Favorable developments in solar and wind energy are likely to play a critical role in charting the growth trajectory of the global vanadium redox flow battery market. According to a recent report released by the International Energy Agency (IEA), electricity generation from renewables will account for 50% of the total global electricity generation in the next five years, powered by solar and wind energy. The IEA states that solar and wind power projects have been rolling out at a skyrocketing pace in the last few years. With renewable energy sources expected to contribute 30% of the world’s electricity by 2024, the IEA predicts that solar and wind are slated to play a central role in facilitating a global shift towards clean energy. This is expected to be one of the leading vanadium redox flow battery market trends as these batteries provide an energy-efficient solution for storing and converting solar energy into electricity on a large-scale.
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- VIONX Energy Corporation
- StorEn Technologies Inc.
- CellCube Energy Storage Systems Inc.
- Avalon Battery Corporation
- VoltStorage GmbH
- Pinflow Energy Storage
- redT energy Plc
- Prudent Energy
- Imergy Power Systems
- Sumitomo Electric
- Vanadis Power GmbH
- UniEnergy Technologies
- Northern Graphite
- Rongke Power
Key Market Driver – Growing demand for power backup around the world
Key Market Restraint – High initial cost and low energy to volume ratio
Key Segmental Overview:
- By Type
- By Application
- By Geography
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Fortune Business Insights, in its report, titled “Vanadium Redox Flow Battery Market Size, Share and Global Trend By Type (Graphene Electrodes, Carbon Felt Electrodes), By Application (Utility, Energy Storage, Others) and Geography Forecast till 2026”, shares a microscopic analysis of the different drivers, factors, prospects, and other competitive and regional dynamics that will influence the market during the forecast period. In addition to this, the report also provides a macroscopic assessment of the general industry trends that are likely to shape of this market, enabling businesses to design their strategies according to the needs of the market.
Promising Benefits of Vanadium Flow Batteries to Spur Their Uptake
Vanadium redox flow batteries (VRFB) are devices that are capable of storing renewable energy on a large-scale and converting it into electricity in an energy-efficient manner. These batteries carry a host of advantages that make them an attractive and viable alternative to the conventional lithium-ion batteries. For example, these devices can last for 20 years as there is no need for heat resistance. Moreover, unlike regular batteries that a limited charge-recharge capability, VFRBs can charge and recharge countless times, thereby making them last longer. The electrolyte contained in VFRBs is non-flammable, upping their safety quotient, unlike lithium-ion batteries that have drawn flak for causing frequent fire accidents. Most importantly, these devices store excess solar energy during day time and discharge when photovoltaics are not generating energy, such as during night-time. This enables the batteries to use the stored energy during peak demand periods or on days when PVs are unable to generate power.
North America to Lead the Pack; Europe to Showcase Steady Growth
North America is slated to lead the vanadium redox flow battery market share on account of consistent demand for electricity across various domains, primarily in the US. In Europe, the growth opportunities for this market are endless as EU members are increasingly pushing for renewable energy sources, mainly solar and wind, to meet the energy demands in the region. Rapid urbanization, escalating demand for electricity, increasing investment in solar power, and persistent demand for automobiles are factors that willpropel the VRFB market in Asia-Pacific. Lastly, the growing demand for efficient power back-up systems will fuel the market in Latin America and the Middle East during the forecast period.
Strategic Partnerships to Intensify Competition
The vanadium redox flow battery market forecast by Fortune Business Insights predicts stiff competition in this market owing to the increasing number of strategic collaborations and merger activities between players. These measures taken up by companies are aimed at strengthening their position in the market and diversify their product offerings.
Key Industry Developments:
- July 2019: UK-based redT energy Plc announced its plan to merge with its US counterpart, Avalon Battery Corporation, with the aim to establish a global organization concentrating on developing vanadium redox flow batteries.
- March 2019: Teaming up with Eskom, Bushveld Energy commissioned the first vanadium redox flow battery energy storage and delivery facility in South Africa. The project is aimed at developing the renewable energy capacity of rural areas in the country.
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Major Table of Content For Vanadium Redox Flow Battery Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026
- North America Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026
- Europe Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026
- Asia Pacific Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026
- Latin America Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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