Redox Flow Battery Market size was valued at USD 243.06 million in 2023 and is anticipated to reach USD 1.71 billion by the end of 2036, expanding at around 16.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of redox flow battery is assessed at USD 274.56 million.
The market owing to the several advantages of redox batteries over generic batteries. These batteries are designed to store electrical energy at a low cost and are highly reliable for long periods of time. Moreover, factors, such as, clear electrolyte replaceability, instant recharge potential and a long life have made redox flow batteries a significantly safer alternative in place of lead-acid, lithium-ion, or solid-state batteries, which is anticipated to drive the market growth. Rising demand for energy storage solutions are also anticipated to boost the market during the forecast period.
Growth Drivers
Restraints
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
16.2% |
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Base Year Market Size (2023) |
USD 243.06 million |
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Forecast Year Market Size (2036) |
USD 1.71 billion |
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Regional Scope |
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The global redox flow battery market is segmented by material into vanadium, zinc bromide, hydrogen bromide, polysulfide bromide, and others, out of which, the vanadium segment is anticipated to hold the largest share in the market on account of its suitability in storing energy. The multiple valence states of vanadium are used by the vanadium flow battery to store and release charges in a water-based electrolyte containing vanadium salts, which is projected to boost the segment growth.
Our in-depth analysis of the global market includes the following segments
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By Material |
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By Storage |
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By Application |
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APAC Market Statistics
Regionally, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Asia Pacific industry is set to account for largest revenue share by 2036, owing to escalating growth of electronics manufacturing sector in countries, such as, China, India, Japan, South Korea, and Australia. Additionally, awareness regarding increasing use of renewable resources and the adoption of redox flow battery in place of generic batteries by the masses is anticipated to drive the growth of the market in this region.
North America Market Analysis
The market in the North America is also anticipated to hold a notable share by the end of 2029, owing the increasing investments in renewable and clean energy by major end-user industries present in the region.
Author Credits: Dhruv Bhatia
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