레독스 플로우 배터리 시장 보고서 : 유형별, 제품별, 용도별, 지역별(2025-2033년)

The global redox flow battery market size reached USD 284.3 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 1,086.6 Million by 2033, exhibiting a growth rate (CAGR) of 15.26% during 2025-2033. 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 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:

Breakup by Type:

• Vanadium Redox Flow Battery
• Hybrid Redox Flow Battery

Vanadium redox flow battery holds the biggest market share

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

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

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.

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 2025-2033?
• 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
• 9.2 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
• 9.3 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
• 9.4 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
• 9.5 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