All Vanadium Redox Flow Batteries Market

Global All-Vanadium Redox Flow Batteries Market Size (2024-2029):

The Global All-Vanadium Redox Flow Batteries Market size was valued at US$ 425 million in 2023 and is anticipated to reach US$ 1400 million by 2029 from US$ 518 million in 2024 and increase at a CAGR of 22% during 2024 and 2029.

Current Scenario of the Global All-Vanadium Redox Flow Batteries Market

The increasing demand for technologically advanced batteries and rising utility for power plants and grid energy storage are the essential factors responsible for the growth of all-vanadium redox flow batteries. The vanadium redox battery (VRB), also called the vanadium flow battery (VFB) or vanadium redox flow battery (VRFB), is a rechargeable flow battery that stores chemical potential energy using vanadium ions in various oxidation states. The vanadium redox battery takes advantage of vanadium's capacity to live in solution in four different oxidation states, allowing it to create a battery with only one electroactive material rather than two. In addition, most vanadium batteries are currently utilized for grid energy storage, i.e., attached to power plants or electrical grids, for various reasons, including their relative bulkiness. Therefore, these vanadium redox flow battery characteristics tend to uplift the global all-vanadium redox flow batteries market during 2024-2029.

MARKET DRIVERS

The global all-vanadium redox flow batteries market holds the largest revenue due to the growing demand for advanced batteries and the increasing power plants and grid energy storage usage.

Generally, Redox flow batteries are defined as electrochemical energy storage devices that convert chemical energy into electrical energy via reversible oxidation and reduction of working fluids. To store energy, vanadium redox flow batteries (VRFB) use vanadium redox (oxidation state) couples, V2+/V3+ in negative half-cells and V4+/V5+ in positive half-cells. In a Sulphur acid electrolyte solution, the vanadium redox pair dissolves chemically. The energy and power ratings of VRFB are unrelated.

A fundamental characteristic of VRFB is regulating power in kW and energy in kilowatt-hours (kWh). The vanadium redox battery primarily utilizes vanadium's capacity to enter the solution in four various oxidation states to generate a battery that only has one electroactive element rather than two. Most vanadium batteries are currently used for grid energy storage for various reasons, including their relative bulkiness. Because of their great size, these batteries are presently employed in electrical networks and power plants. In addition, these batteries may run at 0% charge, unlike lithium-ion batteries, which operate between 20% and 100%, making them superior and appropriate for energy storage applications in solar and wind power-producing farms. Moreover, vanadium redox flow batteries provide infinite energy capacity for significant electrolytes and have low maintenance levels. These are the essential features that contribute to the global all-vanadium redox flow batteries market growth.

MARKET RESTRAINTS

The main drawbacks of vanadium redox technology are its low energy-to-volume ratio and low round-trip efficiency compared to ordinary storage batteries.

Furthermore, the aqueous electrolyte makes the battery bulky, making it only suitable for stationary use. Another drawback is the comparatively high toxicity of vanadium oxides. Because vanadium is a plentiful material that occurs naturally in approximately 65 different minerals and fossil fuel reserves, its price may be acceptable but still expensive. However, the technology necessitates using an expensive ion-exchange membrane, accounting for up to 40% of the total battery cost. Furthermore, vanadium redox flow batteries comprise a limited storage energy capacity. Thus, it further hampers the global all-vanadium redox flow batteries market during the forecast period.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global All-Vanadium Redox Flow Batteries Market Analysis By Product Type

Based on product type, carbon-felt electrodes play the dominant role in global all-vanadium redox flow batteries. Carbon-felt electrodes are flexible as compared to graphene electrodes. Carbon-felt electrodes are majorly utilized in electrolysis since these act as good conductors and provide enough free electrons. On the other hand, carbon-felt electrodes comprise a high melting point. Hence, carbon felt electrodes' crucial characteristics help increase the global all-vanadium redox flow batteries market growth in the next six years. 

Global All-Vanadium Redox Flow Batteries Market Analysis By Application

The renewable energy integration application held the most prominent global all-vanadium redox flow batteries market share. Renewable energy integration systems comprise n number of advantages. First, its purpose is to strengthen the electric grid's system design, planning, and operation to lower carbon emissions and other pollutant emissions owing to the increasing use of renewable energy. Moreover, Renewable Energy Integration integrates renewable energy, distributed generation, energy storage, and thermally activated technology. These characteristics of renewable energy integration are responsible for the global all-vanadium redox flow batteries market share.  

Global All-Vanadium Redox Flow Batteries Market Analysis By End User

The end-users uninterruptible power supply (UPS) accounts for the highest share in the global all-vanadium redox flow batteries market. UPS is an electrical device that offers emergency power to loads when the main emphasis is not intact. UPS comprises a battery that provides the signal when it senses a low intensity. Therefore, it plays a crucial role in protecting data centres, computers, and other electrical equipment.

REGIONAL ANALYSIS

The Asia Pacific region has the largest global market share for all-vanadium redox flow batteries, owing to the increasing adoption of low-cost energy batteries in China and India. 

North America tends to grow with the highest CAGR in the global all-vanadium redox flow batteries market due to rising usage of advanced batteries in the U.S. and Canada.

The increasing development of electric vehicles and renewable power firms are the primary factors responsible for the significant global all-vanadium redox flow batteries market in Europe.

KEY PLAYERS IN THE GLOBAL ALL-VANADIUM REDOX FLOW BATTERIES MARKET

Companies playing a prominent role in the global all-vanadium redox flow batteries market include Avalon Battery Corporation, Dalian Rongke Power Co., Ltd, Hydra Redox, Le System Co., Ltd., redT Energy plc, StorEn Technologies Inc., Storion Energy, UniEnergy Technologies, Sumitomo Electric Industries, Big Pawer, and Others.

RECENT HAPPENINGS IN THE GLOBAL ALL-VANADIUM REDOX FLOW BATTERIES MARKET

• On 16 April 2020, Avalon Battery Corporation announced that it had merged with redT to become Invinity Energy Systems, a leading vanadium flow battery company. Furthermore, vanadium flow batteries can offer low-cost clean energy even when wind and solar power generation are idle. 

• BASF announced its partnership with JenaBatteries GmbH, which has made available a scalable redox flow battery for energy storage. It comprises 100kW to 2MW power capacity.

DETAILED SEGMENTATION OF THE GLOBAL ALL-VANADIUM REDOX FLOW BATTERIES MARKET INCLUDED IN THIS REPORT

This research report on the global all-vanadium redox flow batteries market has been segmented and sub-segmented based on product type, application, end user, and region.

By Product Type

• Graphene Electrodes
• Carbon Felt Electrodes

By Application

• Renewable Energy Integration
• Utility Services
• UPS

By End User

• Uninterruptible Power Supply (UPS)
• Photovoltaic industry
• Wind Power Industry

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa