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市場調査レポート
商品コード
1541597
レドックスフロー電池市場レポート：タイプ、製品、用途、地域別、2024年～2032年Redox Flow Battery Market Report by Type (Vanadium Redox Flow Battery, Hybrid Redox Flow Battery), Product (Compact, Large Scale), Application (Utility Services, Renewable Energy Integration, UPS, and Others), and Region 2024-2032 |
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| レドックスフロー電池市場レポート：タイプ、製品、用途、地域別、2024年～2032年 |
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出版日: 2024年08月10日
発行: IMARC
ページ情報: 英文 145 Pages
納期: 2～3営業日
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- 全表示
- 概要
- 図表
- 目次
レドックスフロー電池の世界市場規模は2023年に2億4,500万米ドルに達しました。今後、IMARC Groupは、市場は2032年までに9億7,290万米ドルに達し、2024年から2032年の間に16.1％の成長率（CAGR）を示すと予測しています。市場が堅調な成長を遂げている背景には、再生可能エネルギーの統合が進み、信頼性の高い大規模なエネルギー貯蔵ソリューションの必要性が高まっていること、送電網の近代化に向けた投資が増加していること、効率改善とコスト削減を目的とした電池技術の継続的な技術進歩があることなどが挙げられます。
レドックスフロー電池産業の分析：
主な市場促進要因：エネルギー部門の繁栄とエネルギー貯蔵配備の拡大への投資の増加が市場成長を支えています。
主な市場動向：再生可能エネルギーへのシフトの増加と、政府の積極的な取り組みが市場成長を後押ししています。
地理的動向：アジア太平洋地域は、再生可能エネルギーの研究開発（R&D）活動や容量拡大プロジェクトへの投資が高いことから、市場シェアをリードしています。
競合情勢：レドックスフロー電池業界の主要市場プレーヤーには、CellCube Energy Storage Systems Inc、H2 Inc、HydraRedox、Invinity Energy Systems、Largo Resources Ltd.、LE SYSTEM CO.Ltd.、Lockheed Martin Corporation、StorEn Technologies Inc、Storion Energy、住友電気工業株式会社などがあります。
課題と機会：レドックスフロー電池プラントの初期コストが高いことが、依然として市場の第一の課題です。しかし、エネルギー密度と電池寿命の技術革新は、これらの課題を克服する機会を主要プレーヤーに提供しています。
レドックスフロー電池市場最新動向：
再生可能エネルギー統合の進展
米国国立再生可能エネルギー研究所（NREL）は、世界の発電量に占める太陽光発電（PV）の割合が、2021年の約3.6％から2022年には4.5％に増加すると主張しています。再生可能エネルギー、特に風力発電と太陽光発電の統合に注力することが、レドックスフロー電池市場の需要を喚起しています。さらに、エネルギーミックスにおける再生可能エネルギーの割合が高まるにつれて、効率的な大規模エネルギー貯蔵システムのニーズが高まっています。
果てしない技術の進歩
