Vanadium Redox Flow Battery Market Size and Share Analysis by Type, Application, End User - Global Industry Revenue Estimation and Demand Forecast to 2030

Description

Market Overview

The vanadium redox flow battery market generated USD 401.2 million in 2023, and growing at a CAGR of 9.7% from 2024 to 2030, it will reach USD 759.4 million by 2030. This is because of the increasing requirement for reliable power backup, a growing trend of integrating these batteries with renewable energy sources, and a surging need for them for microgrids and various sectors.

They are among the most suitable for extensive electrochemical energy storage. Vanadium production reached 117,897 MT in 2022, making it accessible for such types of energy storage systems (ESSs).

In numerous countries, these batteries are extensively employed as a backup power source to meet the steadily increasing demand for electricity. Moreover, their cost is declining when compared to other energy storage solutions. This is because manufacturing processes and electrode materials are being improved, and businesses are able to achieve economies of scale by increasing their output.

The rising demand for UPS is a key driver, as these systems are rapidly turning into necessary fixtures in all buildings that use electricity, including residences, workplaces, and factories.

They are common in offices with sizable IT infrastructure, including computers and servers.

The market is driven by the growing installation of microgrids, since at the moment, heat and electricity generation are the biggest greenhouse gas emitters. This is why utilities are taking steps to reduce emissions by supplementing fresh power generation with energy storage whenever feasible.

Key Insights

Carbon-felt electrodes generated the highest revenue in 2023 due to their multiple applications, affordable cost, and exceptional consistency.

Due to graphene electrodes' capacity to provide a high power density in VRF batteries, this category is expected to grow at a CAGR of 9.9% over the projected period.

The increasing need for rechargeable batteries in both conventional and electric vehicles has led to a notable market share for the automative category in the end user segment.

Due to their ability to swiftly and economically recharge themselves and consume less power, rechargeable batteries are rising in demand for electric and hybrid vehicles.

The energy and power category is generating the highest revenue due to the continuous increase in global energy consumption, which reached 160,000 TWh in 2022.

The market for photovoltaics is expanding quickly. Power consumption is rising, particularly in APAC, due to the rapidly urbanizing populations, burgeoning businesses, and developing infrastructure.

The share of the APAC region, of around 50% in 2023, was the largest because of the growing concern over carbon emissions and the expanding demand for power.

The demand for VRF batteries is being further driven by the burgeoning clean energy industry and the increasing number of government initiatives and investments in China and India for sustainability.

In terms of economic and energy security, grid-scale storage makes North America the second-largest revenue generator.

A 2-MW/8-MWh VRF was introduced by Sumitomo Electric and San Diego Gas & Electric in 2021 to supply microgrids in California, which runs entirely on renewable energy. Approximately 1,000 households can be powered by this technology for four hours.

Product Code: 12853

Chapter 1. Research Scope

1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by type
- 1.4.2. Market size breakdown, by application
- 1.4.3. Market size breakdown, by end user
- 1.4.4. Market size breakdown, by region
- 1.4.5. Market size breakdown, by country
1.5. Market Data Reporting Unit
- 1.5.1. Volume
- 1.5.2. Value
1.6. Key Stakeholders

Chapter 2. Research Methodology

2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Industry Outlook

5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
5.2. Impact of COVID-19
5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes

Chapter 6. Global Market

6.1. Overview
6.2. Market Volume, by Type (2019-2030)
6.3. Market Revenue, by Type (2019-2030)
6.4. Market Volume, by Application (2019-2030)
6.5. Market Revenue, by Application (2019-2030)
6.6. Market Volume, by End User (2019-2030)
6.7. Market Revenue, by End User (2019-2030)
6.8. Market Volume, by Region (2019-2030)
6.9. Market Revenue, by Region (2019-2030)

Chapter 7. North America Market

7.1. Overview
7.2. Market Volume, by Type (2019-2030)
7.3. Market Revenue, by Type (2019-2030)
7.4. Market Volume, by Application (2019-2030)
7.5. Market Revenue, by Application (2019-2030)
7.6. Market Volume, by End User (2019-2030)
7.7. Market Revenue, by End User (2019-2030)
7.8. Market Volume, by Country (2019-2030)
7.9. Market Revenue, by Country (2019-2030)

