After initial success in the 1970s, supercapacitors, lithium-ion batteries and redox flow batteries (RFB) are now facing their biggest opportunity with the arrival of a new, strong and appropriate demand. According to a new report by Zhar Research, the RFB market is expected to grow to over $20 billion by 2044, with the potential of a $5 billion RFB manufacturer emerging.
The report, “Redox Flow Batteries: 26 Market Forecasts, Roadmaps, Technologies, 48 Manufacturers, Latest Research Pipeline 2024-2044”, details how the norm for RFB has been tanks of very corrosive, acid, expensive vanadium salts with toxicity issues. Despite their reliability and safety in military facilities, the companies making RFB have not been able to match supercapacitor sales (which are to different markets) to exceed one billion dollars yearly.
The beyond-grid sector, which includes things such as battery-powered solar homes, islands, mines, telecom towers, military bases, hospitals, schools and farms, is now the largest RFB opportunity. VRFB have already had success in this sector and will likely continue to do so. Zhar Research believes that pivoting to non-vanadium RFB can create a $5 billion manufacturer.
Dr Peter Harrop, CEO of Zhar Research, said: “At last, redox flow battery sales are climbing rapidly and, on the 20-year view, the new chemistries, particularly for the beyond-grid market will do particularly well. This industry is pivoting to new success. However, VRFB has the largest installed base and most years of proven reliability. It has less issue of electrolyte crossover and it is neck-and-neck with alternatives in offering increasingly-longer duration of discharge. VRFB will still sell well.”
The latest Zhar Research report shines a light on the RFB market and the opportunities available. As lithium-ion batteries are expected to face competition from cheaper, non-flammable and non-toxic alternatives, RFB could be set to become a major player in the energy storage industry.
The report “Redox Flow Batteries: 26 Market Forecasts, Roadmaps, Technologies, 48 Manufacturers, Latest Research Pipeline 2024-2044” is available from www.zharresearch.com and www.giiresearch.com.
Redox flow batteries (RFB), supercapacitors and lithium-ion batteries, which all saw initial success in the 1970s, are now facing their biggest opportunity with the arrival of a new, strong and appropriate demand. According to a new report by Zhar Research, the RFB market is expected to grow to over $20 billion by 2044, with the potential of a $5 billion RFB manufacturer emerging.
The report, “Redox Flow Batteries: 26 Market Forecasts, Roadmaps, Technologies, 48 Manufacturers, Latest Research Pipeline 2024-2044”, highlights how the norm for RFB has been tanks of very corrosive, acid, expensive vanadium salts with toxicity issues. Despite this, the companies making these have offered reliable, safe products proven even in military facilities, but have not been able to match supercapacitor sales to exceed one billion dollars yearly.
The beyond-grid sector is now the largest RFB opportunity, as it most needs the RFB uniques and is set to become large. VRFB already have success in this sector and the report suggests that pivoting to non-vanadium RFB could create a $5 billion manufacturer.
Dr Peter Harrop, CEO of Zhar Research, said: “At last, redox flow battery sales are climbing rapidly and, on the 20-year view, the new chemistries, particularly for the beyond-grid market will do particularly well. This industry is pivoting to new success. However, VRFB has the largest installed base and most years of proven reliability. It has less issue of electrolyte crossover and it is neck-and-neck with alternatives in offering increasingly-longer duration of discharge. VRFB will still sell well.”
The up-to-date report from Zhar Research provides an in-depth look at the RFB market and the opportunities available. With lithium-ion batteries expected to face competition from cheaper, non-flammable and non-toxic alternatives, RFB could be set to become a major player in the energy storage industry.
The report “Redox Flow Batteries: 26 Market Forecasts, Roadmaps, Technologies, 48 Manufacturers, Latest Research Pipeline 2024-2044” is available from www.zharresearch.com and www.giiresearch.com.
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Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.