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Vanadium Redox Flow Battery Market: Global Analysis and Opportunity Assessment 2017-2025

Press Release   •   Apr 11, 2018 04:14 EDT

Market Synopsis

The Vanadium Redox Flow Battery is an advanced and innovative flow battery technology. Vanadium batteries are fully containerized, non-flammable, compact, reusable over semi-infinite cycles, discharge 100% of the stored energy and do not degrade for more than 20 years. In order to store potential chemical energy, vanadium redox batteries engages vanadium ions in different oxidation states. . V-flow batteries use the multiple valence states of just vanadium to store and release charges. Different oxidation states of dissolved vanadium ions in the electrolyte (V2+, V3+, V4+, V5+) store or deliver electric energy. The vanadium redox battery uses the ability of vanadium to exist in solution in four different oxidation states. Further, it uses this property to make a battery that has just one electro active element instead of two. Most vanadium batteries are currently used for grid energy storage, for instance being attached to power plants or electrical grids, due to its bulky size.

One of the major driving force of the vanadium redox flow batteries is growing concerns regarding environmental impact of battery disposal. Moreover, significant increase in the production of lead-acid batteries raises environmental threat over lead pollution where vanadium redox flow batteries uses liquid electrolyte instead of electrolyte plate for storing energy. As a result of which these batteries are utilized in energy storage system as substitute for standard batteries such as lead-acid and lithium-ion (Li-ion) batteries that eventually reduces pollution and disposable issues propelling the market growth. In addition, need for power backup has been growing at elevated rate in various end-use verticals blooming the vanadium redox flow batteries market growth. Rise in battery energy storage applications for hybrid electric vehicles, renewable power generation source and providence of technological benefits such as flexibility drives the further growth of the market. However, the main drawback of vanadium redox technology is a relatively poor energy-to-volume ratio as compared with standard storage batteries and the aqueous electrolyte makes the battery heavy and therefore only useful for stationary applications might restrain the further market development.

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Segmentation

Global All-Vanadium Redox Flow Batteries market has been segmented majorly on the basis of Type and Application. On the basis of Type, the market is bifurcated into: Carbon Felt Electrodes and Graphene Electrodes. Based on the Application, the market is segmented into: Commercial & Industrial, EV Charging Station, Large power Storage, Military, Utilities and Others.

Regional Analysis

Vanadium redox flow battery being new market is less fragmented and studied across Asia-Pacific, North America, Europe and Rest of The World. North America is anticipated to be significant potential market for vanadium redox flow battery holding about 5% of Share. South Africa is all set to go for first pilot vanadium energy storage trial at attesting facility for state grid operator and utility Eskom. China has recently announced some project activity in the flow battery space in Hubei and Dalian are sized at 100MW / 500MWh and 200MW / 800MWh respectively, where government is focusing on strategic push to deploy the technology for renewables integration. Currently, the biggest project of redox flow energy storage system in the world is a 15MW / 60MWh going on Northern Japan.

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Market Key Players

Dalian Rongke Power, EnSync, Gildemeister, Golden Energy Fuel Cell, H2, Inc., Imergy, Primus Power, RedT energy storage, Sumitomo Electric Industries, Sun2live, UniEnergy Technologies

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