What is Vanadium Flow Battery?
Vanadium Flow Battery also called vanadium redox battery stores chemical potential energy from renewable sources such as solar energy which employs vanadium ions in different states. It can store the energy which can be used at any time and has reduced degradation. Due to which vanadium flow battery can be used for long term asset upgrades which in turn is creating a high demand. Moreover, the environmental problems are forcing the people to use renewable energy.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The market of Vanadium flow battery consists of emerging players who are looking for the acquisitions to expand their business and to remain competitive in the market. Analysts at AMA Research estimates that Vendors from United States will contribute to the maximum growth of Global Vanadium Flow Battery market throughout the predicted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Sumitomo Electric Industries (Japan), Rongke Power (China), UniEnergy Technologies (United States), redT Energy (United Kingdom), Vionx Energy (United States), Big Pawer (China), Australian Vanadium (Australia), Golden Energy Fuel Cell (United States), Ess Inc. (United States) and H2, Inc. (South Korea) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Vanadium Flow Battery market by Type (Graphene Electrodes and Carbon Felt Electrodes), Application (Power storage, Military electronics and UPS) and Region.
On the basis of geography, the market of Vanadium Flow Battery has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Storage Capacity, the sub-segment i.e. Compact will boost the Vanadium Flow Battery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In 2019, Sumitomo electric industries has acquired Sinterwerke Herne GMBH and Sinterwerke Grenchen AG to expand its sales channel and cover European automakers.
In December 2021 H2, Inc. had announced the launch of 20MWh vanadium redox flow battery (VRFB) energy storage project in the northern part of California. At the time of completion, the project, which has a rated power of 5MW, is expected to be the largest VRFB ever built in the United States. The largest installations in the United States are now 8MWh systems in San Diego and Washington. Furthermore, H2 Inc's 20MWh system will be the world's largest VRFB project, using a modular method that uses 100% pre-built VRFB modules designed by H2 Inc.
Market Drivers
- Increasing demand from automotive industry
- Rising demand for power backup solutions
Opportunities
- Rising consumption of vanadium in high strength steels and products
- Growing investments in renewable energy
Restraints
- High costs associated with the vanadium battery
Challenges
- Technological changes can affect the market
- Decreasing li-ion battery prices may hamper the market
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.