The Global All-Vanadium Redox Flow Batteries Market size was valued at US$ 348 million in 2022 and is anticipated to reach US$ 1130 million by 2028 and increase at a CAGR of 22% during 2023 and 2028.
Market Overview:
Market Drivers:
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.
Market Restraints:
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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
22% |
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Segments Covered |
By Type, Application, End User, and Region |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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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, and Others. |
Market Segmentation:
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 electrolysis since these act as good conductors 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 centres, computers, and other electrical equipment.
Market Regional Analysis:
The Global All-Vanadium Redox Flow Batteries Market Report includes the segmentation of Regions:
The 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.
The 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 the World Health Organization, over 16 million people were involved in COVID, and over 500 thousand people faced the deathbed 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:
Market Recent Developments:
On 16th April 2020, Avalon Battery Corporation announced that it had 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 100kW to 2MW power capacity.
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