Redox Flow Battery Market by Type (Vanadium and Hybrid) and Application (Utility Services, Renewable Energy Integration, UPS, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026
- ALL3848293
- 200 Pages
- March 2020
- Energy and Power
A redox flow battery is an electrochemical energy storage equipment, which converts chemical energy into electrochemical energy using an electrochemical cell through reversible oxidation and reduction of working fluid. It is more appropriately called a fuel cell rather than the instead of battery, as the redox cell in the battery is employed for heterogeneous electron transfer rather than solid-state diffusion. Redox flow battery is 100% recyclable, as the electrolyte inside the battery does not undergo deterioration. Vanadium redox flow battery and hybrid battery are two prominent types of redox flow battery, wherein the vanadium battery type is the most developed version over others.
The global redox flow battery market is in its nascent phase, and is anticipated to explore lucrative growth opportunities during the forecast period. This is attributed to the scalable properties associated with these batteries, surge in demand for power backup across the globe, and low maintenance associated with these batteries. Furthermore, redox flow battery are 100% recyclable in nature that causes the least environmental impact, thus making them highly favorable in the renewable energy sector. Therefore, increase in renewable energy production across the globe and rise in need for energy storage are the major factors fueling the demand for redox flow batteries. On the contrary, redox flow battery technology is relatively new, and is not well-developed, which also comes with a few limitations. High initial manufacturing cost and low energy to volume ratio over other counterparts hamper the global market growth. However, increase in investment in this battery type along with its developing applications in electric vehicles is expected to offer profitable growth opportunities to this market during the forecast period.
The global redox flow battery market is segmented into type, application, and region. Depending on type, the global market is segregated into vanadium redox flow battery and hybrid redox flow battery. The applications covered in the study include utility facilities, renewable energy integration, UPS, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major market players studied and profiled in the global redox flow battery market are Sumitomo Electric Industries, Ltd., Dalian Rongke Power, UniEnergy Technologies., CELLCUBE, Avalon Battery Corporation, HydraRedox, Big pawer Electrical Technology Xiangyang Inc. Co., Ltd, Pinflow energy storage, s.r.o., VRB ENERGY, Vionx Energy, and others
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global redox flow batterymarket from 2018 to 2026 to determine the prevailing opportunities
A comprehensive analysis of the factors that drive and restrict the growth of the market is provided
Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume
Profiles of leading players operating in the market are provided to understand the global competitive scenario
The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth
KEY MARKET SEGMENTS
• By Type
Vanadium redox flow battery
Hybrid redox flow battery
• By Application
Utility Services
Renewable Energy Integration
UPS
Others
• By Region
o North America
U.S.
Canada
Mexico
o Europe
Germany
France
Italy
Spain
UK
Rest of Europe
o Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
o LAMEA
Brazil
Saudi Arabia
South Africa
South Africa
LAMEA
KEY MARKET PLAYERS
• Avalon Battery Corporation
• Dalian Rongke Power Co., Ltd
• HydraRedox
• H2, Inc.
• Le System Co., Ltd.
• redT Energy plc
• StorEn Technologies Inc.
• Storion Energy
• Sumitomo Electric Industries, Ltd
• Vionx Energy
1.1. Report description
1.2. KEY BENEFITS FOR STAKEHOLDERS
1.3. Key market segments
1.4. Research methodology
1.4.1. Secondary research
1.4.2. Primary research
1.5. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. High adoption of vanadium redox flow batteries in energy storage solutions
3.4.1.2. Ongoing projects, investments, and development on redox flow battery
3.4.2. Restraints
3.4.2.1. Limitation of vanadium redox flow batteries
3.4.3. Opportunity
3.4.3.1. Possibility of use in electric vehicle
3.5. Parent market overview
3.6. Patent analysis, 2015–2018
3.6.1. Patent analysis by country
3.6.2. Patent analysis by applicant
3.7. Impact of government rules and regulations
3.7.1. Mandatory renewable energy targets
CHAPTER 4: REDOX FLOW BATTERY MARKET, BY TYPE
4.1. Overview
4.1.1. Market size and forecast, by region
4.2. Vanadium redox flow battery
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis, by country
4.3. Hybrid redox flow battery
4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis, by country
CHAPTER 5: REDOX FLOW MARKET, BY APPLICATION
5.1. Overview
5.1.1. Market size and forecast, by application
5.2. Utility services
5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis, by country
5.3. Renewable energy integration
5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis, by country
5.4. UPS
5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market share analysis, by country
