Vanadium Redox Flow Battery (VRB) Market By Type (Carbon Paper Electrode and Graphite Felt Electrode), By Application (Large-Scale Energy Storage, Uninterruptible Power Supply, and Others), Industry Trends, Estimation & Forecast, 2023-2030

Market Overview

Vanadium Redox Flow Batteries that are deployed to provide power supply to stationary renewable energy generation grids, store chemical potential energy through the redox reaction of vanadium in different oxidation states. The batteries are bulky in weight, therefore are kept close to power plants and power generation grids.

Vanadium Redox Flow Battery (VRB) market was valued at 296.5 million US$ in 2022 and is projected to reach 1427 million US$ by 2030, at a CAGR of 21.7% during the forecast period.

In terms of consumption volume, the Vanadium Redox Flow Battery (VRB) market will grow at a CAGR of 21.2% from 2023 to 2030.

Market Dynamics

The rising product need in renewable energy power generation and long product service life that enhances power grid stability are the primary factors driving the market growth. The durable design and efficient operations of vanadium redox batteries enhance a lengthy period of product application with low maintenance. The rapid response of VRFBs in cases of emergency to avoid grid failure would also influence the growth of the market during the forecast period. However, high manufacturing costs of batteries and limited product functionality might hamper the market growth. The heavy product weight and size restricts the product application to the proximity of power grids. The manufacturing cost of batteries is also quite high, with the volatile pricing structure of raw materials influencing unstable final product prices. The increasing investments into the development of renewable electricity supplies would provide lucrative opportunities for the market in the coming years. The continuous focus on the generation of electricity through renewable sources would likely improve product adoption across the globe, enabling an increase in product sales.
 
Market Segmentation

The global Vanadium Redox Flow Battery (VRB) market is mainly classified based on Type and Application. Type is further segmented into Carbon Paper Electrode and Graphite Felt Electrode. By Application, the market is divided into Large-Scale Energy Storage, Uninterruptible Power Supply, and Others.

The Graphite Felt Electrode segment by Type holds considerable market share owing to enhanced product performance in comparison to carbon paper alternatives operating in a similar working environment. The continued technological development of the Graphite Felt batteries would provide companies with increased opportunities for product application over the forecast period.
The long service life of VRFBs with low maintenance and improved design to improve grid stability are the primary factors influencing the segment growth.

Regional Analysis

Based on geography, the global Vanadium Redox Flow Battery (VRB) market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

Europe is a prominent region of the market with a considerable market share in terms of production value and volume, owing to the establishment of several renewable intermittent electric power infrastructure and favourable investments by several regional governments into the improvement of the renewable energy industry as a viable alternative power source.
 
Key Players

The Vanadium Redox Flow Battery (VRB) market is moderately consolidated, with several players operating in the market with expansive global reach and extended manufacturing capabilities. The establishment of a global distribution network for most of the key players have enabled product delivery to remote areas of emerging economies, further intensifying market competitiveness.

Key players operating in the Vanadium Redox Flow Battery (VRB) industry include Sumitomo Electric Industries, Rongke Power, UniEnergy Technologies, redT energy plc, Vionx Energy, Big Pawer, Australian Vanadium, H2, Inc., and SCHMID Group.

The rapid product implementation in a wide range of power generation facilities and expansion of business opportunities through the formation of strategic partnerships and collaborations are the primarily followed business strategies of top players looking to capture substantial market share.

