Redox Flow Battery Market Projected to Reach $ 309.9 Million by 2026, Growing at CAGR of 13.5%

Increased use of renewable resources and durability of the battery are the major redox flow battery market drivers

PUNE, India, Feb. 26, 2020 /PRNewswire/ -- Global Redox Flow Battery Market Insights 2026:

The redox flow battery market size was $127.8 million in 2018 and is predicted to grow at a CAGR of 13.5% in the forecast period. North American market was valued for $26.8 million in 2018 and is predicted to grow by $81.2 million by 2026. Asia-Pacific market was $52.6 million in 2018 and is predicted to grow by generating a revenue of $166.9 million by 2026.

Redox flow battery works with oxidation and reduction mechanism and is rechargeable in nature. Redox flow battery converts chemical energy to electrical energy and works as an electrochemical device. These batteries are operated at room temperature and have a lesser chance of explosion. These batteries work for longer time due to less degradation of electrolytes and electrodes. 

Sample report reveals, summary of global market dynamics including driving factors, Restraints and Investment Opportunities in redox flow battery market. https://www.researchdive.com/download-sample/74 

Increasing use of renewable resources and durability of the battery's life is the major driving factor for the growth of redox flow battery market. These batteries have a life span of 40 years which encourages the industrials to adopt these batteries for power backups. With the use of renewable energy, the battery can store energy to generate power and use whenever necessary. In addition, increasing urbanization and increasing installation of telecom towers are expected to be the driving factor for the market.

The construction of the redox flow battery requires sensors, pumps, power management and flow to the secondary containment to operate, which makes it more complex. Its complex construction is a major restraint for the redox flow battery market.

On the basis of material, the market is divided into Vanadium and Hybrid. Vanadium is the most used material in redox flow batteries. Vanadium makes the battery durable with lesser cost. It has the ability to operate in full cycle and it can operate even in 0% energy using only the earlier stored energy for a certain time. Due to the above mentioned reasons, vanadium material battery market is expected to grow at a CAGR of 13.7% by generating a revenue of $325.6 million by 2026.

On the basis of application, the market is divided into Utility Services, Renewable Energy Integration, UPS and Others. The utilities services segment has a huge number of operation flow battery project till date across the world. Moreover, there are large number of projects which are under process and the demand of these batteries in these projects is huge. The utilities service market is expected to grow at a CAGR of 13.5% by generating a revenue of $205.9 million by 2026.

On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific has the largest growth rate in 2018. Asia-Pacific market was $52.6 million in 2018 and is predicted to grow by generating a revenue of $166.9 million by 2026. The presence of large number of developing companies and the government initiative for the use of renewable energy are predicted to drive the market.

Inquire before purchase, how North American, European and LAMEA market performing https://www.researchdive.com/purchase-enquiry/74 

The major key players in the market are Sumitomo electric industries ltd., SCHMID Group, Uni energy Technologies, Vionx Energy, VRB Energy, Vizn Energy system, Primus power, RedT energy PLC., ESS Inc. and Reflow, among other.

Recent developments in the redox flow battery industry

According to Analyst Evaluation, JenaBatteries GmbH, an innovative company in the field of large-scale energy storage solutions and BASF, a German chemical company and the second largest chemical producer in the world are collaborating for producing an electrolyte for batteries that are mainly used for stabilizing conventional transmission grids and for stationary storage of energy generated from renewable resources.

Similar Reports:

1. Forklift Battery Market: Global Opportunity Analysis and Industry Forecast, 2019–2026
2. Utility Pole Market: Global Opportunity Analysis and Industry Forecast, 2019–2026

About Us:

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

Contact:
Mr. Abhishek Paliwal
Research Dive
30 Wall St. 8th Floor, New York
NY 10005 (P)
+ 91-(788)-802-9103 (India)
+1-(917)-444-1262 (US)
Toll Free: 1-888-961-4454
E-mail: support@researchdive.com  
Website: https://www.researchdive.com  
LinkedIn: https://www.linkedin.com/company/research-dive/  
Twitter: https://twitter.com/ResearchDive  
Facebook: https://www.facebook.com/Research-Dive-1385542314927521  

Logo: https://mma.prnewswire.com/media/997523/Research_Dive_Logo.jpg