Redox Flow Battery Market Size

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.