5.5. Others
5.5.1. Key market trends, growth factors, and opportunities
5.5.2. Market size and forecast, by region
5.5.3. Market share analysis, by country
CHAPTER 6: REDOX FLOW MARKET, BY REGION
6.1. Overview
6.1.1. Market size and forecast, by region
6.1.2. Market size and forecast, by region
6.1.3. Market size and forecast, by application
6.2. North America
6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast, by type
6.2.3. Market size and forecast, by application
6.2.4. Market size and forecast by Country
6.2.5. U.S.
6.2.5.1. Market size and forecast, by type
6.2.5.2. Market size and forecast, by application
6.2.6. Canada
6.2.6.1. Market size and forecast, by type
6.2.6.2. Market size and forecast, by application
6.2.7. Mexico
6.2.7.1. Market size and forecast, by type
6.2.7.2. Market size and forecast, by application
6.3. Europe
6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast, by type
6.3.3. Market size and forecast, by application
6.3.4. Market size and forecast by country
6.3.5. Germany
6.3.5.1. Market size and forecast, by type
6.3.5.2. Market size and forecast, by application
6.3.6. France
6.3.6.1. Market size and forecast, by type
6.3.6.2. Market size and forecast, by application
6.3.7. Italy
6.3.7.1. Market size and forecast, by type
6.3.7.2. Market size and forecast, by application
6.3.8. Spain
6.3.8.1. Market size and forecast, by type
6.3.8.2. Market size and forecast, by application
6.3.9. UK
6.3.9.1. Market size and forecast, by type
6.3.9.2. Market size and forecast, by application
6.3.10. Rest of Europe
6.3.10.1. Market size and forecast, by type
6.3.10.2. Market size and forecast, by application
6.4. Asia-Pacific
6.4.1. Key market trends, growth factors, and opportunities
6.4.2. Market size and forecast, by type
6.4.3. Market size and forecast, by application
6.4.4. Market size and forecast by Country
6.4.5. China
6.4.5.1. Market size and forecast, by type
6.4.5.2. Market size and forecast, by application
6.4.6. Japan
6.4.6.1. Market size and forecast, by type
6.4.6.2. Market size and forecast, by application
6.4.7. India
6.4.7.1. Market size and forecast, by type
6.4.7.2. Market size and forecast, by application
6.4.8. South Korea
6.4.8.1. Market size and forecast, by type
6.4.8.2. Market size and forecast, by application
6.4.9. Australia
6.4.9.1. Market size and forecast, by type
6.4.9.2. Market size and forecast, by application
6.4.10. Rest of Asia-Pacific
6.4.10.1. Market size and forecast, by type
6.4.10.2. Market size and forecast, by application
6.5. LAMEA
6.5.1. Key market trends, growth factors, and opportunities
6.5.2. Market size and forecast, by type
6.5.3. Market size and forecast, by application
6.5.4. Market size and forecast by Country
6.5.5. Brazil
6.5.5.1. Market size and forecast, by type
6.5.5.2. Market size and forecast, by application
6.5.6. Saudi Arabia
6.5.6.1. Market size and forecast, by type
6.5.6.2. Market size and forecast, by application
6.5.7. UAE
6.5.7.1. Market size and forecast, by type
6.5.7.2. Market size and forecast, by application
6.5.8. South Africa
6.5.8.1. Market size and forecast, by type
6.5.8.2. Market size and forecast, by application
6.5.9. Rest of LAMEA
6.5.9.1. Market size and forecast, by type
6.5.9.2. Market size and forecast, by application
CHAPTER 7: COMPETITIVE LANDSCAPE
7.1. INTRODUCTION
7.1.1. MARKET PLAYER POSITIONING, 2018
7.2. PRODUCT MAPPING OF TOP 10 PLAYER
7.3. COMPETITIVE HEATMAP
CHAPTER 8: COMPANY PROFILES
8.1. Avalon Battery Corporation
8.1.1. Company overview
8.1.2. Company snapshot
8.1.3. Product portfolio
8.2. Dalian Rongke Power Co., Ltd.
8.2.1. Company overview
8.2.2. Company snapshot
8.2.3. Product portfolio
8.3. HydraRedox
