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

Global 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).

Due to its relatively large weight, vanadium redox flow batteries are now employed mostly for grid energy storage. These batteries are suited for energy storage due to their high capacity. For Instance, September 2022, In Dalian, northeast China, the peak-shaving power plant's Energy Storage from the Flow Battery has recently been connected to the grid. In time, the vanadium flow battery will reach a capacity of 200 MW/800 MWh from its current 100 MW/400 MWh. According to the Chinese Academy of Sciences, it can supply 200,000 people with all of their daily electrical demands. Due to its application in garage buildings that are compatible with solar and wind energy sources, VRFBs have had a significant increase in commercialization over the past few years. A relatively new source of renewable energy, tidal power has the potential to provide the vanadium redox flow battery market some promising growth prospects. A poor energy density in VRFB packs is also possible, although this can be fixed by adding substantial additional electrolyte reservoirs, which increases the system cost. The market's potential for revenue growth may also be limited by the availability of other sources.

US Vanadium Redox Flow Batteries Market is poised to grow at a sustainable CAGR for the next forecast year.