The Global All-Vanadium Redox Flow Batteries Market size was valued at US$ 171.9 million in 2021 and is anticipated to reach US$ 690.1 million by 2027 and increase at a CAGR of 18.5% during 2022 and 2027.
The increasing demand for technologically advanced batteries and rising utility for power plants and grid energy storage are the essential factors responsible for the growth of all-vanadium redox flow batteries. The vanadium redox battery (VRB), also called the vanadium flow battery (VFB) or vanadium redox flow battery (VRFB), is a rechargeable flow battery that stores chemical potential energy using vanadium ions in various oxidation states. The vanadium redox battery takes advantage of vanadium's capacity to live in solution in four different oxidation states, allowing it to create a battery with only one electroactive material rather than two. In addition, most vanadium batteries are currently utilized for grid energy storage, i.e., attached to power plants or electrical grids, for various reasons, including their relative bulkiness. Therefore, these vanadium redox flow batteries characteristics tend to uplift the global all-vanadium redox flow batteries market during 2022 - 2027.
The global all-vanadium redox flow batteries market holds the largest revenue due to the growing demand for advanced batteries and the increasing power plants and grid energy storage usage. Generally, Redox flow batteries are defined as electrochemical energy storage devices that convert chemical energy into electrical energy via reversible oxidation and reduction of working fluids. To store energy, vanadium redox flow batteries (VRFB) use vanadium redox (oxidation state) couples, V2+/V3+ in negative half-cells and V4+/V5+ in positive half-cells. In a Sulphur acid electrolyte solution, the vanadium redox pair dissolves chemically. The energy and power ratings of VRFB are unrelated.
A fundamental characteristic of VRFB is regulating power in kW and energy in kilowatt-hours (kWh). The vanadium redox battery primarily utilizes vanadium's capacity to enter the solution in four various oxidation states to generate a battery that only has one electroactive element rather than two. Most vanadium batteries are currently used for grid energy storage for various reasons, including their relative bulkiness. Because of their great size, these batteries are presently employed in electrical networks and power plants. In addition, these batteries may run at 0% charge, unlike lithium-ion batteries, which operate between 20% and 100%, making them superior and appropriate for energy storage applications in solar and wind power producing farms. Moreover, vanadium redox flow batteries provide infinite energy capacity for significant electrolytes and have low maintenance levels. These are the essential features that attribute to the global all-vanadium redox flow batteries market growth.
The main drawbacks of vanadium redox technology are its low energy-to-volume ratio and low round-trip efficiency compared to ordinary storage batteries. Furthermore, the aqueous electrolyte makes the battery bulky, making it only suitable for stationary use. Another drawback is the comparatively high toxicity of vanadium oxides. Because vanadium is a plentiful material that occurs naturally in approximately 65 different minerals and fossil fuel reserves, its price may be acceptable but still expensive. However, the technology necessitates using an expensive ion-exchange membrane, accounting for up to 40% of the total battery cost. Furthermore, vanadium redox flow batteries comprise a limited storage energy capacity. Thus, it further hampers the global all-vanadium redox flow batteries market during the forecast period.
Market Size Available
2021 – 2027
2022 - 2027
By Type, Application, End User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Avalon Battery Corporation,Dalian Rongke Power Co., Ltd, Hydra Redox, Le System Co., Ltd., redT Energy plc, StorEn Technologies Inc., Storion Energy, UniEnergy Technologies, Sumitomo Electric Industries, Big Pawer
Based on product type, carbon felt electrodes attribute the dominant role in global all-vanadium redox flow batteries. Carbon felt electrodes are flexible as compared to graphene electrodes. Carbon felt electrodes are majorly utilized in the electrolysis since these act as a good conductor and provide enough free electrons. On the other hand, carbon felt electrodes comprise a high melting point. Hence, carbon felt electrodes' crucial characteristics help increase the global all-vanadium redox flow batteries market growth in the next six years.
The renewable energy integration application held the most prominent global all-vanadium redox flow batteries market share. Renewable energy integration systems comprise n number of advantages. First, its purpose is to strengthen the electric grid's system design, planning, and operation to lower carbon emissions and other pollutant emissions owing to the increasing use of renewable energy. Moreover, Renewable Energy Integration integrates renewable energy, distributed generation, energy storage, and thermally activated technology. These characteristics of renewable energy integration are responsible for the global all-vanadium redox flow batteries market share.
The end-users uninterruptible power supply (UPS) accounts for the highest share in the global all-vanadium redox flow batteries market. UPS is an electrical device that offers emergency power to loads when the main emphasis is not intact. UPS comprises a battery that provides the signal when it senses a low intensity. Therefore, it plays a crucial role in protecting data centers, computers, and other electrical equipment.
