent market players in this market.

A. Vanadium redox flow battery is the largest segment in the global Redox flow Battery market.

A. Major customer of the Redox flow Battery are UPS system manufacturers, utility sector, and renewable energy providers.

 

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