USD 350 million
Vanadium Redox Flow Batteries Market Size, Share, Growth Analysis, By Product(Carbon Felt Electrodes and Graphene Electrodes), By End Use(Photovoltaic Industry, Automotive, Energy & Power industry, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2169 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
62
|Figures:
77
Vanadium Redox Flow Batteries Market Insights
Global Vanadium Redox Flow Batteries Market size was valued at USD 350 million in 2022 and is poised to grow from USD 426.30 billion in 2023 to USD 2064.87 billion by 2031, at a CAGR of 21.8% during the forecast period (2024-2031).
Due to its relatively large weight, vanadium redox flow batteries are now employed mostly for grid energy storage. These batteries are suited for energy storage due to their high capacity. For Instance, September 2022, In Dalian, northeast China, the peak-shaving power plant's Energy Storage from the Flow Battery has recently been connected to the grid. In time, the vanadium flow battery will reach a capacity of 200 MW/800 MWh from its current 100 MW/400 MWh. According to the Chinese Academy of Sciences, it can supply 200,000 people with all of their daily electrical demands. Due to its application in garage buildings that are compatible with solar and wind energy sources, VRFBs have had a significant increase in commercialization over the past few years. A relatively new source of renewable energy, tidal power has the potential to provide the vanadium redox flow battery market some promising growth prospects. A poor energy density in VRFB packs is also possible, although this can be fixed by adding substantial additional electrolyte reservoirs, which increases the system cost. The market's potential for revenue growth may also be limited by the availability of other sources.
US Vanadium Redox Flow Batteries Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Carbon Felt Electrodes
Fastest Growth
Carbon Felt Electrodes
Growth Rate
21.8% CAGR
Global Vanadium Redox Flow Batteries Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Vanadium Redox Flow Batteries Market Segmental Analysis
Global Vanadium Redox Flow Batteries Market is segmented on the basis of product type, application, end use and region. By product type, the market is segmented into graphene electrodes and carbon felt electrodes. By application, the market is segmented into renewable energy integration, utility services, and ups. By end use, the market is segmented into photovoltaic industry, automotive, energy & power industry, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Vanadium Redox Flow Batteries Market Analysis by Product Type
The majority of global vanadium redox flow batteries use carbon-felt electrodes. Graphene electrodes are rigid; carbon-felt electrodes are flexible. Due to their excellent conductivity and ample supply of free electrons, carbon-felt electrodes are frequently used in electrolysis. Electrodes made of carbon-felt, on the other hand, have a high melting point. As a result, in the coming six years, the expansion of the global market for all-vanadium redox flow batteries will be aided by important properties of carbon felt electrodes.
Graphene has excellent electrical conductivity, high surface area, and excellent mechanical strength, which make it an attractive option for VRFB electrodes. Graphene electrodes can offer improved energy density, power output, and cycle life compared to conventional graphite electrodes, making them a promising area of research for improving VRFB performance.
Global Vanadium Redox Flow Batteries Market Analysis by End Use
In 2022, the industry segment for the energy & power sector had the biggest revenue share. High energy density, long cycle life, and the capacity to function across a wide temperature range are just a few of the benefits VRFBs have over other battery types. They are especially ideally adapted for use in grid-scale energy storage and the incorporation of renewable energy sources, among other large-scale energy storage applications. They can also be used for a wide range of other things, like microgrids, charging stations for electric cars, and emergency power for crucial infrastructure.
In 2022, the photovoltaic industry's share of total revenue was second-largest. With the rapid growth of Photovoltaic (PV) systems, numerous organizations have made continual attempts to enhance energy density and energy storage facilities. To enhance the barrier that separates the negative and positive terminals, prevents vanadium ion cross-mixing, and provides the required ionic conductivity, numerous studies and advancements are being made. Ionic exchange between terminals is anticipated to be facilitated by the development of membranes such as biological membranes and moderately acidic ion exchange membranes. It is also intended to improve the battery's cyclability performance. As a result, it is anticipated to open up opportunities for market participants and fuel the segment's revenue growth.
Global Vanadium Redox Flow Batteries Market Size By Product Type 2022(%)
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Vanadium Redox Flow Batteries Market Regional Insights
The Asia Pacific market was responsible for the greatest revenue share in 2022. Around the world, the environment is changing quickly. The major producers of carbon emissions are developing nations. Due to technology improvements and environmental concerns, there is an increasing need for sustainable energy. A change in the electrical sector can be seen as the global energy business moves away from fossil fuels and towards cleaner energy sources. Making sure there is a steady supply of renewable energy with significant volatility, like solar or wind power, is the most important factor in ensuring the stability of the power system. This presents enormous opportunities for market actors. The impetus needed for this battery technology to take off could be provided by significant technological developments in China and a forecasted shortage of battery metals.
Due to the growing usage of high-energy storage systems, the North American market had the second-largest revenue share in 2022. According to the U.S. Department of Energy (DOE), this evolving grid-scale energy storage has major economic and energy security benefits. Unlike lithium-ion batteries, vanadium flow batteries do not degrade with repeated cycling and store energy in an electrolyte solution that is not combustible. They provide 10-hour retention, tens of millions of cycles, and maybe up to 25 years of service life, which is assisting the market in the area in increasing revenues. By 2030, the installation cost of VRFBs is predicted by the International Renewable Energy Agency (IRENA) to range between USD 108 to USD 576/kWh.
