Vanadium Redox Flow Battery Market is projected to register a CAGR of 19.5% during 2023-2030, owing to the increasing demand to store renewable energy for longer periods of time, Major Participants Includes are Avalon Battery, Invinity Energy Solutions, CellCube (Enerox GmbH), Conoship International, redT energy plc, Rongke Power, Solibra Energy Storage Technologies GmbH, Sumitomo Electric, UniEnergy Technologies, VanadiumCorp Resource Inc., VIONX Energy Corpo, VRB Energy.
New York, May 30, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Vanadium Redox Flow Battery (VRFB) Market” published by Consegic Business Intelligence, the market was worth USD 298.11 Million in 2022 and is anticipated to reach over USD 1,214.97 Million by the year 2030, growing at a CAGR of 19.5%.
A vanadium redox flow battery (VRFB) is a type of rechargeable battery that utilizes a liquid electrolyte solution containing vanadium ions to store energy. In addition, VRFBs store energy in tanks of liquid electrolytes as compared to traditional batteries that store energy in solid electrodes. Furthermore, VRFBs are easily scaled up or down depending on the desired energy storage capacity, simply by increasing or decreasing the size of the tanks. Moreover, VRFBs are also known for improved battery life, high efficiency, and safety in comparison to other battery technologies.
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The increasing demand for sustainable and metal-free redox batteries serves as the key factor responsible for driving the growth of the market. The vanadium redox flow battery is ideal for storing green energy efficiently from renewable sources including solar and wind. In addition, the advancements in battery technology increases the battery life by almost ten times also contribute significantly in driving the market growth. Consequently, the increasing demand for vanadium redox flow batteries for the storage of green energy serves as the major factor for accelerating the growth of the market. For instance, in February 2020, BASF and JenaBatteries GmbH developed an advanced vanadium redox flow battery appropriate for the storage of electricity from renewable energy sources. The battery is developed using advanced technology to improve the battery life thus contributing considerably in promoting market growth.
The growing trend to achieve zero-emission microgrids to supply clean and carbon-free energy in adverse weather conditions is projected to create potential opportunities for the growth of the vanadium redox flow battery market. However, the high cost of production and maintenance of vanadium redox flow batteries along with the presence of alternatives including lithium-ion batteries serves as the major restraint for the market growth.
Report Attributes | Report Details |
Market Size By 2030 | USD 1,214.97 Million |
Forecast Period | 2023-2030 |
CAGR (2023-2030) | 19.5% |
Base Year | 2022 |
Study Timeline | 2017-2030 |
Key Players | Avalon Battery, Invinity Energy Solutions, CellCube (Enerox GmbH), Conoship International, redT energy plc, Rongke Power, Solibra Energy Storage Technologies GmbH, Sumitomo Electric, UniEnergy Technologies, VanadiumCorp Resource Inc., VIONX Energy Corpo, VRB Energy |
By Type | Graphene Electrodes, Carbon-felt Electrodes, Carbon paper Electrodes, and Graphene-coated carbon-felt Electrodes |
By Application | Energy Storage, Renewable Energy, Uninterrupted Power Supply (UPS), Utility Services, and Others |
By End-User | Automotive, Energy and Utility, Chemical, Power Generation, and Others |
Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Vanadium Redox Flow Battery Market Growth Drivers:
Restraints
Opportunities
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Global Vanadium Redox Flow Battery Market Segmentation Details:
Based on Type, the carbon-felt electrodes segment contributed the largest shares to the market growth in 2022. The growth is attributed to the ability of carbon-felt electrodes to offer excellent electrical conductivity and a large surface area for the efficient storage of energy and functioning of electrochemical reactions. In addition, carbon-felt electrodes also serve as a durable and cost-effective option for enabling real-time microscopic measurements further, promoting the growth of the carbon-felt electrodes segment.
Based on Application, the renewable energy segment offered substantial shares to the global vanadium redox flow battery market in the year 2022. The growth is endorsed by the ability of advanced vanadium redox flow batteries to allow the storage of renewable energy including solar and wind energy for longer durations. In addition, the capability of vanadium redox flow batteries to store excess energy by utilizing increased power density and reduced battery downtime is also contributing notably in promoting the growth of the market.
Based on End-User, the energy and utility industry hold the maximum share of the market growth in the year 2022. The growth is ascribed to the ability of vanadium redox flow batteries to offer high energy density, improved battery life, and the ability to operate efficiently over a wide range of temperatures. In addition, vanadium redox flow batteries are also considered ideal for renewable energy integration and grid-scale energy storage further, accelerating the growth of the market.
Based on region, North America has been a major contributor to the growth of the vanadium redox flow battery market. The region has a well-developed energy infrastructure, with a large number of power plants, transmission lines, and distribution networks that raises the demand for advanced vanadium redox batteries to store energy. In addition, the increasing investments by the government and the major players for the development of advanced energy storage technologies is also propelling the market growth. Subsequently, advanced infrastructure and increasing government investment are the two major factors responsible for driving the market growth in North America.
Key Market Highlights
Recent Developments
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List of Major Global Vanadium Redox Flow Battery Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT, regional, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new machines. The following are major market players operating in the market environment —
Global Vanadium Redox Flow Battery Market Segmentation:
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Key Questions Covered in the Vanadium Redox Flow Battery Market Report
- The market valuation for the vanadium redox flow battery is expected to be approximately USD 1,214.97 Million by 2030 driven by
- Asia Pacific is anticipated to have the largest impact on the vanadium redox flow battery market during the forecast period owing to the increasing demand for electricity from various sectors including automotive and power generation.
- The report consists of segments including type, application, end-user, and region. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the type segment has witnessed carbon-felt electrodes as the dominating segment in the year 2022, owing to the increasing applications in real-time microscopic measurements.
- The report consists of segments including type, application, end-user, and region. Each segment is projected to have the fastest-growing sub-segment driven by industry trends and drivers. For instance, in the application, the energy storage sub-segment is anticipated to witness the fastest CAGR growth during the forecast period. The growth is accredited to the capability of vanadium redox flow battery to store excess energy during periods of low demand and to reduce the dependence on fossil fuel power plants.
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