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.
This professional and specialized report study examines the technical and business perspective of the vanadium redox battery (VRB) industry. The report provides a historical analysis of the industry as well as the projected trends expected to be witnessed in the vanadium redox battery (VRB) market. The report study analyzes the market statistics at the global as well as the regional levels to gain an in-depth perspective of the overall vanadium redox battery (VRB) market. The historical insights are provided from 2016 to 2019 and projected trends are provided from 2020 to 2026. The quantitative data is provided in terms of both volume (Megawatts) and value (USD Million) for 2016 – 2026. The qualitative data is reinforced by analyzing and providing numerous market dynamics (directly or indirectly affecting the industry) such as growth drivers, restraints, challenges, and opportunities.
We have included various industry analysis models in our report and extensively demonstrated the key business strategies and competitive landscape of the vanadium redox battery (VRB) market in our study.
Our study also includes an analysis of Porter’s Five Forces framework for understanding the competitive strategies adopted by various stakeholders involved in the entire value chain of the vanadium redox battery (VRB) market. It also encompasses PESTLE analysis and SWOT analysis.
The report also offers an in-depth analysis of the market shares of each industry player and gives an outline of the market position of key players in the vanadium redox battery (VRB) market. Moreover, the study offers wide coverage of key strategic advances witnessed in the market such as new product launches, acquisitions & mergers, collaborations & joint ventures, funding & VC activities, agreements, partnerships, R&D activities, and regional expansion of key players of the vanadium redox battery (VRB) market.
The research study provides a critical assessment of the vanadium redox battery (VRB) industry by logically segmenting the market on the basis of type, electrode type, application, and regions. Based on the past, present, and future trends, all the segments were analyzed from the bottom up, and the market sizes have been estimated from 2020 to 2026. The regional segmentation of the vanadium redox battery (VRB) industry includes the holistic bifurcation of all the five major continents including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Vanadium redox battery (VRB) is also referred as vanadium redox flow battery (VRFB) or vanadium flow battery (VFB). VRB is an emerging technology in energy storage sector. Normally, pumped hydro storage, thermal storage, and lithium-ion batteries, are extensively used energy storage. However, vanadium redox battery has longer lifespans (up to 25 years) than other types of energy storage systems. Vanadium redox battery delivers power instantly and stores up to hundreds of MW of energy. As vanadium redox batteries are bulkier than lithium ion batteries, these cannot be used in electric vehicles. Carbon paper and graphite felt type electrodes are used in vanadium redox batteries.
In recent years, the energy consumption across the world has increased substantially, due to growing population and growing commercial and industrial sector. This has fueled the demand for large power backup systems, which has been a key factor in driving the market for vanadium redox battery. Moreover, rising investment in renewable energy production, to minimize the dependency on energy created fossil fuels, has fueled the global energy storage, which is anticipated to offer huge opportunities for the global vanadium redox battery market in years to come. However, the low energy-to-volume ratio of vanadium redox batteries compared to other energy storage technologies is an aspect that has restricted the vanadium redox battery adoption for various applications, which has hampered the market growth.
The global vanadium redox battery (VRB) market is segmented into type, electrode type, and application. By type, the global vanadium redox battery (VRB) market is classified into redox and hybrid. By electrode type, the global vanadium redox battery (VRB) market is segmented as carbon paper electrode and graphite felt electrode. By application, the global vanadium redox battery (VRB) market is bifurcated into utilities, commercial & industrial, military, EV charging station, and others.
Some of the essential players operating in the vanadium redox battery (VRB) market, but not restricted to include Gildemeister Energy Solutions, RedT Energy, UniEnergy Technologies, VanadiumCorp Resource, Vionx Energy, Australian Vanadium, Bushveld Energy, Cellennium, Prudent Energy, Redflow, Sparton Resources, Sumitomo Electric Industries, and others.
The taxonomy of the vanadium redox battery (VRB) industry by its scope and segmentation is as follows:
Global Vanadium Redox Battery (VRB) Market: By Type Segmentation Analysis
Global Vanadium Redox Battery (VRB) Market: By Electrode Type Segmentation Analysis
Global Vanadium Redox Battery (VRB) Market: By Application Segmentation Analysis
Global Vanadium Redox Battery (VRB) Market: Regional Segmentation Analysis
KEY BUSINESS POINTERS ADDRESSED & FOREMOST REASONS TO PROCURE THE REPORT:
Key Insights from Primary Research
Key Recommendations from Analysts