Global Vanadium Redox Flow Batteries Market Size By Geography, 2022-2030
- Largest
- Fastest
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Vanadium Redox Flow Batteries Market Dynamics
Global Vanadium Redox Flow Batteries Market Drivers
Growth in Microgrid Applications to Bolster Sales in Coming Years
- VRFBs are well-suited for microgrid applications due to their ability to provide reliable, long-duration energy storage in off-grid or remote areas. The growing demand for microgrids in remote and underserved communities is expected to drive the demand for VRFBs.
- The cost of VRFBs has been declining in recent years due to advancements in manufacturing processes, improvements in electrode materials, and economies of scale. As the costs continue to decline, VRFBs are becoming more cost-competitive with other energy storage technologies.
Global Vanadium Redox Flow Batteries Market Restraints
Lack of Knowledge to Hinder Market Growth
- VRFBs are a relatively new and less well-known technology compared to other energy storage options, such as lithium-ion batteries. The lack of awareness and knowledge about VRFBs can make it challenging for manufacturers and installers to promote their benefits and for customers to make informed purchasing decisions.
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Vanadium Redox Flow Batteries Market Competitive Landscape
The majority of market revenue is accounted for by small and large-sized players in the worldwide vanadium redox flow battery industry, which is consolidated. Major businesses are using a variety of tactics, engaging in mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and adopting more effective VRFB.
Top Player’s Company Profiles in Global Vanadium Redox Flow Batteries Market
- Sumitomo Electric Industries Ltd. (Japan)
- UniEnergy Technologies LLC (US)
- Schmid Group (Switzerland)
- VRB Energy Inc. (Canada)
- Rongke Power (China)
- RedT Energy Plc (UK)
- Vionx Energy Corporation (US)
- Prudent Energy Inc. (China)
- Avalon Battery Corporation (Canada)
- EnerVault Corporation (US)
- Gildemeister Energy Solutions (Germany)
- VanadiumCorp Resource Inc. (Canada)
- VoltStorage GmbH (Germany)
- American Vanadium Corp. (Canada)
- W2 Energy Inc. (Canada)
- Bushveld Energy Limited (South Africa)
- Smart Energy GB Ltd. (UK)
- Pu Neng Energy (China)
- Infinity Energy Systems (UK)
- WattJoule Corporation (US)
- Cellstrom GmbH (Austria)
- Elestor BV (Netherlands)
Global Vanadium Redox Flow Batteries Market Recent Developments
- In November 2022, in order to establish an assembly and production line in Eastern Australia, CellCube and North Harbour Clean Energy PTY Ltd. of Australia have inked a strategic manufacturing collaboration agreement. On the route to a target of up to 8,000 megawatt hours, a production capacity of 40–160 megawatt hours annually is the initial goal. The partners have also chosen to construct Australia's largest vanadium flow battery, with a capacity of 4 to 16 megawatt-hours.
- In November 2022, The Kumeyaay Viejas Tribe was supposed to receive backup energy from the 60 MWh long-duration energy storage system that will be constructed with a USD 31 million grant from the California Energy Commission. A 10 MWh vanadium redox flow battery from Infinity Energy Systems will be used in the project, along with a zinc hybrid cathode battery system made by Eos Energy Enterprises.
- In February 2022, in order to meet California's climate goals for 100% carbon-free electricity, Sumitomo Electric Industries, Ltd. and San Diego Gas & Electric (SDG&E) completed a zero-emissions microgrid pilot project.
Vanadium Redox Flow Batteries Key Market Trends
- The demand for energy storage systems is growing due to the increasing need for reliable and stable power supply. Energy storage systems, including vanadium redox flow batteries, help to balance the grid by storing excess energy during periods of low demand and releasing it during peak demand periods.
Vanadium Redox Flow Batteries Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global vanadium redox flow batteries market is expected to experience significant growth in the coming years, driven by the increasing demand for energy storage solutions and the growing adoption of renewable energy sources. The market is characterized by a few key players that dominate the industry, along with a number of smaller players vying for market share. Technological advancements in vanadium redox flow battery technology are expected to improve their performance and reduce their costs, making them an increasingly attractive option for large-scale energy storage applications. However, the high cost of vanadium remains a significant barrier to widespread adoption of these batteries, and ongoing efforts to reduce costs and improve performance are essential for the continued growth of the market. The global vanadium redox flow batteries market is expected to experience significant growth in the coming years, driven by the increasing demand for energy storage solutions and the growing adoption of renewable energy sources. While there are challenges to widespread adoption, ongoing technological advancements and increasing investment in energy storage are expected to support the continued growth of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 350 million |
| Market size value in 2031 | USD 2064.87 billion |
| Growth Rate | 21.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vanadium Redox Flow Batteries Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vanadium Redox Flow Batteries Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vanadium Redox Flow Batteries Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vanadium Redox Flow Batteries Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vanadium Redox Flow Batteries Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vanadium Redox Flow Batteries Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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