Chapter 8. Europe Market

8.1. Overview
8.2. Market Volume, by Type (2019-2030)
8.3. Market Revenue, by Type (2019-2030)
8.4. Market Volume, by Application (2019-2030)
8.5. Market Revenue, by Application (2019-2030)
8.6. Market Volume, by End User (2019-2030)
8.7. Market Revenue, by End User (2019-2030)
8.8. Market Volume, by Country (2019-2030)
8.9. Market Revenue, by Country (2019-2030)

Chapter 9. APAC Market

9.1. Overview
9.2. Market Volume, by Type (2019-2030)
9.3. Market Revenue, by Type (2019-2030)
9.4. Market Volume, by Application (2019-2030)
9.5. Market Revenue, by Application (2019-2030)
9.6. Market Volume, by End User (2019-2030)
9.7. Market Revenue, by End User (2019-2030)
9.8. Market Volume, by Country (2019-2030)
9.9. Market Revenue, by Country (2019-2030)

Chapter 10. LATAM Market

10.1. Overview
10.2. Market Volume, by Type (2019-2030)
10.3. Market Revenue, by Type (2019-2030)
10.4. Market Volume, by Application (2019-2030)
10.5. Market Revenue, by Application (2019-2030)
10.6. Market Volume, by End User (2019-2030)
10.7. Market Revenue, by End User (2019-2030)
10.8. Market Volume, by Country (2019-2030)
10.9. Market Revenue, by Country (2019-2030)

Chapter 11. MEA Market

11.1. Overview
11.2. Market Volume, by Type (2019-2030)
11.3. Market Revenue, by Type (2019-2030)
11.4. Market Volume, by Application (2019-2030)
11.5. Market Revenue, by Application (2019-2030)
11.6. Market Volume, by End User (2019-2030)
11.7. Market Revenue, by End User (2019-2030)
11.8. Market Volume, by Country (2019-2030)
11.9. Market Revenue, by Country (2019-2030)

Chapter 12. U.S. Market

12.1. Overview
12.2. Market Volume, by Type (2019-2030)
12.3. Market Revenue, by Type (2019-2030)
12.4. Market Volume, by Application (2019-2030)
12.5. Market Revenue, by Application (2019-2030)
12.6. Market Volume, by End User (2019-2030)
12.7. Market Revenue, by End User (2019-2030)

Chapter 13. Canada Market

13.1. Overview
13.2. Market Volume, by Type (2019-2030)
13.3. Market Revenue, by Type (2019-2030)
13.4. Market Volume, by Application (2019-2030)
13.5. Market Revenue, by Application (2019-2030)
13.6. Market Volume, by End User (2019-2030)
13.7. Market Revenue, by End User (2019-2030)

Chapter 14. Germany Market

14.1. Overview
14.2. Market Volume, by Type (2019-2030)
14.3. Market Revenue, by Type (2019-2030)
14.4. Market Volume, by Application (2019-2030)
14.5. Market Revenue, by Application (2019-2030)
14.6. Market Volume, by End User (2019-2030)
14.7. Market Revenue, by End User (2019-2030)

Chapter 15. France Market

15.1. Overview
15.2. Market Volume, by Type (2019-2030)
15.3. Market Revenue, by Type (2019-2030)
15.4. Market Volume, by Application (2019-2030)
15.5. Market Revenue, by Application (2019-2030)
15.6. Market Volume, by End User (2019-2030)
15.7. Market Revenue, by End User (2019-2030)

Chapter 16. U.K. Market

16.1. Overview
16.2. Market Volume, by Type (2019-2030)
16.3. Market Revenue, by Type (2019-2030)
16.4. Market Volume, by Application (2019-2030)
16.5. Market Revenue, by Application (2019-2030)
16.6. Market Volume, by End User (2019-2030)
16.7. Market Revenue, by End User (2019-2030)

Chapter 17. Italy Market

17.1. Overview
17.2. Market Volume, by Type (2019-2030)
17.3. Market Revenue, by Type (2019-2030)
17.4. Market Volume, by Application (2019-2030)
17.5. Market Revenue, by Application (2019-2030)
17.6. Market Volume, by End User (2019-2030)
17.7. Market Revenue, by End User (2019-2030)

Chapter 18. Spain Market

18.1. Overview
18.2. Market Volume, by Type (2019-2030)
18.3. Market Revenue, by Type (2019-2030)
18.4. Market Volume, by Application (2019-2030)
18.5. Market Revenue, by Application (2019-2030)
18.6. Market Volume, by End User (2019-2030)
18.7. Market Revenue, by End User (2019-2030)

