The vanadium redox battery (VRB) is a naturally occurring substance which exist in a solution in four different oxidation states to preserve chemical potential energy. It is also known as the vanadium redox flow battery (VRFB) or vanadium flow battery (VFB). The battery can be employed for relatively high cell voltage. It consists of assembly of power cells in which the two electrolytes are divided by a proton exchange membrane. It exploits facility of vanadium to be present in solution in four different oxidation states, and utilizes this property to make a battery that has one electro active element instead of two, includes the reasonably bulky size, most vanadium batteries are used for grid energy storage, for instance being attached to electrical grids or power plants. In VRB cell, the electrodes are the carbon based for instance carbon felt, carbon cloth, carbon paper, and graphite felt. This offers unlimited energy capacity by using larger electrolyte storage tanks.
According to study, “Global Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” some of the major companies that are currently working in the global vanadium redox battery (VRB) market are Sumitomo Electric Industries Ltd., Rongke Power, Vionx Energy Corp, H2, Inc., Golden Energy Fuel Cell, Vanadium Resource Inc., Australian Vanadium Limited, red energy plc., Big Power Electrical, UniEnergy Technologies., Technology Xiangyang Co., Ltd., Dalian Rongke Energy Storage Technology Development Co., Imergy Power Systems, Inc., Prudent Energy Solutions Pvt. Ltd. The major companies with mergers and acquisitions, and joint ventures with the aim of enhance the inorganic growth of the industry.
Based on type, global vanadium redox battery market is segmented into graphite felt electrode and carbon paper electrode. Based on application, market is segmented into uninterruptible power supply, large-scale energy storage and others. Based on sales channel, market is segmented into distribution sales and direct sales.
The global VRB is primarily driven by rise in demand from the automotive industry, electric vehicles followed by driving aspects include inclination toward digitization, rising urbanization, surge in power backup requirement, changing lifestyle, sales development of numerous electronic devices for instance electronic toys, mobiles, laptops, and mounting use of VRB in huge scale applications like telecom industry, heavy & goods engineering. Apart from benefits, few of the hindering factors are low energy density related with VRB, followed by technical challenges associated with VRB. However, rising demand for power backup solutions is expected to create lucrative opportunities in the market. In addition, major factors driving the demand include rise in investments for the renewable and clean energy. The renewable technology have started maturing and less interest associated with the conventional fuels, making further low in demand and low-cost with the newly constructed fossil fuel power plants. The North American region is one of the leading regions over the global VRB market due to meet ever increasing demand from the end-user industry followed by the development of automotive electric & electronics vehicle demand. Apart from North American region the demand of VRB in Asia-Pacific region is expected to remain high owing to countries such as China & India with the high scale of automobile manufacturing. The market for VRB is expected to grow at a CAGR of 43.7% over the forecasted period, which is expected to reach US $2800 million by 2024, from US $320 million in 2019.
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Global Vanadium Redox Battery Market
Related Reports:
Global Vanadium Redox Battery (VRB) Market Analysis 2013-2018 and Forecast 2019-2024
Global Vanadium Redox Battery (VRB) Market Status and Future Forecast 2015-2024
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