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Los Angeles, CA -- (SBWIRE) -- 02/20/2020 -- Rapid increase in demand for large-scale electrical energy storage systems from renewable energy sources such as solar, wind, and others have amplifies the demand for redox flow battery. These flow batteries are electrochemical energy storage device that used reversible oxidation and reduction of working fluids to converts chemical energy into electrical energy. It is a cross between a conventional battery and a fuel cells that generates electricity through ion exchange between the cathode and anode.
QY Research recently published a report titled, according to the research report he global redox flow battery market was US$229.2 mn in 2019 and is expected to reach US$464.72 mn by the end of 2026, rising at a CAGR of 10.92% between 2020 and 2026.
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Redox Flow Battery Market to Grow as it Derives Energy Supply from Renewable Sources
Redox flow batteries increasingly gaining popularity globally due to its flexible system design that enable it to obtain clean and sustainable energy supply from renewable sources. These batteries are can be used to power future utility facilities as they are reliable, recyclable and reusable, efficient, and cost?effective energy storage systems. Furthermore, they offer long service life as minimal electrode degradation enable low physical and chemical changes in the batteries, reducing the number of replacement cycles. Additionally, they do not have any standby loss since there is no self-discharge. These also save maintenance cost as they same electrolyte is used for all cells. Moreover they are not affected by repeated total discharge, fluctuating power demand, and maximum discharge rates that reduces lifecycle of other batteries. Hence, it is increasingly being adopted as a stand-alone power system to compensate for their fluctuating power levels and alongside a generators to save fuel.
These batteries are expected to hold a significant market share in augmenting EV market as they can be rapidly recharged and utilized where EV requires energy as fast as a combustion engine vehicle. Also, they are increasingly being adopted in wind and solar power generation plants, utilities sector, telecommunications tower installations, and government initiatives for renewable energy. These factors are expected to boost the redox flow battery market to observe unprecedented growth in forecast years.
Renewable Energy Integration Segment to Report Expanding Market Share in Forecaster Years
Redox flow battery market is segment by product type and application. The predict type segment includes vanadium redox flow battery and hybrid flow battery. The application segment includes utility facilities, renewable energy integration, and others. Demand for renewable energy integration is expected to increase which will require grid-connected energy storage systems the inherent request for services of power quality and energy management. Redox flow batteries are expected to become an ideal fit as they are flexibility, scalability, efficiency, reliable, independent sizing, consistency in operation at room temperature, and have long lifespan.
North America Will Observe Exponential Growth in Redox Flow Battery Market
North America is expected to observe exponential growth in the redox flow battery market due to various governmental initiative towards development of sustainable power resources and heavy investments for its R&D. Additionally, the region also have large number of key player. Europe is another region growth as a huge player in the redox flow battery market due to its increasingly stringent regulation and policies.
Manufacturers to Focus on Increasing their Market Presence through Footprints in Wholesale Power Market
In 2018, Sumitomo Electric Industries, Ltd. In partnership with New Energy and Industrial Technology Development Organization (NEDO) have connected a 2MW/8MWh stationary storage redox flow (RF) battery to the wholesale power market in California, USA. The RF battery has no restrictions on depth and number of charge/discharge cycles. This is the first example of operation with RF batteries in the United States power market and its demonstration will allow them to examine the techniques to enhance the economic value of the batteries. They will also provide trade-based energy supply and frequency regulation that are central demands of the wholesale power market. This strategy will enhance the company's market positioning and market value global.
The major manufacturers in the global redox flow battery market includes Sumitomo Electric, EnSync, Dalian Rongke Power, redTENERGY Storage, UniEnergy Technologies, Primus Power, Gildemeister, and others.
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