Vanadium Redox Flow Battery Market Size to hit $ 1,214.97 Mn by 2030 – Leading Players, Current Trends, Challenges Faced & Forecast

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.

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Vanadium Redox Flow Battery Market Growth Drivers:

• Increasing demand of energy storage devices for renewable energy including solar energy acts as the key driver responsible for the growth of the vanadium redox flow battery market.
• Growing demand of rechargeable electric battery from the automotive sector is contributing significantly to accelerate the market growth.
• The ability of vanadium redox flow batteries to function at a wide range of temperatures is propelling the market growth.

Restraints

• The cost of production and maintenance of vanadium redox flow batteries is expensive and limits the adoption of such batteries by small enterprises.
• The presence of alternatives including lithium-ion batteries that offer high energy in comparison to vanadium redox flow batteries hindering the market growth.

Opportunities

• 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 market.

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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

• The global Vanadium Redox Flow Battery Market size is estimated to reach USD 1,214.97 Million by 2030 and grow at a CAGR 19.5% during the forecast period (2023-2030).
• Globally, the vanadium redox flow battery is divided based on the type into graphene electrodes, carbon-felt electrodes, carbon paper electrodes, and graphene-coated carbon-felt electrodes.
• In the context of the application, the market is separated into energy storage, renewable energy, uninterrupted power supply (UPS), utility services, and others.
• The end-user segment of vanadium redox flow batteries is classified into automotive, energy and utility, chemical, power generation, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
• Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in vanadium redox flow batteries.

Recent Developments

• In January 2022, U.S. Vanadium LLC completed a USD 2 million expansion for the production of ultra-high purity electrolytes used by vanadium redox flow batteries.
• In March 2021, JenaBatteries GmbH developed a vanadium redox flow battery as an advanced alternative to lithium-ion batteries for the stationary storage of renewable energy.

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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 —

• Avalon Battery
• Invinity Energy Solutions
• CellCube (Enerox GmbH)
• Conoship International
• JenaBatteries GmbH
• redT energy plc
• Rongke Power
• Solibra Energy Storage Technologies GmbH
• Sumitomo Electric
• UniEnergy Technologies
• VanadiumCorp Resource Inc.
• VIONX Energy Corpo
• VRB Energy
• U.S. Vanadium LLC

Global Vanadium Redox Flow Battery Market Segmentation: 

• By Type
  • Graphene Electrodes
  • Carbon-felt Electrodes
  • Carbon paper Electrodes
  • Graphene-coated carbon-felt Electrodes
• By Application
  • Energy Storage
  • Renewable Energy
  • Uninterrupted Power Supply (UPS)
  • Utility Services
  • Others
• By End-User
  • Automotive
  • Energy and Utility
  • Chemical
  • Power Generation
  • Others

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Key Questions Covered in the Vanadium Redox Flow Battery Market Report

• What will be the potential market valuation for the vanadium redox flow battery industry by 2030?

- The market valuation for the vanadium redox flow battery is expected to be approximately USD 1,214.97 Million by 2030 driven by

• Based on current market trends and future predictions, which geographical region will have the largest impact on the vanadium redox flow battery market's growth in the coming years?

- 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.

• What specific segmentation details are covered in the vanadium redox flow battery market report, and how is the dominating segment impacting the market growth?

- 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.

• What specific segmentation details are covered in the ticket vending machine market report, and how is the fastest segment anticipated to impact the market growth?

- 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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