電極材料や電解質溶液などの電池部品の設計における技術革新は、レドックスフロー電池のエネルギー密度、効率、寿命の大幅な改善をもたらし、実用規模のエネルギー貯蔵や商業用途にとって魅力的なものとなっています。こうした技術的進歩は投資と大規模な研究活動を引き付け、競合環境を作り出し、より高度で信頼性の高いソリューションの開発を加速させる。また、電気自動車（EV）など、これらの電池の応用範囲の拡大にも貢献しています。2021年11月29日、VFlow Technologiesは、韓国の既存のガソリンスタンドに設置されるPowerCube蓄電システム技術を発表しました。バナジウム・レドックス・フロー電池（VRFB）エネルギー貯蔵システムがEV充電ソリューションをサポートする2つの試験プロジェクトが明らかになった。
高まる規制支援と投資
世界各国の政府当局は、環境汚染を抑制するための厳しい規制の実施に力を入れています。また、再生可能エネルギーとエネルギー貯蔵ソリューションを推進しており、レドックスフロー電池の展開を支援しています。さらに、有利な規制環境は官民双方からの投資を促し、研究開発活動とこれらのシステムの商業化を促進しています。サウジアラビア・リヤドのTdafoq Energyは2022年11月2日、インド・グルガオンのDelectrik Systemsと販売・製造ライセンスを締結しました。Tdafoq Energyは、バーレーン、クウェート、オマーン、カタール、サウジアラビア、アラブ首長国連邦（UAE）などの湾岸諸国において、インドのDelectrikが製造するバナジウム・レドックス・フロー電池製品を販売します。
本レポートで扱う主な質問
- 世界のレドックスフロー電池市場の規模は？
- 2024-2032年におけるレドックスフロー電池市場の成長率は？
- 世界のレドックスフロー電池市場を牽引する主な要因は何か
- 世界のレドックスフロー電池市場に対するCOVID-19の影響は？
- レドックスフロー電池市場の世界におけるタイプ別内訳は？
- 世界のレドックスフロー電池市場の用途別内訳は？
- 世界のレドックスフロー電池市場における主要地域は？
- レドックスフロー電池市場の世界における主要プレイヤー/企業は？
目次
第1章 序文
第2章 調査範囲と調査手法
- 調査の目的
- ステークホルダー
- データソース
- 一次情報
- 二次情報
- 市場推定
- ボトムアップアプローチ
- トップダウンアプローチ
- 調査手法
第3章 エグゼクティブサマリー
第4章 イントロダクション
- 概要
- 主要業界動向
第5章 世界のレドックスフロー電池市場
- 市場概要
- 市場実績
- COVID-19の影響
- 市場予測
第6章 市場内訳：タイプ別
- バナジウムレドックスフロー電池
- 市場動向
- 市場予測
- ハイブリッドレドックスフロー電池
- 市場動向
- 市場予測
第7章 市場内訳：製品別
- コンパクト
- 市場動向
- 市場予測
- 大型
- 市場動向
- 市場予測
第8章 市場内訳：用途別
- ユーティリティサービス
- 市場動向
- 市場予測
- 再生可能エネルギーの統合
- 市場動向
- 市場予測
- UPS
- 市場動向
- 市場予測
- その他
- 市場動向
- 市場予測
第9章 市場内訳：地域別
- 北米
- 米国
- カナダ
- アジア太平洋地域
- 中国
- 日本
- インド
- 韓国
- オーストラリア
- インドネシア
- その他
- 欧州
- ドイツ
- フランス
- 英国
- イタリア
- スペイン
- ロシア
- その他
- ラテンアメリカ
- ブラジル
- メキシコ
- その他
- 中東・アフリカ
- 市場動向
- 市場内訳：国別
- 市場予測
第10章 SWOT分析
- 概要
- 強み
- 弱み
- 機会
- 脅威
第11章 バリューチェーン分析
第12章 ポーターのファイブフォース分析
- 概要
- 買い手の交渉力
- 供給企業の交渉力
- 競合の程度
- 新規参入業者の脅威
- 代替品の脅威
第13章 価格分析
第14章 競合情勢
- 市場構造
- 主要企業
- 主要企業のプロファイル
- CellCube Energy Storage Systems Inc
- H2 Inc
- HydraRedox
- Invinity Energy Systems
- Largo Resources Ltd.
- LE SYSTEM CO. Ltd.
