Dublin, Aug. 05, 2022 (GLOBE NEWSWIRE) -- The "Vanadium Redox Battery - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Vanadium Redox Battery Market to Reach $592.4 Million by 2026
The global market for Vanadium Redox Battery estimated at US$237.5 Million in the year 2022, is projected to reach a revised size of US$592.4 Million by 2026, growing at a CAGR of 20.9% over the analysis period.
Redox flow batteries differ from other conventional batteries in that the energy storage occurs in a liquid media, and charging and discharging processes can take place within a single cell. This distinguishing feature of redox flow batteries allows energy storage and conversion to be scaled flexibly and separately as per the specific requirements of the application.
Similar to other electrochemical energy storage systems, redox flow batteries can also be developed in various different size classes, ranging from few hundred megawatts of power and watt-hours of storage to multi-megawatts and megawatt-hours systems for use as large grid-scale energy storage devices.
Redox flow batteries can be effectively utilized for all types of stationary energy storage tasks, though their higher lifetimes result in the lowest levelized cost of energy storage. Currently, there are various types of redox flow batteries that are being evaluated. However, the best known redox flow batteries is the vanadium redox battery.
Graphite Felt Electrodes, one of the segments analyzed in the report, is projected to grow at a 21.5% CAGR to reach US$558.6 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the carbon paper electrodes segment is readjusted to a revised 19.4% CAGR for the next 7-year period. This segment currently accounts for a 26.2% share of the global Vanadium Redox Battery market.
The U.S. Market is Estimated at $51.9 Million in 2022, While China is Forecast to Reach $84.7 Million by 2026
The Vanadium Redox Battery market in the U.S. is estimated at US$51.9 Million in the year 2022. The country currently accounts for a 21.9% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$84.7 Million in the year 2026 trailing a CAGR of 25.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 18.8% and 20.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 19.6% CAGR while Rest of European market (as defined in the study) will reach US$109.3 Million by the close of the analysis period.
The market is expected to be driven primarily by factors, such as their lower environmental impact in terms of battery disposal and higher energy capacity owing to the presence of larger tanks for electrolyte storage. These batteries contain no toxic or highly reactive substance and pose no fire hazard, making them more environment-friendly as compared to lead-acid and lithium-ion batteries.
Vanadium redox batteries are widely used in the sensor components of some critical military equipment, including ammunitions and weapons. However, their higher capital costs and lower energy density are anticipated to impede the market growth over the next few years.
Utilities are expected to be a major application market for vanadium redox batteries, attributed to the rising deployment of wind turbines and solar panels, and the continuous adoption and installation of energy storage technologies. Wind energy and solar photovoltaic sectors are projected to witness over 830 GW and 970 GW increase in capacity by 2025, which is likely to drive the adoption of vanadium redox batteries in the coming years.
Vanadium redox batteries offer suitability for both grid as well as off-grid connections. In contrast to lithium-ion batteries, vanadium redox batteries can be completely discharged and allow for reuse of the electrolyte. Moreover, the battery`s electrolyte is used in an aqueous form that makes the technology inherently nonflammable and safe.
By End-Use, Large-Scale Energy Storage Segment to Reach $491.7 Million by 2026
Global market for Large-Scale Energy Storage (End-Use) segment is estimated at US$198.2 Million in 2022, and is projected to reach US$491.7 Million by 2026 reflecting a compounded annual growth rate of 20.8% over the analysis period.
Europe constitutes the largest regional market for Large-Scale Energy Storage segment, accounting for 33.7% of the global sales. China is poised to register the fastest compounded annual growth rate of 25.3% over the analysis period, to reach US$89.2 Million by the end of the analysis period.
What`s New for 2022?
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to the digital archives
Complimentary updates for one year
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of COVID-19 and a Looming Global Recession
COVID-19 Crisis Underlines the Need for Sustainable Development
A World in the Midst of a Pandemic Throws Energy Demand into Crisis & Leaves Energy Investments in Shambles: Percentage Share of Energy Use Impacted by Lockdowns
COVID-19 Pandemic Impacts Vanadium Redox Battery Market
An Introduction to Vanadium Redox Batteries
Total Electrical Energy Stored Over Lifetime of Storage Technology
Key Components & Operating Principle of Vanadium Redox Batteries
Advantages and Benefits
Other Major Redox Flow Batteries
Vanadium Redox Battery (VRB): Market Overview and Outlook
Recent Market Activity
Select Innovations & Advancements by Market Participants
Vanadium Redox Battery - Global Key Competitors Percentage Market Share in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 26 Featured)
Big Pawer Electrical Technology Xiangyang Inc. Co., Ltd.
CellCube Energy Storage Systems Inc.
Dalian Rongke Power Co., Ltd.
HydraRedox Iberia S.L.
Invinity Energy Systems PLC
LE SYSTEM CO., Ltd.
Pinflow energy storage, s.r.o.
StorEn Technologies Inc.
Sumitomo Electric Industries, Ltd.
UniEnergy Technologies LLC
3. MARKET TRENDS & DRIVERS
Vanadium Flow Batteries: Unveiling the Much Needed Energy Storage Breakthrough
Development in Electric Cars to Generate Demand
UPS: Major Consumer of Vanadium Redox Batteries
Rental Model Seeks to Improve Project Economics
Military Microgrids: A Niche Application Segment
Vanadium Redox Flow Batteries Benefit Energy-Deprived Areas
Intermittent Nature of Renewable Energy Favors Market Adoption
Targets for Electricity Production from Renewable Energy Sources Worldwide by Country
Grid Modernization Programs Emphasize Grid Connected Energy Storage
Grid Reliability Assurances Promote Uptake
Strong Smart City Investments to Fuel Large-Scale Adoption
Smart Grids Elevate Market Prospects
Established Image of Lithium-ion Batteries Dampens Market Momentum
Organic Mega Flow Battery: A Low-Cost Alternative
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
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