8.3.1. Company overview
8.3.2. Company snapshot
8.3.3. Product portfolio
8.4. H2, Inc.
8.4.1. Company overview
8.4.2. Company snapshot
8.4.3. Product portfolio
8.5. Le System Co., Ltd.
8.5.1. Company overview
8.5.2. Company snapshot
8.5.3. Product portfolio
8.6. redT Energy Plc
8.6.1. Company overview
8.6.2. Company snapshot
8.6.3. Operating business segments
8.6.4. Product portfolio
8.6.5. Business performance
8.7. StorEn Technologies Inc.
8.7.1. Company overview
8.7.2. Company snapshot
8.7.3. Product portfolio
8.8. Storion Energy
8.8.1. Company overview
8.8.2. Company snapshot
8.8.3. Product portfolio
8.9. Sumitomo Electric Industries, Ltd.
8.9.1. Company overview
8.9.2. Company snapshot
8.9.3. Operating business segments
8.9.4. Product portfolio
8.9.5. Business performance
8.9.6. Key strategic moves and developments
8.10. Vionx Energy
8.10.1. Company overview
8.10.2. Company snapshot
8.10.3. Product portfolio
TABLE 01. GLOBAL REDOX FLOW BATTERY MARKET REVENUE, BY TYPE ($MILLION) (2019-2026) 62
TABLE 02. GLOBAL REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 63
TABLE 03. LARGEST OPERATIONAL VANADIUM GRID BATTERIES 65
TABLE 04. GLOBAL REDOX FLOW BATTERY MARKET FOR VANADIUM BATTERY, BY REGION, 2018–2026 ($MILLION) 66
TABLE 05. GLOBAL REDOX FLOWBATTERY MARKET FOR HYBRID BATTERY, BY REGION, 2018–2026 ($MILLION) 69
TABLE 06. GLOBAL REDOX FLOW BATTERY MARKET REVENUE, BY APPLICATION ($MILLION) (2019-2026) 73
TABLE 07. GLOBAL REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 74
TABLE 08. GLOBAL REDOX FLOW BATTERY MARKET FOR UTILITY SERVICES, BY REGION, 2018–2026 ($MILLION) 76
TABLE 09. GLOBAL REDOX FLOW BATTERY MARKET FOR RENEWABLE ENERGY INTEGRATION, BY REGION, 2018–2026 ($MILLION) 79
TABLE 10. GLOBAL REDOX FLOW BATTERY MARKET FOR UPS, BY REGION, 2018–2026 ($MILLION) 82
TABLE 11. GLOBAL REDOX FLOW BATTERY MARKET FOR OTHERS, BY REGION, 2018–2026 ($MILLION) 85
TABLE 12. GLOBAL REDOX FLOW BATTERY MARKET, BY REGION 2018–2026 ($MILLION) 88
TABLE 13. GLOBAL REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 89
TABLE 14. GLOBAL REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 90
TABLE 15. NORTH AMERICA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 92
TABLE 16. NORTH AMERICA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 93
TABLE 17. NORTH AMERICA REDOX FLOW BATTERY MARKET, BY COUNTRY 2018–2026 ($MILLION) 94
TABLE 18. U.S. REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 96
TABLE 19. U.S. REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 97
TABLE 20. CANADA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 99
TABLE 21. CANADA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 100
TABLE 22. MEXICO REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 102
TABLE 23. MEXICO REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 103
TABLE 24. EUROPE REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 106
TABLE 25. EUROPE REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 107
TABLE 26. EUROPE REDOX FLOW BATTERY MARKET, BY COUNTRY 2018–2026 ($MILLION) 108
TABLE 27. GERMANY REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 110
TABLE 28. GERMANY REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 111
TABLE 29. FRANCE REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 113
TABLE 30. FRANCE REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 114
TABLE 31. ITALY REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 116
TABLE 32. ITALY REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 117
TABLE 33. SPAIN REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 119
TABLE 34. SPAIN REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 120
