Dublin, Dec. 06, 2023 (GLOBE NEWSWIRE) — The “Vanadium Redox Battery – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Vanadium Redox Battery Market to Reach $1.3 Billion by 2030
The global market for Vanadium Redox Battery estimated at US$237.5 Million in the year 2022, is projected to reach a revised size of US$1.3 Billion by 2030, growing at a CAGR of 24.1% over the analysis period 2022-2030. Graphite Felt Electrodes, one of the segments analyzed in the report, is projected to record 24.7% CAGR and reach US$1 Billion by the end of the analysis period. Growth in the CARBON PAPER ELECTRODES segment is estimated at 22.4% CAGR for the next 8-year period.
The global Vanadium Redox Battery (VRB) market has been impacted by the COVID-19 pandemic. However, despite the challenges, investments in clean energy and efficiency technologies have continued to grow, which includes the VRB market. Vanadium Redox Batteries (VRBs) are a type of redox flow battery that uses vanadium ions in different oxidation states to store and release electrical energy. They offer advantages such as easy recyclability and a long cycle life.
The VRB market can be divided into various types, including those using graphite felt electrodes and carbon paper electrodes. These batteries find applications in large-scale energy storage, uninterruptible power supply (UPS), and emergency power supply. Recent market activity in the VRB market includes innovations and advancements by market participants, indicating ongoing developments in this technology.
The competitive landscape of the VRB market in 2022 shows varying degrees of market presence for players, ranging from strong to niche or trivial.
The U.S. Market is Estimated at $52 Million, While China is Forecast to Grow at 29.1% CAGR
The market for VRBs is analyzed regionally, with a focus on developed and developing regions. China and Asia-Pacific are expected to be significant contributors to market growth, along with other regions like the USA, Canada, Europe, and Japan.
The Vanadium Redox Battery market in the U.S. is estimated at US$52 Million in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$221 Million by the year 2030 trailing a CAGR of 29.1% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 21.5% and 22.8% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 22.3% CAGR.
What`s New?
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 197 |
| Forecast Period | 2022 – 2030 |
| Estimated Market Value (USD) in 2022 | $237.5 Million |
| Forecasted Market Value (USD) by 2030 | $1300 Million |
| Compound Annual Growth Rate | 23.7% |
| Regions Covered | Global |
MARKET TRENDS & DRIVERS
- Vanadium Flow Batteries: Unveiling the Much Needed Energy Storage Breakthrough
- Development in Electric Cars to Generate Demand
- UPS: Major Consumer of Vanadium Redox Batteries
- World Uninterruptible Power Supply (UPS) Systems Market in US$ Million for Years 2018, 2020 and 2025
- Rental Model Seeks to Improve Project Economics
- Military Microgrids: A Niche Application Segment
- Vanadium Redox Flow Batteries Benefit Energy-Deprived Areas
- Intermittent Nature of Renewable Energy Favors Market Adoption
- Targets for Electricity Production from Renewable Energy Sources Worldwide by Country
- Global Wind and Solar Installed Capacity (GW) for the Years 2011, 2017, 2020 and 2022
- Grid Modernization Programs Emphasize Grid Connected Energy Storage
- Global Investments in Electricity Networks and Storage (In US$ Billion): 2000, 2008, 2012, 2016, and 2019
- Grid Reliability Assurances Promote Uptake
- Strong Smart City Investments to Fuel Large-Scale Adoption
- Number of Smart Cities Worldwide by Geographic Region (2025)
- Smart Grids Elevate Market Prospects
- Global Spend on Smart Grid Technologies by Region (2014, 2017 & 2020): Percentage Breakdown of Cumulative Spending for Asia-Pacific (incl. China), Europe, Latin America, and North America
- Global Market for Smart Grids in US$ Billion) for the Years 2018 and 2020
- Established Image of Lithium-ion Batteries Dampens Market Momentum
- Organic Mega Flow Battery: A Low-Cost Alternative
FOCUS ON SELECT PLAYERS(Total 26 Featured)
- Sumitomo Electric Industries Ltd.
- Sumitomo Corporation
- Redflow Limited
- Invinity Energy Systems
- UniEnergy Technologies LLC
For more information about this report visit https://www.researchandmarkets.com/r/ufepu2
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- Vanadium Redox Battery Market
