The Global vanadium redox battery market size was assessed at USD 142.1 million in 2017 and is anticipated to expand at a CAGR of 59.7% over the forecast period from 2018 to 2022
This study is suitable for industry participants and stakeholders in the energy storage industry, who want an in-depth insight into the movement of the vanadium redox battery market. The report will benefit:
- • Executives of flow battery manufacturing companies that are engaged in the energy storage and distribution
- • Managers within financial institutions looking to publish recent and forecasted statistics pertaining to vanadium redox batteries
- • Venture capitalist looking into investing capital into redox flow batteries
- • Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative solutions for power backup
- • Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies
Key industry insights
- • Vanadium redox flow batteries stand distinctly in the energy storage industry, since they deliver power instantly and store up to hundreds of megawatts of energy usable during peak hours. Increasing demand for vanadium batteries owing to longer lifespans, makes it well suited for industrial and utility applications.
- • Currently, graphite felt are the most widely used electrodes for vanadium redox batteries. This is majorly contributed to its wide operational range, low cost and excellent stability as compared to carbon paper electrodes. However, graphite felt is often plagued by its poor electrochemical activity leading to low current densities. Subsequently, this has led to the development of electrode treatment methods such as acid treatment, nitrogen doping and thermal treatment. Also, surface modification of graphite felt with sulphuric acid improves the electroactivity and energy efficiency of the vanadium redox cell by 91%.
- • Increasing competition among key players coupled with entry of small scale players and distributors across the globe has increased the industry competitiveness, which in turn is further forcing the players to decrease the price of vanadium redox batteries (VRB). Thus, the selling price of VRBs will dwindle over the foreseeable years.
- • Europe vanadium redox battery market is majorly driven by robust development of the electric vehicles and renewable power generation sectors. Additionally, presence of a strong regulatory framework and sustainability development policies towards reduction in greenhouse gas emissions is estimated to favor the deployment of battery technologies in the region, over the years ahead.
- • Asia Pacific dominated the global vanadium redox battery industry in 2012 and is expected to maintain its leading position over the forecast period. 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. Manufacturers and Governments in this region are planning to work together to overcome the high cost of deploying systems driven by logistical challenges and a lack of local technical expertise. Governments of countries such as Japan have established future development goals towards energy storage. For instance the Japanese energy storage manufacturers plan to capture 50% of the global industry share, by 2020. Therefore, Japan has recently committed to implement subsidies and incentive mechanisms for the application of battery storage in power generation, transmission, distribution, and consumption.
- • Moreover, a few of the major players are adopting marketing as their strategy for boosting sales across North American countries, mainly in the U.S. For instance, in July 2015, German battery manufacturer, GILDEMEISTER Energy Solutions announced its plans to market its VRFB product line, called the CellCube, in North America via American Vanadium Corporation. CellCube is capable of scaling up to multi-megawatt size and can last for several hours. This strategy is expected to help the company in expanding its product portfolio and widening its reach throughout U.S.
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What does the report include?
- • Market defining factors such as drivers, restraints, and opportunities have been discussed in the study. It also covers the value chain from raw material to the end-users noting trends of integration.
- • A separate section in the study addresses the company share analysis
- • The study analyses the market using various tools including Porter’s Five Forces Analysis
- • Various applications of the vanadium redox flow battery have been analyzed in-depth
- • Profiles of key companies have been provided in the report along with the competitive strategies implemented by these players
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