In this report, LP Information covers the present scenario (with the base year being 2017) and the growth prospects of global Redox Flow Battery market for 2018-2023.
A flow battery, or redox flow battery (after reduction-oxidation), is a type of rechargeable battery where recharge ability is provided by two chemical components dissolved in liquids contained within the system and separated by a membrane. Ion exchange (providing flow of electric current) occurs through the membrane while both liquids circulate in their own respective space. Cell voltage is chemically determined by the Nernst equation and ranges, in practical applications, from 1.0 to 2.2 volts. The performance of these devices is governed by the considerations of electrochemical engineering.
North America and Asia-Pacific are the two largest countries with flow batteries Installation Capacity in the world, both the two countries take more than 80% of the world in 2017. Europe behind them, with about 15.09% market share.
There are more than seven main types of flow batteries in mass production or development stage in the market now. Vanadium Flow Battery is the main types, which can occupied about 70 percent revenue market share.
Currently, Sumitomo Electric, Dalian Rongke Power are the top two companies and lead in flow batteries with 29.33% and 19.29% revenue market share in 2017, respectively.
Over the next five years, LPI(LP Information) projects that Redox Flow Battery will register a 14.1% CAGR in terms of revenue, reach US$ 280 million by 2023, from US$ 130 million in 2017.
This report presents a comprehensive overview, market shares, and growth opportunities of Redox Flow Battery market by product type, application, key manufacturers and key regions.
To calculate the market size, LP Information considers value and volume generated from the sales of the following segments:
Segmentation by product type:
Vanadium Redox Flow Battery
Hybrid Flow Battery
Segmentation by application:
Renewable Energy Integration
This report also splits the market by region:
Middle East and Africa
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report:
Dalian Rongke Power
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
To study and analyze the global Redox Flow Battery consumption (value and volume) by key regions/countries, product type and application, history data from 2013 to 2017, and forecast to 2023.
To understand the structure of Redox Flow Battery market by identifying its various subsegments.
Focuses on the key global Redox Flow Battery manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Redox Flow Battery with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the consumption of Redox Flow Battery submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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