Global Vanadium Redox Batteries Market Size and Forecast, 2012-2022

The global vanadium redox batteries market size is expected to witness a significant revenue CAGR of 59.7% over the forecast period since vanadium redox batteries have longer lifespans (up to 25 years) and are well suited for industrial and utility applications. VFRB’s stand distinctly in the energy storage market, since they deliver power instantly and store up to hundreds of megawatts of energy usable during peak hours.

Rising demand for renewable intermittent electricity supply (wind, solar, tidal) requires subsequent growth of energy storage installations. Vanadium redox (VRB) flow batteries are an emerging type within the energy storage market, which includes lithium-ion batteries, thermal storage and pumped hydro storage among others.

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Key players such as Sumitomo Electric, Rongke Power, and UniEnergy Technologies are majorly involved in the development and expansion strategies leading to improved product portfolio. For instance, in November 2017, StorEn Technology announced the development of a new age of vanadium redox flow batteries to cater the growing demand for cost-efficient energy storage.

Dissimilar from the traditional batteries which store the reactive materials inside their cells, vanadium redox flow batteries are rechargeable batteries wherein the energy is stored in chemical form in a liquid electrolyte enclosed in two separate tanks. As per the U.S. Department of Energy’s (DOE’s) global energy storage database, since 2014, more than 30 VRFB projects across 11 countries have been deployed or began construction ranging in power of a tens of kilowatts up to 200 MW (Dalian’s project in China).

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In 2017, graphite felt electrode segment accounted for nearly three-fourths of the global vanadium redox batteries market. This is majorly contributed to its wide operational range, low cost and excellent stability as compared to carbon paper electrode. However, graphite felt is often plagued by its poor electrochemical activity leading to low current densities. Carbon paper electrode segment is expected to witness the fastest growth between 2018 and 2022 owing to increasing innovations in the installation techniques of carbon paper electrodes. Thin carbon paper electrodes provide more efficiency in terms of output and cost effectiveness.
Substantial growth in the amount of renewable energy being deployed around the world is one of the most important drivers of large scale energy storage systems. Increasing investments in renewable energy is expected to augment the demand for large scale energy storage applications.

Vanadium redox flow battery is one the most promising technology being developed and installed. Also, the use of a single storage facility in multiple applications for utility grid systems is also expanding and becoming recognized for its value. In terms of application, the uninterruptible power supply (UPS) segment is anticipated to witness the fastest growth during the forecast period due to increasing UPS installations across several industry verticals including office buildings, theatres, hospitals, emergency lights, and data centers as well as in military equipment.

Asia Pacific subjugated the global vanadium redox batteries market in 2017 and is estimated to foresee the fastest growth in the foreseeable years generating revenues exceeding USD 240 million by 2022. The region is expected to be a major market for remote microgrids, although the requirements for these projects vary greatly on a country-by-country basis.

Governments of countries such as Japan has established a development goal stipulating that by 2020. Japanese energy storage manufacturers should control 50% of the global market share. North America accounted for the second largest share and is expected to be the second fastest growing market on account of increased necessity for energy efficient storage systems to support electrical grids, especially under highly stressed conditions to avoid power blackouts.

In terms of market players, the global vanadium redox flow battery (VRFB) market is highly consolidated owing to the presence of a few players. Generally, most of the players are located either in the U.S. or China, having little presence across other regions. Some of the key players include UniEnergy Technologies, Dalian Rongke Power Co. Ltd., Sumitomo Electric Industries, and Vionx Energy Corporation among others.
In Terms of VALUE Carbon Paper Electrode Segment set to witness fastest growth of 59.7% between 2018-2022.

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Key segments of the global vanadium redox flow battery market
Type Overview, 2012 – 2022 (MW, USD Million)
• Carbon Paper Electrode
• Graphite Felt Electrode

Application Overview, 2012 – 2022 (MW, USD Million)
• Large Scale Energy Storage
• Uninterruptible Power Supply
• Emergency Power Supply

Regional Overview, 2012 – 2022 (MW, USD Million)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Spain
o UK
o Italy
o Netherlands
o Germany
o Denmark
o Switzerland
o Rest of Europe
• Asia-Pacific
o China
o South Korea
o India
o OCEANIA
o Japan
o Rest of Asia-Pacific

The report has analyzed several players in the market, some of which include
• UniEnergy Technologies
• Dalian Rongke Power Co. Ltd.
• Sumitomo Electric Industries
• Vionx Energy Corporation
• Others

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