According to the latest report by IMARC Group, titled “Redox Flow Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global redox flow battery market size exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 13% during 2021-2026.
A redox flow battery represents a rechargeable, electrochemical device that converts chemical energy into electrical energy by reversible oxidation and reduction of working fluids. It is clean, sustainable, efficient, reliable, and cost-effective compared to other batteries, such as lead, acid, lithium-ion, etc.