Global Vanadium Redox Battery Market to Reach $592.4 Million by 2026

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Mar 23, 2022, 11:45 ET

SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Vanadium Redox Battery - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Global Vanadium Redox Battery Market to Reach $592.4 Million by 2026

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Edition: 10; Released: February 2022
Executive Engagements: 449
Companies: 26 - Players covered include Big Pawer Electrical Technology Xiangyang Inc. Co., Ltd.; CellCube Energy Storage Systems Inc.; Dalian Rongke Power Co., Ltd.; H2, Inc.; HydraRedox Iberia S.L.; Invinity Energy Systems PLC; LE SYSTEM CO., Ltd.; Pinflow energy storage, s.r.o.; StorEn Technologies Inc.; Storion Energy; Sumitomo Electric Industries, Ltd.; UniEnergy Technologies LLC; VisBlue A/S; VoltStorage GmbH; VRB Energy and Others.
Coverage: All major geographies and key segments
Segments: Type (Graphite Felt Electrodes, Carbon Paper Electrodes); End-Use (Large-Scale Energy Storage, Uninterruptible Power Supply (UPS), Emergency Power Supply)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Vanadium Redox Battery Market to Reach $592.4 Million by 2026
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.

Amid the COVID-19 crisis, 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. 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. More

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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