IDTechEx forecasts that by 2034, the redox flow battery (RFB) market will be valued at US$2.8B.
RFBs can store energy for longer durations at a lower levelized cost of storage versus Li-ion, and this is mainly facilitated by their longer cycle life. Demand for long duration energy storage technologies, including RFBs, is expected to increase to facilitate increasing variable renewable energy penetration in the future.
This unlocks opportunities for players across the value chain, including material suppliers, RFB developers and utility companies. For instance, various RFB chemistries being developed and commercialized by different players will be partly responsible for overall market growth. Some of these alternative chemistries will be cheaper than commercially deployed vanadium RFBs, and thus attractive to customers.
However, in the meantime, will redox flow batteries be in high demand? Several factors will contribute to the rate of RFB installations over the coming years, including player activity, material costs, technical challenges, market applications, among more.
This webinar will cover:
- Introduction to and working principles of redox flow batteries
- Energy and power decoupling explained
- Levelized cost of storage (LCOS) vs. Li-ion
- Introduction to RFB chemistry benchmarking
- Current and future market applications of RFBs; discussion on long duration energy storage
- Membranes used in redox flow batteries and introduction to other components
- Overview of market analysis and recent RFB installations made by key players
- IDTechEx's outlook and conclusions