Wilmington, Delaware, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Vanadium Redox Flow Battery (VRB) Market by Application (Renewable Energy, Telecommunication and Data Centres, EV Charging, and Others) and End-Use (Residential, Commercial, Industrial and Utilities): Global Opportunity Analysis and Industry Forecast, 2024-2030". According to the report, the vanadium redox flow battery (VRB) market was valued at $188.7 million in 2023, and is estimated to reach $523.7 million by 2030, growing at a CAGR of 15.8% from 2024 to 2030.
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Prime determinants of growth
The global Vanadium Redox Battery (VRB) market is experiencing growth due to high adoption of vanadium redox battery in energy storage solutions, increased research and development activities and investments towards developing advanced vanadium redox battery and increasing use of electric vehicles across the globe. However, limited use of redox flow battery in small and niche applications hinder market growth to some extent. Moreover, increase in use of renewable and clean energy solutions offers remunerative opportunities for the expansion of the global vanadium redox battery (VRB) market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2030 |
| Base Year | 2023 |
| Market Size in 2023 | $188.7 million |
| Market Size in 2030 | $523.7 million |
| CAGR | 15.8% |
| No. of Pages in Report | 246 |
| Segments Covered | Application, End-Use and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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The renewable energy segment is expected to dominate the market throughout the forecast period
Redox flow batteries are 100% recyclable in nature, and are favorable in storing renewable energy by causing the least environmental damage. As a result, increase in mandatory renewable energy targets as a part of the government's legislative practice is fueling the adoption of redox flow batteries across the globe. These regulatory bodies are offering attractive incentives on the renewable energy production to promote cleaner energy use in all sectors.
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The industrial and utilities segment is expected to dominate the market throughout the forecast period
Redox flow batteries are favorable in energy storage applications, the utility sector serves as the largest application segment. The electric utility sector is engaged in electricity generation and distribution roles where energy storage devices are consistently required to store electricity for a longer time interval. Redox flow batteries are cost-competitive energy storage devices and do not require maintenance. Therefore, their demand in electric utility services is growing significantly.
Asia-Pacific to maintain its dominance by 2030
Asia-Pacific is a developing region in terms of economic growth and is relatively price-sensitive. Considering this, batteries that are high in price, i.e., lithium-ion have been reporting sluggish adoption in this region, which further offers opportunity for redox flow batteries in energy storage applications. Currently, the world’s largest redox battery project is operational in China, which considered a prominent factor that makes this region the largest market. A Chinese firm, Rongke Power and the Chinese Government are collectively involved in developing the world’s largest redox flow battery.
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Key Players: -
- VRB ENERGY
- Sumitomo Electric Industries, Ltd.
- VFlowTech Pte Ltd.
- Invinity Energy Systems
- StorEn Technologies
- Delectrik Systems Pvt Ltd
- Australian Vanadium Limited
- Shanghai Electric
- Enerox GmbH
- Largo Inc.
- H2, Inc.
- LE SYSTEM CO., Ltd.
- Hunan Yinfeng New Energy Co., Ltd.
The report provides a detailed analysis of these key players in the global vanadium redox battery (VRB) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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