Global Vanadium Redox Flow Batteries Market Size, Share, Growth Analysis, By Product(Carbon Felt Electrodes and Graphene Electrodes), By End Use(Photovoltaic Industry, Automotive)

Description

Global Vanadium Redox Flow Batteries Market size was valued at USD 350 million in 2022 and is poised to grow from USD 426.30 million in 2023 to USD 2064.87 million by 2031, at a CAGR of 21.8% during the forecast period (2024-2031).

Vanadium redox flow batteries are now largely used for grid energy storage due to their relatively large weight. Because of their large capacity, these batteries are appropriate for energy storage. For example, in September 2022, the Energy Storage from the Flow Battery of the peak-shaving power plant in Dalian, northeast China, has recently been connected to the grid. The vanadium flow battery's present 100 MW/400 MWh capacity will eventually increase to 200 MW/800 MWh. It can meet the daily electricity needs of 200,000 people, according to the Chinese Academy of Sciences. Over the past few years, VRFBs have become much more commercially available due to their use in garage structures that are compatible with solar and wind energy sources. Tidal power, a relatively new renewable energy source, may present some exciting growth opportunities for the vanadium redox flow battery sector. In VRFB packs, low energy density is also a possibility. However, this can be addressed by significantly increasing the number of electrolyte reservoirs, which raises the cost of the system. The availability of alternative sources may also restrict the market's potential for revenue growth.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Vanadium Redox Flow Batteries Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Vanadium Redox Flow Batteries Market Segmental Analysis

Global Vanadium Redox Flow Batteries Market is segmented on the basis of product type, application, end use and region. By product type, the market is segmented into graphene electrodes and carbon felt electrodes. By application, the market is segmented into renewable energy integration, utility services, and ups. By end use, the market is segmented into photovoltaic industry, automotive, energy & power industry, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Vanadium Redox Flow Batteries Market

VRFBs can supply dependable, long-duration energy storage in off-grid or isolated locations, making them ideal for microgrid applications. The market for VRFBs is anticipated to be driven by the increasing need for microgrids in isolated and underprivileged areas.

Restraints in the Global Vanadium Redox Flow Batteries Market

Compared to other energy storage choices like lithium-ion batteries, VRFBs are a relatively new and less well-known technology. Customers may find it difficult to make educated decisions about what to buy and for manufacturers and installers to effectively advertise the advantages of VRFBs due to a lack of understanding and awareness of these products.

Market Trends of the Global Vanadium Redox Flow Batteries Market

The growing need for a steady and dependable power source is driving up demand for energy storage systems. Vanadium redox flow batteries and other energy storage devices stabilize the grid by storing excess energy during times of low demand and releasing it during times of peak demand.

Product Code: SQMIG20D2169

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Vanadium Redox Flow Batteries Market by Product

Market Overview
Carbon Felt Electrodes and Graphene Electrodes

Global Vanadium Redox Flow Batteries Market by End Use

Market Overview
Photovoltaic Industry
Automotive
Energy & Power industry
Others

Global Vanadium Redox Flow Batteries Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2021

Key Company Profiles

Sumitomo Electric Industries Ltd. (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
UniEnergy Technologies LLC (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Schmid Group (Switzerland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
VRB Energy Inc. (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Rongke Power (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
RedT Energy Plc (UK)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Vionx Energy Corporation (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Prudent Energy Inc. (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Avalon Battery Corporation (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
EnerVault Corporation (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Gildemeister Energy Solutions (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
VanadiumCorp Resource Inc. (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
VoltStorage GmbH (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
American Vanadium Corp. (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
W2 Energy Inc. (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Bushveld Energy Limited (South Africa)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Smart Energy GB Ltd. (UK)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Pu Neng Energy (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Infinity Energy Systems (UK)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
WattJoule Corporation (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Cellstrom GmbH (Austria)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Elestor BV (Netherlands)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Vanadium Redox Flow Batteries Market Size, Share, Growth Analysis, By Product(Carbon Felt Electrodes and Graphene Electrodes), By End Use(Photovoltaic Industry, Automotive) - Industry Forecast 2024-2031