TABLE 35. UK REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 122
TABLE 36. UK REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 123
TABLE 37. REST OF EUROPE REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 125
TABLE 38. REST OF EUROPE REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 126
TABLE 39. ASIA-PACIFIC REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 128
TABLE 40. ASIA-PACIFIC REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 129
TABLE 41. ASIA-PACIFIC REDOX FLOW BATTERY MARKET, BY COUNTRY 2018–2026 ($MILLION) 130
TABLE 42. CHINA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 132
TABLE 43. CHINA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 133
TABLE 44. JAPAN REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 135
TABLE 45. JAPAN REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 136
TABLE 46. INDIA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 138
TABLE 47. INDIA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 139
TABLE 48. SOUTH KOREA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 141
TABLE 49. SOUTH KOREA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 142
TABLE 50. AUSTRALIA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 144
TABLE 51. AUSTRALIA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 145
TABLE 52. REST OF ASIA-PACIFIC REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 147
TABLE 53. REST OF ASIA-PACIFIC REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 148
TABLE 54. LAMEA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 150
TABLE 55. LAMEA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 151
TABLE 56. LAMEA REDOX FLOW BATTERY MARKET, BY COUNTRY 2018–2026 ($MILLION) 152
TABLE 57. BRAZIL REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 154
TABLE 58. BRAZIL REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 155
TABLE 59. SAUDI ARABIA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 157
TABLE 60. SAUDI ARABIA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 158
TABLE 61. UAE REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 160
TABLE 62. UAE REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 161
TABLE 63. SOUTH AFRICA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 163
TABLE 64. SOUTH AFRICA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 164
TABLE 65. REST OF LAMEA REDOX FLOW BATTERY MARKET, BY TYPE 2018–2026 ($MILLION) 166
TABLE 66. REST OF LAMEA REDOX FLOW BATTERY MARKET, BY APPLICATION, 2018–2026 ($MILLION) 167
TABLE 67. AVALON: COMPANY SNAPSHOT 174
TABLE 68. AVALON: PRODUCT PORTFOLIO 174
TABLE 69. RONGKE POWER: COMPANY SNAPSHOT 176
TABLE 70. RONGKE POWER 176
TABLE 71. HYDRAREDOX: COMPANY SNAPSHOT 178
TABLE 72. HYDRAREDOX: PRODUCT PORTFOLIO 178
TABLE 73. H2, INC.: COMPANY SNAPSHOT 180
TABLE 74. H2, INC.: PRODUCT PORTFOLIO 180
TABLE 75. LE SYSTEM: COMPANY SNAPSHOT 182
TABLE 76. LE SYSTEM: PRODUCT PORTFOLIO 182
TABLE 77. REDT: COMPANY SNAPSHOT 184
TABLE 78. REDT: OPERATING SEGMENTS 184
TABLE 79. REDT: PRODUCT PORTFOLIO 185
TABLE 80. OVERALL FINANCIAL STATUS ($MILLION) 186
TABLE 81. STOREN TECHNOLOGIES INC.: COMPANY SNAPSHOT 188
TABLE 82. STOREN TECHNOLOGIES INC.: PRODUCT PORTFOLIO 188
TABLE 83. STORION ENERGY: COMPANY SNAPSHOT 190
TABLE 84. STORION ENERGY: PRODUCT PORTFOLIO 190
TABLE 85. SUMITOMO ELECTRIC: COMPANY SNAPSHOT 192
TABLE 86. SUMITOMO ELECTRIC: OPERATING SEGMENTS 193
TABLE 87. SUMITOMO ELECTRIC: PRODUCT PORTFOLIO 194
TABLE 88. OVERALL FINANCIAL STATUS ($MILLION) 195
TABLE 89. SUMITOMO ELECTRIC: KEY STRATEGIC MOVES AND DEVELOPMENTS 197
TABLE 90. VIONX: COMPANY SNAPSHOT 199
TABLE 91. VIONX: PRODUCT PORTFOLIO 199
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