Global Vanadium Redox Flow Batteries Market

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

Report ID: SQMIG20D2169 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 62 | Figures: 77

Vanadium Redox Flow Batteries Market News

  • In November 2022, in order to establish an assembly and production line in Eastern Australia, CellCube and North Harbour Clean Energy PTY Ltd. of Australia have inked a strategic manufacturing collaboration agreement. On the route to a target of up to 8,000 megawatt hours, a production capacity of 40–160 megawatt hours annually is the initial goal. The partners have also chosen to construct Australia's largest vanadium flow battery, with a capacity of 4 to 16 megawatt-hours.
  • In November 2022, The Kumeyaay Viejas Tribe was supposed to receive backup energy from the 60 MWh long-duration energy storage system that will be constructed with a USD 31 million grant from the California Energy Commission. A 10 MWh vanadium redox flow battery from Infinity Energy Systems will be used in the project, along with a zinc hybrid cathode battery system made by Eos Energy Enterprises.
  • In February 2022, in order to meet California's climate goals for 100% carbon-free electricity, Sumitomo Electric Industries, Ltd. and San Diego Gas & Electric (SDG&E) completed a zero-emissions microgrid pilot project.
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FAQs

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

The majority of market revenue is accounted for by small and large-sized players in the worldwide vanadium redox flow battery industry, which is consolidated. Major businesses are using a variety of tactics, engaging in mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and adopting more effective VRFB. 'Sumitomo Electric Industries Ltd. (Japan)', 'UniEnergy Technologies LLC (US)', 'Schmid Group (Switzerland)', 'VRB Energy Inc. (Canada)', 'Rongke Power (China)', 'RedT Energy Plc (UK)', 'Vionx Energy Corporation (US)', 'Prudent Energy Inc. (China)', 'Avalon Battery Corporation (Canada)', 'EnerVault Corporation (US)', 'Gildemeister Energy Solutions (Germany)', 'VanadiumCorp Resource Inc. (Canada)', 'VoltStorage GmbH (Germany)', 'American Vanadium Corp. (Canada)', 'W2 Energy Inc. (Canada)', 'Bushveld Energy Limited (South Africa)', 'Smart Energy GB Ltd. (UK)', 'Pu Neng Energy (China)', 'Infinity Energy Systems (UK)', 'WattJoule Corporation (US)', 'Cellstrom GmbH (Austria)', 'Elestor BV (Netherlands)'

VRFBs are well-suited for microgrid applications due to their ability to provide reliable, long-duration energy storage in off-grid or remote areas. The growing demand for microgrids in remote and underserved communities is expected to drive the demand for VRFBs.

The demand for energy storage systems is growing due to the increasing need for reliable and stable power supply. Energy storage systems, including vanadium redox flow batteries, help to balance the grid by storing excess energy during periods of low demand and releasing it during peak demand periods.

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 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.

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Global Vanadium Redox Flow Batteries Market

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