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Redox Flow Battery Market Trends

  • Report ID: 3015
  • Published Date: Sep 25, 2024
  • Report Format: PDF, PPT

Redox Flow Battery Market Trends

Growth Drivers

  • Growing Investment in Renewable Energy
  • Preference for Longevity by Industries for their Power Backup Supply

Restraints

  • Technical Complications in Handling Redox Flow Battery
  • High Costs than General Batteries

Redox Flow Battery Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

16.2%

Base Year Market Size (2023)

USD 243.06 million

Forecast Year Market Size (2036)

USD 1.71 billion

Regional Scope
  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Author Credits:  Dhruv Bhatia


  • Report ID: 3015
  • Published Date: Sep 25, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Features of redox flow battery, such as, instant recharge potential and longer life are the major factors driving the market growth.

The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.

High cost of redox flow batteries is one of the factors estimated to hamper the market growth.

The market in Asia Pacific is estimated to garner the largest market share owing to the large number of end-user industries already functioning in the region, which creates further growth opportunities.

The major players in the market are Sumitomo Electric Industries, Ltd., ESS, Inc, Primus Power, Redflow Limited, SCHMID Group, Larco Resources, VRB Energy, StorEn Technologies, and others.
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