- Lockheed Martin Corporation
- StorEn Technologies Inc
- Storion Energy
- Sumitomo Electric Industries Ltd
List of Figures
- Figure 1: Global: Redox Flow Battery Market: Major Drivers and Challenges
- Figure 2: Global: Redox Flow Battery Market: Sales Value (in Million US$), 2018-2023
- Figure 3: Global: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 4: Global: Redox Flow Battery Market: Breakup by Type (in %), 2023
- Figure 5: Global: Redox Flow Battery Market: Breakup by Product (in %), 2023
- Figure 6: Global: Redox Flow Battery Market: Breakup by Application (in %), 2023
- Figure 7: Global: Redox Flow Battery Market: Breakup by Region (in %), 2023
- Figure 8: Global: Redox Flow Battery (Vanadium Redox Flow Battery) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Redox Flow Battery (Vanadium Redox Flow Battery) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Redox Flow Battery (Hybrid Redox Flow Battery) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Redox Flow Battery (Hybrid Redox Flow Battery) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Redox Flow Battery (Compact) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Redox Flow Battery (Compact) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Redox Flow Battery (Large Scale) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Redox Flow Battery (Large Scale) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Redox Flow Battery (Utility Services) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Redox Flow Battery (Utility Services) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Redox Flow Battery (Renewable Energy Integration) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Redox Flow Battery (Renewable Energy Integration) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Redox Flow Battery (UPS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Redox Flow Battery (UPS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Redox Flow Battery (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Redox Flow Battery (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: North America: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: North America: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: United States: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: United States: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: Canada: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: Canada: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: Asia-Pacific: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: Asia-Pacific: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: China: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: China: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: Japan: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: Japan: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: India: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: India: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: South Korea: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: South Korea: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: Australia: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: Australia: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: Indonesia: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: Indonesia: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: Others: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: Others: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: Europe: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: Europe: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Germany: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Germany: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: France: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: France: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: United Kingdom: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: United Kingdom: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: Italy: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: Italy: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: Spain: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: Spain: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: Russia: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: Russia: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Others: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Others: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Latin America: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Latin America: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Brazil: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Brazil: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Mexico: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Mexico: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Others: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Others: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Middle East and Africa: Redox Flow Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Middle East and Africa: Redox Flow Battery Market: Breakup by Country (in %), 2023
- Figure 72: Middle East and Africa: Redox Flow Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 73: Global: Redox Flow Battery Industry: SWOT Analysis
- Figure 74: Global: Redox Flow Battery Industry: Value Chain Analysis
- Figure 75: Global: Redox Flow Battery Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Redox Flow Battery Market: Key Industry Highlights, 2023 and 2032
- Table 2: Global: Redox Flow Battery Market Forecast: Breakup by Type (in Million US$), 2024-2032
- Table 3: Global: Redox Flow Battery Market Forecast: Breakup by Product (in Million US$), 2024-2032
- Table 4: Global: Redox Flow Battery Market Forecast: Breakup by Application (in Million US$), 2024-2032
- Table 5: Global: Redox Flow Battery Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Redox Flow Battery Market: Competitive Structure
- Table 7: Global: Redox Flow Battery Market: Key Players
The global redox flow battery market size reached US$ 245.0 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 972.9 Million by 2032, exhibiting a growth rate (CAGR) of 16.1% during 2024-2032. The market is experiencing robust growth because of rising renewable energy integration and the necessity for reliable, large-scale energy storage solutions, increasing investments in grid modernization, and continuous technological advancements in battery technology to improve efficiency and lower costs.
Redox Flow Battery Industry Analysis:
Major Market Drivers: The thriving energy sector and increasing investments in scaling of energy storage deployments are supporting the market growth.
Key Market Trends: An increased shift to renewable energy sources, along with favorable government initiatives, is propelling the market growth.
Geographical Trends: Asia Pacific leads the market share on account of high investments in research and development (R&D) activities for renewable energy and capacity expansion projects.
Competitive Landscape: Some of the major market players in the redox flow battery industry include CellCube Energy Storage Systems Inc, H2 Inc, HydraRedox, Invinity Energy Systems, Largo Resources Ltd., LE SYSTEM CO. Ltd., Lockheed Martin Corporation, StorEn Technologies Inc, Storion Energy, Sumitomo Electric Industries Ltd., among many others.
Challenges and Opportunities: The high initial cost of setting up a redox flow battery plant remains the number one challenge of the market. Nonetheless, technological innovations in energy density and battery life are offering opportunities to key players for overcoming these challenges.
Redox Flow Battery Market Latest Trends:
Increasing Renewable Energy Integration
The National Renewable Energy Laboratory (NREL) claims that the share of solar photovoltaic (PV) in global electricity generation increased from around 3.6% in 2021 to 4.5% in 2022. The focus on integrating renewable energy sources, particularly wind and solar power, is catalyzing the redox flow battery market demand. Moreover, there is an increase in the need for efficient large-scale energy storage systems as the share of renewables in the energy mix grows.
