Global Vanadium Redox Battery (VRB) Market Revenue Projected around USD 2,000 million By 2026

13-Feb-2020 | Zion Market Research

Zion Market Research has authored “Vanadium Redox Battery (VRB) Market – By Type (Redox and Hybrid), Electrode Type (Carbon Paper Electrode and Graphite Felt Electrode) and By Application (Utilities, Commercial & Industrial, Military, EV Charging Station, and Others): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026”. Based on our analysis, revenue generated by the global vanadium redox battery (VRB) market in 2019 is around USD 160 million and is predicted to be valued around USD 2,000 million by 2026. The anticipated CAGR for the vanadium redox battery (VRB) market is nearly 45% from 2020 to 2026.

Vanadium redox battery is a rechargeable battery that stores electrochemical energy. Vanadium redox battery uses vanadium as an electrolyte which serves the purpose of conducting electricity and is thermally insulating steel blue metal. Vanadium redox battery offers a large amount of energy capacity, furthe, the capacity can be increased by installing larger electrolyte storage tanks. Also, even if the electrolytes of the vanadium redox battery are accidentally mixed, this doesn’t pose significant damage to the vanadium redox battery. Vanadium redox battery offers efficiency up to 90% depending on storage capacity. Also, it can be used to a depth of discharge (DOD) of nearly 90%. Hence, vanadium redox batteries are used for large energy storage capacity applications.

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In recent years, global energy consumption has soared due to the rising population in countries such as China, India, etc. and economic growth. This has bolstered the demand for energy storage systems at power stations for power backup purposes, which has influenced the adoption of new energy storage technologies. Such a trend has boosted the global vanadium redox battery market. Further, technological advancements in electrochemical energy storage technologies are also a key factor driving the global vanadium redox battery market. However, bulkier and heavier features of vanadium redox battery systems have limited the applicability of vanadium redox batteries across various industry verticals such as electric vehicle batteries, small power backup units, etc. Moreover, the low cost of lithium ion batteries and other battery technology has hampered the adoption of vanadium redox batteries globally, which has posed a threat to the vanadium redox battery market.

By type, the redox segment held a major share in the global vanadium redox battery market, accounting for a market share of nearly 85% in 2018 and is expected to hold a similar dominant market share till 2026. On the basis of electrode type, graphite felt electrode held a share of nearly 75% in2019 and is record a CAGR of approximately 45% over the forecasted period. By application, the utility segment dominated the global vanadium redox battery market and held a share of nearly 80% in 2018 due to the higher adoption of vanadium redox batteries in the energy sector due to higher demand for power backup equipment.

By geography, the global vanadium redox battery market was dominated by the Asia Pacific in 2018. The region held a significant share of nearly 85% in 2018. The Asia Pacific region dominated the market due to the establishment of new vanadium redox batteries in China. Government initiatives in renewable energy are expected to create new avenues for the global vanadium redox battery market in the year to come. Moreover, North America held a share of around 14% in 2019. Strategic investment by the U.S. in expanding its energy storage capacity has been fueling the North America vanadium redox battery market.

Companies which are profiled the vanadium redox battery (VRB) market report are Sumitomo Electric Industries, UniEnergy Technologies, RedT Energy, Gildemeister Energy Solutions, Vionx Energy, VanadiumCorp Resource, Bushveld Energy, Cellennium, Prudent Energy, Redflow, Sparton Resources, Australian Vanadium,  and others.

This report segments the vanadium redox battery (VRB) market as follows:

Global Vanadium Redox Battery (VRB) Market: By Type Segmentation Analysis

  • Redox
  • Hybrid

Global Vanadium Redox Battery (VRB) Market: By Electrode Type Segmentation Analysis

  • Carbon Paper Electrode
  • Graphite Felt Electrode

Global Vanadium Redox Battery (VRB) Market: By Application Segmentation Analysis

  • Utilities
  • Commercial & Industrial
  • Military
  • EV Charging Station
  • Others

Global Vanadium Redox Battery (VRB) Market: Regional Segmentation Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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