Market Regional Analysis:
The Global All-Vanadium Redox Flow Batteries Market Report includes the segmentation of Regions:
Asia Pacific attributes the largest global all-vanadium redox flow batteries market share owing to the increasing adoption of low-cost energy batteries in China and India.
North America tends to grow with the highest CAGR in the global all-vanadium redox flow batteries market due to rising usage of advanced batteries in the U.S. and Canada.
Increasing development of electric vehicles and renewable power firms are the primary factors responsible for the significant global all-vanadium redox flow batteries market in Europe.
COVID-19 virus turned out to be one of the most effective viruses, which can be rapidly spread to one another in no time. Therefore, it has affected many industries in emerging economies. According to World Health Organization, over 16 million people were involved in COVID, and over 500 thousand people faced the death bed across the world. The government has implemented many ways to curb the virus, but the virus is still rapidly spreading worldwide. Fortunately, global all-vanadium redox flow batteries have seen significant growth since most people were confined to work from options and needed the batteries for their personal computers. Moreover, most people utilize UPS in case of power loss, whereas UPS requires vanadium batteries for their use which helps in the positive impact of the market.
Market Key Players:
The companies covered in the report include:
Avalon Battery Corporation
Dalian Rongke Power Co., Ltd
Le System Co., Ltd.
redT Energy plc
StorEn Technologies Inc.
Sumitomo Electric Industries
On 16th April 2020, Avalon Battery Corporation announced that it has merged with redT as Invinity Energy systems, a leading vanadium flow battery company. Furthermore, vanadium flow batteries can offer low-cost clean energy even wind and solar power generation is idle.
BASF announced its partnership with JenaBatteries GmbH, which has made available a scalable redox flow battery for energy storage. It comprises of 100kW to 2MW power capacity.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 All-Vanadium Redox Flow Batteries Market , By Product type
6.1.1 Graphene Electrodes
6.1.2 Carbon Felt Electrodes
6.1.3 Market Size Estimations & Forecasts (2022 - 2027)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 All-Vanadium Redox Flow Batteries Market , By Application
6.2.1 Renewable Energy Integration
6.2.2 Utility Services
6.2.4 Market Size Estimations & Forecasts (2022 - 2027)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 All-Vanadium Redox Flow Batteries Market , By End User
6.3.1 Uninterruptible Power Supply (UPS)
6.3.2 Photovoltaic industry
6.3.3 Wind Power Industry
6.3.4 Market Size Estimations & Forecasts (2022 - 2027)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2022 - 2027)
7.2.1 By Country
7.2.2 By Product type
7.2.3 By Application
7.2.4 By End User
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Product type
7.3.3 By Application
7.3.4 By End User
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Product type
7.4.3 By Application
7.4.4 By End User
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Product type
7.5.3 By Application
7.5.4 By End User
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Product type
7.6.3 By Application
7.6.4 By End User
8. Key Player Analysis
8.1 Avalon Battery Corporation
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Dalian Rongke Power Co., Ltd
8.3 Hydra Redox
8.4 Le System Co., Ltd.
8.5 redT Energy plc
8.6 StorEn Technologies Inc.
8.7 Storion Energy
8.8 UniEnergy Technologies
8.9 Sumitomo Electric Industries
8.10 Big Pawer
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
Global All-Vanadium Redox Flow Batteries Market By Region, From 2022 - 2027 ( USD Billion )
Global All-Vanadium Redox Flow Batteries Market By Product type , From 2022 - 2027 ( USD Billion )
Global Graphene Electrodes Market By Region, From 2022 - 2027 ( USD Billion )
Global Carbon Felt Electrodes Market By Region, From 2022 - 2027 ( USD Billion )
Global All-Vanadium Redox Flow Batteries Market By Application, From 2022 - 2027 ( USD Billion )
Global Renewable Energy Integration Market By Region, From 2022 - 2027 ( USD Billion )
Global Utility Services Market By Region, From 2022 - 2027 ( USD Billion )
Global UPS Market By Region, From 2022 - 2027 ( USD Billion )
Global All-Vanadium Redox Flow Batteries Market By End User , From 2022 - 2027 ( USD Billion )
Global Uninterruptible Power Supply (UPS) Market By Region, From 2022 - 2027 ( USD Billion )
Global Photovoltaic industry Market By Region, From 2022 - 2027 ( USD Billion )
Global Wind Power Industry Market By Region, From 2022 - 2027 ( USD Billion )
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