세계 레독스 플로우 배터리 시장 규모는 2024년 2억 8,430만 달러에 달했습니다. 향후 IMARC Group은 2033년에는 10억 8,660만 달러에 달할 것으로 예상되며, 2025-2033년 연평균 성장률(CAGR)은 15.26%를 보일 것으로 예측했습니다. 재생에너지의 통합, 신뢰할 수 있는 대규모 에너지 저장 솔루션의 필요성 증가, 전력망 현대화를 위한 투자 증가, 효율성 향상 및 비용 절감을 위한 배터리 기술의 지속적인 기술 발전 등으로 인해 시장은 강력한 성장을 보이고 있습니다. 성장세를 보이고 있습니다.
재생에너지 통합 증가
미국 국립재생에너지연구소(NREL)는 전 세계 발전량에서 태양광발전(PV)이 차지하는 비중이 2021년 약 3.6%에서 2022년 4.5%로 증가할 것이라고 주장하고 있습니다. 재생에너지, 특히 풍력과 태양광발전의 통합에 대한 관심이 레독스 플로우 배터리 시장 수요를 자극하고 있습니다. 또한, 에너지 믹스에서 재생에너지의 비중이 높아짐에 따라 효율적인 대규모 에너지 저장 시스템의 필요성이 증가하고 있습니다.
끝없는 기술 발전
전극 재료 및 전해질 용액과 같은 배터리 부품 설계의 혁신은 레독스 플로우 배터리의 에너지 밀도, 효율 및 수명을 크게 향상시켜 실용적인 규모의 에너지 저장 및 상업적 응용 분야에 매력적으로 작용하고 있습니다. 이러한 기술 발전은 투자와 대규모 연구 활동을 유치하여 경쟁 환경을 조성하고 보다 진보되고 신뢰할 수 있는 솔루션의 개발을 가속화합니다. 또한, 전기자동차(EV) 등 배터리 적용 범위 확대에도 기여하고 있습니다. 2021년 11월 29일, VFlow Technologies는 한국의 기존 주유소에 설치되는 PowerCube 축전 시스템 기술을 발표했습니다. 바나듐 레독스 플로우 배터리(VRFB) 에너지 저장 시스템이 EV 충전 솔루션을 지원하는 두 가지 테스트 프로젝트가 공개되었습니다.
규제 지원 및 투자 확대
세계 각국의 행정 당국은 환경오염을 억제하기 위해 엄격한 규제를 시행하는 데 주력하고 있습니다. 또한, 재생에너지와 에너지 저장 솔루션을 추진하고 있으며, 레독스 플로우 배터리의 보급을 지원하고 있습니다. 또한, 우호적인 규제 환경은 민관 모두의 투자를 촉진하고, 연구개발 활동과 이러한 시스템의 상용화를 촉진하고 있습니다. 사우디 리야드의 Tdafoq Energy는 2022년 11월 2일 인도 구르가온의 Electrik Systems와 판매 및 제조 라이선스를 체결하였습니다. Tdafoq Energy는 인도 일렉트릭(Electrik)이 제조한 바나듐 레독스 플로우 배터리 제품을 바레인, 쿠웨이트, 오만, 카타르, 사우디아라비아, 아랍에미리트(UAE) 등 걸프 지역 국가들에 판매합니다.
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.
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).
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.
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.
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.
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.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)