Endless Technological Advancements
Innovations in the design of the battery components, such as the electrode materials and electrolyte solutions, assist in bringing major improvements in the energy density, efficiency, and lifespan of redox flow batteries, making them attractive for utility-scale energy storage and commercial applications. These technological advancements attract investment and large research activities, create a competitive environment, and accelerate the development of more advanced and reliable solutions. They also assist in expanding the application scope of these batteries, such as in electric vehicles (EVs). On 29 November 2021, VFlow Technologies announced that its PowerCube battery storage system technology that will be installed at existing gas stations in South Korea. Two trial projects are revealed, in which vanadium redox flow battery (VRFB) energy storage systems will support EV charging solutions.
Growing regulatory support and investment
Governing authorities of numerous countries are focusing on implementing stringent regulations to curb environmental pollution around the world. They are also promoting renewable energy and energy storage solutions, which are supporting the deployment of redox flow batteries. Moreover, favorable regulatory environments benefit in encouraging investments from both public and private players, thus driving R&D activities and commercialization of these systems. Tdafoq Energy of Riyadh, Saudi Arabia, entered into a distribution and manufacturing license with Delectrik Systems of Gurgaon, India, on 2 November 2022. Tdafoq Energy will sell vanadium redox flow battery products manufactured by Delectrik in India in the Gulf countries, such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
Redox Flow Battery Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with redox flow battery market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, product, and application.
Breakup by Type:
Vanadium Redox Flow Battery
Hybrid Redox Flow Battery
Vanadium redox flow battery holds the biggest market share
The report has provided a detailed breakup and analysis of the market based on the type. This includes vanadium redox flow battery and hybrid redox flow battery. According to the report, vanadium redox flow battery represented the largest segment.
Vanadium redox flow battery has a long lifecycle, scalability, and ability to offer stable power output and energy capacity customization. It is suitable for utility-scale energy storage and backup power systems. It plays a crucial role in effectively storing large volumes of energy. Apart from this, companies in the battery market are increasingly investing in vanadium redox flow batteries to broaden their market presence. A development made by researchers of the Dalian Institute of Chemical Physics (DICP) in China on 24 January 2024, developed a 70 kW-level vanadium flow battery stack. The newly designed stack is available at 40% below the current 30 kW-level stacks in terms of costs on account of its volume power density of 130 kW/m3.
Breakup by Product:
Compact
Large Scale
A detailed breakup and analysis of the market based on the product have also been provided in the report. This includes compact and large scale.
The compact redox flow batteries are suitable for smaller-scale applications where space efficiency and portability are paramount. They are usually suitable for residential, small commercial, and telecommunications applications. They offer reliable and on-demand power and backup solutions. The rising demand for compact redox flow batteries for off-grid power solutions, emergency backup power, and peak-shaving applications is propelling the redox flow battery market growth.
Large redox flow batteries enable effective load balancing, peak shaving, and integration of intermittent renewable energy sources, such as wind and solar, thereby enhancing grid reliability and efficiency. They are a preferred choice in various applications, such as utility-scale renewable integrations, grid support, and commercial energy storage. In addition, there is a rise in the need for large-scale redox flow batteries due to the global shift towards sustainable energy solutions, the need for grid modernization, and the increasing reliance on renewable energy sources.
Breakup by Application:
Utility Services
Renewable Energy Integration
UPS
Others
Utility services represent the leading market segment
The report has provided a detailed breakup and analysis of the market based on the application. This includes utility services, renewable energy integration, and UPS. According to the report, utility services represented the largest segment.
Redox flow batteries are integral to utility service companies as they offer solutions for load leveling, peak shaving, and frequency regulation, which are essential for maintaining grid reliability and efficiency. They provide long-duration energy storage and allow for the effective integration of renewable energy sources. They ensure a continuous power supply even with variable renewable outputs. Furthermore, major players are increasingly investing in this battery type to align with sustainability goals. On 1 June 2023, Invinity Energy Systems unveiled a 2.07 MWh sale to Orcas Power and Light Cooperative (OPALCO), which is a non-profit cooperative utility for San Juan County, Washington, U.S., for use in a solar plus storage project. The project has 9 Invinity VS3 vanadium flow batteries (VFB) installed by OPALCO, with a 2.75 MWp Solar array on San Juan Island.
