Global All-Vanadium Redox Flow Battery Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global All-Vanadium Redox Flow Battery Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

All vanadium redox flow battery is type of battery that uses vanadium ions in various oxidization states to store potential chemical energy. It consists of a group of power cells where a proton exchange membrane separates the two electrolytes. The electrolyte in the positive half-cells has VO2+ and VO2+ ions, the electrolyte in the negative half-cells has V3+ and V2+ ions which are dissolved in sulfuric acid and this solution remains strongly acidic for use.

Market Overview:

The latest research study on the global All-Vanadium Redox Flow Battery market finds that the global All-Vanadium Redox Flow Battery market reached a value of USD 426.56 million in 2022. It’s expected that the market will achieve USD 11735.53 million by 2028, exhibiting a CAGR of 73.75% during the forecast period.

The sudden outbreak of the novel coronavirus has adversely affected the growth of industrial and commercial applications. However, the increasing installation of flow batteries in operational projects and the rising focus of government towards modernizing the power sector are estimated to increase the adoption of all-vanadium redox flow batteries.

Increasing demand

As the demand for energy storage technologies continues to rise due to increased electricity generation from renewable energy sources like solar and wind, players as well as consumers are exploring different categories of batteries suited for their purpose. Currently, Lithium-ion batteries dominate the electrochemical batteries space, whereas the pumped hydro segment is still the largest segment for energy storage technologies. There are many emerging technologies such as flywheels, supercapacitors and solid-state batteries among others that have specific properties and are suitable for specific applications.

High competition from providers of conventional batteries

The manufacturers of flow batteries face fierce competition from the providers of widely adopted conventional batteries, such as lithium-ion, lead-acid, and sodium-based. Among these, lithium-ion batteries are the most popular and widely used. They are highly used in the transportation sector, consumer electronics industry, and stationary applications. According to the data from the US Department of Energy (DOE), since 2010, more than half of the global grid-scale battery installations of 1,280 MWh constituted lithium-ion batteries. In 2019, the installation of these batteries in the transportation sector, consumer electronics industry, and stationary applications was 195 GWh.

Region Overview:

Geographically, China held the largest market share--32.97% in 2021.

Company Overview:

Sumitomo Electric Industries is one of the major players operating in the All-Vanadium Redox Flow Battery market, holding a share of 24.62% in 2022.

Sumitomo Electric

Founded in 1897 in Osaka, Japan, Sumitomo Electric has extensive business operations in five industries: Automotive, Info-communications, Electronics, Energy and Environment, and Industrial Materials. Sumitomo Electric Industries, Ltd. manufactures electric wires, cables, and their related equipment. The Company's products include optical fibers, wire harnesses, antennas for broadcasting stations, and electric monitoring systems. Sumitomo Electric also produces disc brakes and antilock braking systems for automobiles and printed circuit boards.

Rongke Power

Dalian Rongke Power Co., Ltd. (hereinafter referred to as Rongke Power) was established in Dalian High-tech Zone in 2008. It is jointly established by Dalian Bolong Holding Group Co., Ltd. and Dalian Institute of Chemical Physics, Chinese Academy of Sciences. The company is vertically integrated possessing independent R&D and production capacity of the vanadium flow battery industry chain.

Segmentation Overview:

Among different product types, the Graphite Felt Electrode segment is anticipated to contribute the largest market share in 2027.

Carbon Paper Electrode

Carbon paper electrodes are employed for different electrochemical applications such as flow batteries and fuel cells. Carbon Paper electrode is a high-performance, high platinum loading Gas Diffusion Electrode.

Graphite Felt Electrode

Graphite felts are used as electrode backings in a variety of battery designs including vanadium redox flow batteries (VRB). The high conductivity, high purity, and chemical resistance of felts make them ideal for the demanding design criteria of flow battery developers.

Application Overview:

The market's largest segment by application is the segment Utilities, with a market share of 56.36% in 2021.

Utilities

Utility applications will dominate the market of all-vanadium redox flow batteries. Due to the increasing demand for electrification, utility companies are increasingly adopting all-vanadium redox flow batteries. In addition, renewable energy is increasingly used in the power grid, which in turn increases the demand for energy storage solutions with high efficiency, flexibility and long life. All-vanadium redox flow battery has all the attractive characteristics and has become the preferred energy storage technology for utility-based energy storage because large utilities need technologies that can economically and efficiently store renewable energy for future use in any place.

Renewable Energy Integration

Energy Systems Integration (ESI) is the process of coordinating the operation and planning of energy systems across multiple pathways and/or geographical scales to deliver reliable, cost-effective energy services with minimal impact on the environment. Renewable Energy Integration focuses on incorporating renewable energy, distributed generation, energy storage, thermally activated technologies, and demand response into the electric distribution and transmission system.

Uninterruptible Power Supply

An uninterruptible power supply (UPS), also known as a battery backup, provides backup power when a regular power source fails or voltage drops to an unacceptable level. Uninterruptible Power Supply systems are used for devices where it is particularly important that they always work perfectly without any interruption.

Key Companies in the global All-Vanadium Redox Flow Battery market covered in Chapter 3:

Ashlawn Energy
UniEnergy Technologies
Rongke Power
Vionx Energy (Largo)
Big Pawer
H2, Inc.
Invinity Energy Systems
Sumitomo Electric Industries

In Chapter 4 and Chapter 14.2, on the basis of types, the All-Vanadium Redox Flow Battery market from 2018 to 2029 is primarily split into:

Carbon Paper Electrode
Graphite Felt Electrode

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the All-Vanadium Redox Flow Battery market from 2018 to 2029 covers:

Uninterruptible Power Supply
Renewable Energy Integration
Utilities

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)