Chapter 19. Japan Market

19.1. Overview
19.2. Market Volume, by Type (2019-2030)
19.3. Market Revenue, by Type (2019-2030)
19.4. Market Volume, by Application (2019-2030)
19.5. Market Revenue, by Application (2019-2030)
19.6. Market Volume, by End User (2019-2030)
19.7. Market Revenue, by End User (2019-2030)

Chapter 20. China Market

20.1. Overview
20.2. Market Volume, by Type (2019-2030)
20.3. Market Revenue, by Type (2019-2030)
20.4. Market Volume, by Application (2019-2030)
20.5. Market Revenue, by Application (2019-2030)
20.6. Market Volume, by End User (2019-2030)
20.7. Market Revenue, by End User (2019-2030)

Chapter 21. India Market

21.1. Overview
21.2. Market Volume, by Type (2019-2030)
21.3. Market Revenue, by Type (2019-2030)
21.4. Market Volume, by Application (2019-2030)
21.5. Market Revenue, by Application (2019-2030)
21.6. Market Volume, by End User (2019-2030)
21.7. Market Revenue, by End User (2019-2030)

Chapter 22. Australia Market

22.1. Overview
22.2. Market Volume, by Type (2019-2030)
22.3. Market Revenue, by Type (2019-2030)
22.4. Market Volume, by Application (2019-2030)
22.5. Market Revenue, by Application (2019-2030)
22.6. Market Volume, by End User (2019-2030)
22.7. Market Revenue, by End User (2019-2030)

Chapter 23. South Korea Market

23.1. Overview
23.2. Market Volume, by Type (2019-2030)
23.3. Market Revenue, by Type (2019-2030)
23.4. Market Volume, by Application (2019-2030)
23.5. Market Revenue, by Application (2019-2030)
23.6. Market Volume, by End User (2019-2030)
23.7. Market Revenue, by End User (2019-2030)

Chapter 24. Brazil Market

24.1. Overview
24.2. Market Volume, by Type (2019-2030)
24.3. Market Revenue, by Type (2019-2030)
24.4. Market Volume, by Application (2019-2030)
24.5. Market Revenue, by Application (2019-2030)
24.6. Market Volume, by End User (2019-2030)
24.7. Market Revenue, by End User (2019-2030)

Chapter 25. Mexico Market

25.1. Overview
25.2. Market Volume, by Type (2019-2030)
25.3. Market Revenue, by Type (2019-2030)
25.4. Market Volume, by Application (2019-2030)
25.5. Market Revenue, by Application (2019-2030)
25.6. Market Volume, by End User (2019-2030)
25.7. Market Revenue, by End User (2019-2030)

Chapter 26. Saudi Arabia Market

26.1. Overview
26.2. Market Volume, by Type (2019-2030)
26.3. Market Revenue, by Type (2019-2030)
26.4. Market Volume, by Application (2019-2030)
26.5. Market Revenue, by Application (2019-2030)
26.6. Market Volume, by End User (2019-2030)
26.7. Market Revenue, by End User (2019-2030)

Chapter 27. South Africa Market

27.1. Overview
27.2. Market Volume, by Type (2019-2030)
27.3. Market Revenue, by Type (2019-2030)
27.4. Market Volume, by Application (2019-2030)
27.5. Market Revenue, by Application (2019-2030)
27.6. Market Volume, by End User (2019-2030)
27.7. Market Revenue, by End User (2019-2030)

Chapter 28. U.A.E. Market

28.1. Overview
28.2. Market Volume, by Type (2019-2030)
28.3. Market Revenue, by Type (2019-2030)
28.4. Market Volume, by Application (2019-2030)
28.5. Market Revenue, by Application (2019-2030)
28.6. Market Volume, by End User (2019-2030)
28.7. Market Revenue, by End User (2019-2030)

Chapter 29. Competitive Landscape

29.1. List of Market Players and their Offerings
29.2. Competitive Benchmarking of Key Players
29.3. Product Benchmarking of Key Players
29.4. Recent Strategic Developments

Chapter 30. Company Profiles

30.1. Invinity Energy Systems
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
30.2. Enerox GmbH
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
30.3. VionX Energy
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
30.4. Sumitomo Electric Industries Ltd.
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
30.5. Dalian Rongke Power Co. Ltd.
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
30.6. Solibra Energy Storage Technologies GmbH
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
30.7. VanadiumCorp Resource Inc.
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary