Global Redox Flow Battery Market Growth 2023-2029

Global Redox Flow Battery Market Growth 2023-2029

A flow battery, or redox flow battery (after reduction–oxidation), is a type of rechargeable battery where recharge ability is provided by two chemical components dissolved in liquids contained within the system and separated by a membrane. Ion exchange (providing flow of electric current) occurs through the membrane while both liquids circulate in their own respective space. Cell voltage is chemically determined by the Nernst equation and ranges, in practical applications, from 1.0 to 2.2 volts. The performance of these devices is governed by the considerations of electrochemical engineering.

LPI (LP Information)' newest research report, the “Redox Flow Battery Industry Forecast” looks at past sales and reviews total world Redox Flow Battery sales in 2022, providing a comprehensive analysis by region and market sector of projected Redox Flow Battery sales for 2023 through 2029. With Redox Flow Battery sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Redox Flow Battery industry.

This Insight Report provides a comprehensive analysis of the global Redox Flow Battery landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Redox Flow Battery portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Redox Flow Battery market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Redox Flow Battery and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Redox Flow Battery.

The global Redox Flow Battery market size is projected to grow from US$ 271.1 million in 2022 to US$ 573.8 million in 2029; it is expected to grow at a CAGR of 573.8 from 2023 to 2029.

The industry's leading producers are Sumitomo Electric, Dalian Rongke Power and UniEnergy Technologies, which accounted for 21.51%, 21.19% and 11.28% of revenues respectively in 2019.

This report presents a comprehensive overview, market shares, and growth opportunities of Redox Flow Battery market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type

Vanadium Redox Flow Battery

Hybrid Flow Battery

Segmentation by application

Utility Facilities

Renewable Energy Integration

Others

This report also splits the market by region:

Americas

United States

Canada

Mexico

Brazil

APAC

China

Japan

Korea

Southeast Asia

India

Australia

Europe

Germany

France

UK

Italy

Russia

Middle East & Africa

Egypt

South Africa

Israel

Turkey

GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.

Sumitomo Electric

Dalian Rongke Power

UniEnergy Technologies

Gildemeister

Primus Power

redTENERGY Storage

EnSync

Key Questions Addressed in this Report

What is the 10-year outlook for the global Redox Flow Battery market?

What factors are driving Redox Flow Battery market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Redox Flow Battery market opportunities vary by end market size?

How does Redox Flow Battery break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.