The world is in an urgent
need for intensive actions against the growing climatic changes. The rising
discharge of carbon dioxide is significantly affecting the ecosphere and is
showing adverse effects on the earth’s atmosphere. Hence, the world is now in need
of an ecofriendly option to produce energy—and one among them is energy
generated from renewable sources such as solar and wind energy. The electricity
segment is considered as the brightest spot for renewables with the rapid
growth of solar photovoltaics and wind in the near future. The renewable energy
sector is anticipated to go in a new phase of growth due to the rising demand
from various sectors, its cost effectiveness, and growth in the innovations
& advancements in electricity sector.
1 Key Players in the
Market
- Sumitomo electric
industries ltd.,
- Renewable Energy
Integration
2 Redox
Flow Battery Market Segmentation by Material
However, since past few
years, the demand for storage has amplified extensively with the growth in the
use of renewable sources. To cope up with this demand, battery
technologies are getting better day by day. And one such advancement in the
storage battery technology, is the invention of redox flow batteries for energy
storage needs. A redox flow battery is basically an electrochemical energy storage
unit that converts chemical energy into electrical energy by means of reduction
of working fluids and reversible oxidation.
3 Growing demand for
redox flow batteries
The growing use of
renewable resources and the long life of the batteries are considered to be the
key driving factors for the redox flow battery industry. Moreover, the growing
installations of wind and solar power plants are anticipated to fuel the market
growth. These batteries are well-equipped in shifting the time required to
generate the power for the further usage. Thus, they are an ideal choice for
creating a balance in the renewable sources such as wind and solar energy
during the process of shifting power. To put it simply, these batteries
function as a source of backup for power supply.
4 Redox
Flow Battery Market Segmentation by End use
Nowadays, government
bodies from several regions are taking initiative and promoting the usage of
rechargeable redox flow batteries over the normal batteries. This is because
normal batteries discharge some harmful substances such as cadmium, lead, and
mercury into the environment which are seen as threat to the ecosystem. These
batteries have a lifecycle of 40 years and the durability can be easily
extended by growing the number of tanks and electrolyte. Hence, the durability
of these batteries is considered to be the major driving factor the growth of
the market.
5 Recent developments in
the redox flow battery industry
A research report by
Research Dive, states that the global market for redox flow batteries is expected
to show tremendous growth with a CAGR of 13.5% from 2019 to 2026. Considering
the growing demand for redox flow batteries, several manufacturers in the
market are undertaking activities such as merges, collaborations, partnerships,
new products developments, and geographical expansions.
Recently, 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.
JenaBatteries, has
established the technique of redox flow battery (RFB) with organic materials.
It is the foremost commercially accessible technology of this type. Apart from
this, some of other market players prominent in the redox flow battery industry
are Sumitomo electric industries ltd., Uni energy Technologies, SCHMID Group,
VRB Energy, Vizn Energy system, RedT energy PLC., Primus power, Vionx Energy,
ESS Inc., Reflow, and others.
6 Future of redox flow
battery industry
Redox flow batteries are
projected to have outstanding growth opportunities because of the growing
technological developments in the next few years. Looking at the redox
chemistry and technical essentials of flow batteries it can be predicted that
the market for redox flow batteries is sure to witness industrial success and
growth in the demand in the near future.
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 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.
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