Vanadium Redox Battery Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 9.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vanadium Redox Battery Market Analysis
The vanadium redox battery market is expected to grow at a CAGR of around 9.5% during the forecast period.
COVID-19 moderately impacted the market in 2020. Currently. The market has reached pre-pandemic levels.
- Factors such as the lower environmental impact of battery disposal and the high energy capacity of having larger electrolyte storage tanks are likely to drive the market in the coming years. With a life span of more than 20 years and no presence of fire hazards and highly reactive or toxic substances, vanadium redox batteries are more environmentally friendly than lithium-ion and lead-acid batteries.
- However, low energy density and high capital costs are likely to hinder the market growth during the forecast period.
- With the rapid growth of renewable energy applications, different organizations have made continuous efforts to have better energy density and efficient energy storage facilities. Numerous research and developments are taking place on the development of the membrane that separates the positive and negative terminals and prevents cross mixing of vanadium ions while providing required ionic conductivity. Development of Cation Exchange Membrane (CEM), Anion Exchange Membrane (AEM), and Amphoteric Ion Exchange Membrane (AIEM) membranes are likely to increase the ionic exchange in between the terminals. Moreover, it is expected to improve the battery's cyclability performance of the battery. Thus, it is expected to render an opportunity for the growth of the market in the near future.
- The Asia-Pacific is expected to dominate the market with majority of the demand coming from China and Japan.
Vanadium Redox Battery Market Trends
This section covers the major market trends shaping the Vanadium Redox Battery Market according to our research experts:
Utility Sector to Witness Significant Growth
- With the growing carbon emissions around the world, the deployment of both solar panels and wind turbines are increasing over the years. Both technologies require energy storage facilities during peak hours. A vanadium redox battery is an ideal solution to store the surplus energy generated by both technologies.
- During 2021, solar and wind energy have an installed capacity of around 849.4 gigawatts (GW) and 824.8 GW, respectively. With government initiatives, these capacities are likely to witness significant growth during the forecast period.
- On account of its technical advantages over lithium and lead-acid batteries, it is likely to find more use in the installation of solar panels and wind turbines.
- Vanadium redox battery is suitable for grid and off-grid connections. Unlike a lithium-ion battery, it can be discharged completely, and the electrolyte can be reused and doesn't need to be disposed of. Moreover, the electrolyte used is aqueous and inherently safe, and non-flammable.
- According to the International Energy Agency (IEA), the solar photovoltaic and wind energy sectors are likely to increase their capacity to more than 970GW and 830GW by 2025, which is expected to expand the vanadium redox battery market during the forecast period.
Asia-Pacific Likely to Dominate the Market
- The Asia-Pacific is expected to dominate the vanadium redox battery market as the region has several operational flow battery installations with large power ratings.
- Countries such as China, India, Japan, and Australia are striving to boost their large-scale energy storage capacity through battery technologies that could, in turn, enhance electric stability.
- As of 2022, China holds the highest capacity of flow batteries installed compared to other countries in the Asia-Pacific region.
- In September 2022, The Energy Storage from the Flow Battery in northeast China's Dalian, the peak-shaving power station, has recently been wired into the grid. The vanadium flow battery will eventually increase its present 100 MW/400 MWh capacity to 200 MW/800 MWh. The Chinese Academy of Sciences estimates that it can provide enough electricity to cover the daily needs of 200,000 inhabitants.
- This project represents a key step in utilizing China's rich vanadium resources for renewable energy development that will transform the energy industry and help alleviate environmental problems.
- Moreover, with existing and upcoming solar and wind projects in the region, many companies are keen on deploying and expanding their business in Asia-Pacific, which is expected to develop the market in the future.
Vanadium Redox Battery Industry Overview
The vanadium redox battery market is consolidated. The key players in the market (not in a particular order) include VRB Energy, VanadiumCorp Resource Inc., Invinity Energy Solutions, Solibra Energy Storage Technologies GmbH, UniEnergy Technologies, H2 Inc, and Big pawer Electrical Technology Xiangyang Inc. Co. Ltd., among others.
Vanadium Redox Battery Market Leaders
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VRB Energy
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VanadiumCorp Resource Inc.
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Invinity Energy Solutions
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Solibra Energy Storage Technologies GmbH
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UniEnergy Technologies
*Disclaimer: Major Players sorted in no particular order
Vanadium Redox Battery Market News
- In November 2022, a strategic manufacturing cooperation agreement was signed between North Harbour Clean Energy PTY Ltd. in Australia and CellCube to build an assembly and manufacturing line in Eastern Australia. A production capacity of 40-160 megawatt hours per year is the initial target on the way to a target of up to 8,000 megawatt hours. In addition, the partners have decided to build Australia's biggest vanadium flow battery, with a capacity of 4 to 16 megawatt-hours.
- In November 2022, The Viejas Tribe of Kumeyaay Indians was scheduled to receive backup power from the 60 MWh long-duration energy storage system that will be constructed with a USD 31 million grant from the California Energy Commission. The project will contain a zinc hybrid cathode battery system created by Eos Energy Enterprises as well as a 10 MWh vanadium redox flow battery from Infinity Energy Systems.
Vanadium Redox Battery Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 End-User
5.1.1 Utility
5.1.2 Commercial
5.1.3 Others
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 South America
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 VRB Energy
6.3.2 VanadiumCorp Resource Inc.
6.3.3 Invinity Energy Solutions
6.3.4 Solibra Energy Storage Technologies GmbH
6.3.5 UniEnergy Technologies
6.3.6 H2 Inc.
6.3.7 Big pawer Electrical Technology Xiangyang Inc. Co.,Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Vanadium Redox Battery Industry Segmentation
Vanadium redox battery (VRB), also known as vanadium flow battery (VFB) or vanadium redox flow battery (VRFB), is a rechargeable flow battery. It makes use of vanadium ions as charge carriers. The battery takes advantage of vanadium's capacity to exist in solution in four different oxidation states to create a battery with only one electroactive ingredient rather than two.
The market is segmented by End-User and Geography. By end-user, the market is segmented into utility, commercial, and others. The report also covers the market size and forecasts for the vanadium redox battery market across the major regions (North America, South America, Europe, Asia-Pacific, and Middle-East and Africa). For each segment, the market sizing and forecasts have been done on the revenue (USD Million).
| End-User | |
| Utility | |
| Commercial | |
| Others |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Vanadium Redox Battery Market Research FAQs
What is the current Vanadium Redox Battery Market size?
The Vanadium Redox Battery Market is projected to register a CAGR of greater than 9.5% during the forecast period (2024-2029)
Who are the key players in Vanadium Redox Battery Market?
VRB Energy, VanadiumCorp Resource Inc., Invinity Energy Solutions, Solibra Energy Storage Technologies GmbH and UniEnergy Technologies are the major companies operating in the Vanadium Redox Battery Market.
Which is the fastest growing region in Vanadium Redox Battery Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Vanadium Redox Battery Market?
In 2024, the Asia Pacific accounts for the largest market share in Vanadium Redox Battery Market.
What years does this Vanadium Redox Battery Market cover?
The report covers the Vanadium Redox Battery Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Vanadium Redox Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vanadium Redox Battery Industry Report
Statistics for the 2024 Vanadium Redox Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vanadium Redox Battery analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
