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Global Vanadium Redox Flow Battery (VRFB) Market growing at a CAGR of 19.5 % from 2023 to 2030

Category : Energy and Power | Published Date : May 2023

Key Market Overview

The vanadium redox flow battery market is poised for strong expansion and is projected to reach USD 1,214.97 Million by 2030. The market was sized at USD 298.11 Million in 2022 and is predicted to grow at a compound annual growth rate of 19.5% during the period 2023-2030.

The report highlights the increasing adoption of vanadium redox flow batteries owing to the increasing demand of energy storage devices for renewable energy. Consegic Business Intelligence provides an inclusive research report on the vanadium redox flow battery market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.

Global Vanadium Redox Flow Battery Market By Overview

Global Vanadium Redox Flow Battery Market

The report analyses significant segments such as type, application, end-user, and region, to identify emerging trends and potential opportunities. The graphene electrodes segment is expected to grow during the forecast period owing to the competency of graphene electrodes to deliver to provide high power density in vanadium redox flow batteries. In addition, graphene electrodes are also employed in gas plasma treatment to enable efficient electron transfer between the electrode and the electrolyte, resulting in improved battery performance and higher efficiency.

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Market Dynamics

Driver:

 

  • The rising demand for the storage of energy storage devices for renewable energy including solar energy acts as the key driver responsible for the growth of the vanadium redox flow battery market.
  • The increasing demand from the automotive industry for recharging electric batteries is contributing significantly in accelerating the market growth
  • The ability of vanadium redox flow batteries to function at a wide range of temperatures is propelling the market growth

 

Restraints:

  • The cost of production and maintenance of vanadium redox flow batteries is expensive that limits the adoption of such batteries by small enterprises.
  • The presence of alternatives including lithium-ion batteries that offer high energy in comparison to vanadium redox flow batteries hinders the market growth.

Market Segmentation:

Report Attributes Report Details
By Type Graphene Electrodes, Carbon-felt Electrodes, Carbon paper Electrodes, and Graphene-coated carbon-felt Electrodes
By Application Energy Storage, Renewable Energy, Uninterrupted Power Supply (UPS), Utility Services, and Others
By End-User Automotive, Energy and Utility, Chemical, Power Generation, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Competitive Landscape :

The landscape for Vanadium Redox Flow Battery Market is highly competitive with major players including Avalon Battery, Invinity Energy Solutions, CellCube (Enerox GmbH), and Conoship International that have a strong market position in current market circumstances. Further, the vanadium redox flow battery market is expected to witness significant growth in coming years owing to the increasing adoption of the batteries for analysing real-time microscopic measurements. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the vanadium redox flow battery market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.

  • Avalon Battery
  • Invinity Energy Solutions
  • CellCube (Enerox GmbH)
  • Conoship International
  • redT energy plc
  • Rongke Power
  • Solibra Energy Storage Technologies GmbH
  • Sumitomo Electric
  • UniEnergy Technologies
  • VanadiumCorp Resource Inc.
  • VIONX Energy Corpo
  • VRB Energy