Vanadium Redox Flow Battery Market Size, Share and Global Trend By Type (Graphene Electrodes, Carbon Felt Electrodes), By Application (Utility, Energy Storage, Others) and Regional Forecast, 2024-2032

In the developed and the developing nations, the demand for the continuous power supply has increased over the years, which has seen batteries being exclusively used as a source of backup power. Batteries serve the function of providing a backup source for electricity in case of power cuts or the peak loads. The vanadium redox flow batteries are the rechargeable batteries which use the ability of vanadium to exist in solution in four different oxidation states.

These batteries have only one electroactive element present instead of two. The scalable property, low maintenance, long cycle life, and ability to stay unaffected when 0% charged is the factor which separates these batteries from other available counterparts. The minimal response time required by these batteries as compared to others in case of varying loads and heavy loads is the other main factor driving the market.

In recent years the adoption for solar power and wind power has increased, which has seen an increase in adoption of the vanadium redox flow batteries as these can be used for large loads. Also, the application of these batteries has spread into military, residential, commercial applications. This trend is set to continue all around the globe with green energy targets set up by various developed and developing countries.

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The global vanadium redox flow battery market is broadly classified into two types based on the electrodes used, namely graphene electrodes and carbon felt electrodes. Due to the extensive operation range, low cost, and higher stability, the carbon felt electrode segment dominates the market. On the basis of its application, the global vanadium redox flow battery market can be segmented into utility, energy storage, and others. The utility segment dominated the market and is set to continue its dominance owing to the setting up of new grids with the increased adoption for the renewable sources.

The key market driver for the global vanadium redox flow battery market is the growing demand for power backup all around the globe. Other factors driving the growth of the global vanadium redox flow battery market are the scalable property of vanadium redox batteries, limited self-discharge, and low maintenance. The growing installations of solar and wind power have also helped in the global vanadium redox flow battery market to grow. 

The high initial cost required for manufacturing vanadium redox flow batteries acts as key market restraint for the global vanadium redox flow battery market. Also, the lower energy to volume ratio as compared to the other counterparts acts as a market restraint for the global vanadium redox flow battery market.

Key Players Covered

The key players in the global vanadium redox flow battery market are Avalon Battery, UniEnergy Technologies, Rongke Power, Sumitomo Electric, redT energy plc, VIONX Energy Corporation, VRB Energy, CellCube Energy Storage Systems Inc, Imergy Power Systems, Northern Graphite, Prudent Energy, StorEn Technologies Inc, Vanadis Power GmbH, VoltStorage GmbH, VisBlue, and Pinflow Energy Storage.

Segmentation

Regional Analysis

The global vanadium redox flow battery market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The USA has been the leading player in the North America region and globally owing to the continuous electricity supply-demand from various sectors within the country. In Europe, the drift towards clean energy has seen countries like Italy, Germany, Spain, the UK increase its energy production using renewable sources of energy. This adoption of solar and wind has opened up opportunities for the vanadium redox flow batteries in the region. In the Asia Pacific the ever-increasing demand for energy with the growing urbanization, an increasing number of industries, rise in the automotive sector and adoption of solar and wind have been the factor collaborating together for the growth of the vanadium redox flow battery market. The upcoming electric vehicles also stand as an opportunity for the global vanadium redox flow battery market. With the drift towards clean energy and increasing exploration activities, the requirement for power backup has increased which will see Latin America and the Middle East region have moderate growth in the vanadium redox flow battery market in the given forecast period.

Key Industry Developments

• In May 2019, Canada based CellCube has announced the signing of the letter of intent for the supply of 50MW/200MW flow batteries for a Pangea Energy Project in South Australia. The investment by Pangea Energy in the project would be around $200 million. The construction for the project would start in 2019 and to be operational by 2020.


• In June 2019, VanadiumCorp. Announced about the signing the technology licensing agreement with the Ultra Systems Power Ltd. which would allow Ultra Systems Power Ltd. to use VanadiumCorp vanadium production technology. In regards to the same, the company received the final payment.  


• In March 2019, The joint effort was carried out by Bushveld Energy and Eskom for the energy storage and delivery project, which saw the commissioning of first vanadium redox flow batteries in South Africa. This stands as the crucial step in the development of rural and remote areas of South Africa and beyond