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Asia Pacific leads the market, accounting for the largest redox flow battery market share
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for redox flow battery.
The Asia Pacific region dominates the market, largely due to its rapid industrialization, increasing adoption of renewable energy sources, and various investments in energy infrastructure. Besides this, there is a rise in the focus on reducing carbon emissions and enhancing energy security, which makes Asia Pacific a hub for innovation and development in the sector. Furthermore, countries, such as China, Japan, and South Korea are leading the market, driven by favorable government initiatives supporting renewable energy integration and energy storage solutions. The region has a large-scale deployment of redox flow batteries that is facilitated by its ambitious renewable energy targets and the presence of key manufacturers. VRB Energy signed an agreement on 15 March 2021 for China's largest solar battery, i.e., a 100 megawatt (MW) solar photovoltaic (PV) and 100MW/500MWh VFB integrated power station project in Xiangyang, Hubei Province. It also involves the construction of the first 50MW per annum of a new 1,000MW per annum VRB-ESS(R) "Gigafactory" manufacturing facility and a VFB intelligent energy R&D institute.
Competitive Landscape:
The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the global redox flow battery industry include CellCube Energy Storage Systems Inc, H2 Inc, HydraRedox, Invinity Energy Systems, Largo Resources Ltd., LE SYSTEM CO. Ltd., Lockheed Martin Corporation, StorEn Technologies Inc, Storion Energy, and Sumitomo Electric Industries Ltd.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
The market stakeholders are participating in strategic activities to generate increased redox flow battery market revenue. These entities are spending large investments on R&D activities for enhanced efficiency, durability, and affordability of these batteries. They are also engaging in partnerships, collaborations, and mergers and acquisitions (M&A) on a global scale to leverage emerging market opportunities and increase their share in the marketplace. Additionally, numerous players are scaling up production capabilities and improving supply chain logistics, entering government and industry alliances for advocacy of supporting policies to secure large-scale projects. On 13 February 2023, Sumitomo Electric Industries, Ltd. announced the expansion of its redox flow battery business in the United States.
Redox Flow Battery Market News:
28 November 2022: CellCube Energy Storage Systems Inc and North Harbour Clean Energy PTY Ltd (NHCE) signed a collaboration agreement to construct a production and assembly line in Eastern Australia to fulfill the National Electricity Market's (NEM) GWh need for long-duration energy storage.
3 October 2023: Invinity Energy Systems declared the sale of 1.1 MWh to the National Applied Research Laboratories in Taiwan. The project will see five Invinity VS3 vanadium flow batteries (VFBs), along with a combined capacity of 1.1 MWh installed inside a building at the NARLabs laboratory in Taipei.
Key Questions Answered in This Report
- 1. How big is the global redox flow battery market?
- 2. What is the expected growth rate of the global redox flow battery market during 2024-2032?
- 3. What are the key factors driving the global redox flow battery market?
- 4. What has been the impact of COVID-19 on the global redox flow battery market?
- 5. What is the breakup of the global redox flow battery market based on the type?
- 6. What is the breakup of the global redox flow battery market based on the application?
- 7. What are the key regions in the global redox flow battery market?
- 8. Who are the key players/companies in the global redox flow battery market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Redox Flow Battery Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Vanadium Redox Flow Battery
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Hybrid Redox Flow Battery
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Product
- 7.1 Compact
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Large Scale
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Application
- 8.1 Utility Services
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Renewable Energy Integration
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 UPS
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 CellCube Energy Storage Systems Inc
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.2 H2 Inc
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 HydraRedox
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 Invinity Energy Systems
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 Largo Resources Ltd.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.6 LE SYSTEM CO. Ltd.
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.7 Lockheed Martin Corporation
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 StorEn Technologies Inc
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.9 Storion Energy
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Sumitomo Electric Industries Ltd
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.1 CellCube Energy Storage Systems Inc
