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

The Asia Pacific market was responsible for the greatest revenue share in 2022. Around the world, the environment is changing quickly. The major producers of carbon emissions are developing nations. Due to technology improvements and environmental concerns, there is an increasing need for sustainable energy. A change in the electrical sector can be seen as the global energy business moves away from fossil fuels and towards cleaner energy sources. Making sure there is a steady supply of renewable energy with significant volatility, like solar or wind power, is the most important factor in ensuring the stability of the power system. This presents enormous opportunities for market actors. The impetus needed for this battery technology to take off could be provided by significant technological developments in China and a forecasted shortage of battery metals.

Due to the growing usage of high-energy storage systems, the North American market had the second-largest revenue share in 2022. According to the U.S. Department of Energy (DOE), this evolving grid-scale energy storage has major economic and energy security benefits. Unlike lithium-ion batteries, vanadium flow batteries do not degrade with repeated cycling and store energy in an electrolyte solution that is not combustible. They provide 10-hour retention, tens of millions of cycles, and maybe up to 25 years of service life, which is assisting the market in the area in increasing revenues. By 2030, the installation cost of VRFBs is predicted by the International Renewable Energy Agency (IRENA) to range between USD 108 to USD 576/kWh.