Vanadium Redox Flow Battery (VRB) Market Key Segments

By Type
• Carbon Paper Electrode
• Graphite Felt Electrode

By Application
• Large-Scale Energy Storage
• Uninterruptible Power Supply
• Others

By Geography

• North America
o The U.S.
o Canada
o Mexico

• Europe
o U.K
o Germany
o France
o Italy
o Rest of Europe

• Asia Pacific
o India
o China
o Japan
o South Korea
o Rest of Asia Pacific

• South America
o Brazil
o Argentina
o Rest of South America

• Middle East & Africa
o GCC Countries
o Egypt
o South Africa
o Rest of Middle East & Africa

Key Global Vanadium Redox Flow Battery (VRB) Industry Players

• Sumitomo Electric Industries
• Rongke Power
• UniEnergy Technologies
• redT energy plc
• Vionx Energy
• Big Pawer
• Australian Vanadium
• H2, Inc.
• SCHMID Group

Table of Content

1. Market Introduction
1.1. Executive Summary
1.2. Market Definition
1.3. Market Scope

2. Research Methodology
2.1. Primary Research
2.2. Research Methodology
2.3. Assumptions & Exclusions
2.4. Secondary data sources

3. Vanadium Redox Flow Battery (VRB) Market Overview
3.1. Report Segmentation & Scope
3.2. Key Market Trend
3.3. Drivers
3.3.1. Rising product need in renewable energy power generation
3.3.2. Long product service life enhancing power grid stability
3.4. Restraints
3.4.1. High manufacturing costs of batteries and limited product functionality
3.5. Opportunity
3.5.1. Increasing investments into the development of renewable electricity supplies
3.6. Porter’s Five Forces Analysis
3.6.1. Porter’s Five Forces Analysis
3.7. Market Share Analysis

4. Type Overview
4.1. Introduction
4.1.1. Market Size & Forecast
4.2. Carbon Paper Electrode
4.2.1. Market Size & Forecast
4.3. Graphite Felt Electrode
4.3.1. Market Size & Forecast

5. Application Overview
5.1. Introduction
5.1.1. Market Size & Forecast
5.2. Large-Scale Energy Storage
5.2.1. Market Size & Forecast
5.3. Uninterruptible Power Supply
5.3.1. Market Size & Forecast
5.4. Others
5.4.1. Market Size & Forecast

6. Vanadium Redox Flow Battery (VRB) Market Regional Overview
6.1. Introduction
6.1.1. Market Size & Forecast
6.2. North America Vanadium Redox Flow Battery (VRB) Market
6.2.1. North America Market Size & Forecast, By Country
6.2.2. North America Market Size & Forecast, By Type
6.2.3. North America Market Size & Forecast, By Application
6.2.4. U.S.
6.2.4.1. Market Size and Forecast
6.2.5. Canada
6.2.5.1. Market Size and Forecast
6.2.6. Mexico
6.2.6.1. Market Size and Forecast
6.3. Europe Vanadium Redox Flow Battery (VRB) Market
6.3.1. Europe Market Size & Forecast, By Country
6.3.2. Europe Market Size & Forecast, By Type
6.3.3. Europe Market Size & Forecast, By Application
6.3.4. Germany
6.3.4.1. Market Size and Forecast
6.3.5. France
6.3.5.1. Market Size and Forecast
6.3.6. UK
6.3.6.1. Market Size and Forecast
6.3.7. Italy
6.3.7.1. Market Size and Forecast
6.3.8. Spain
6.3.8.1. Market Size and Forecast
6.3.9. Rest of Europe
6.3.9.1. Market Size and Forecast
6.4. Asia-Pacific Vanadium Redox Flow Battery (VRB) Market
6.4.1. Asia-Pacific Market Size & Forecast, By Country
6.4.2. Asia-Pacific Market Size & Forecast, By Type
6.4.3. Asia-Pacific Market Size & Forecast, By Application
6.4.4. Japan
6.4.4.1. Market Size and Forecast
6.4.5. China
6.4.5.1. Market Size and Forecast
6.4.6. Australia
6.4.6.1. Market Size and Forecast
6.4.7. India
6.4.7.1. Market Size and Forecast
6.4.8. South Korea
6.4.8.1. Market Size and Forecast
6.4.9. Rest of Asia-Pacific
6.4.9.1. Market Size and Forecast
6.5. South America Vanadium Redox Flow Battery (VRB) Market
6.5.1. South America Market Size & Forecast, By Country
6.5.2. South America Market Size & Forecast, By Type
6.5.3. South America Market Size & Forecast, By Application
6.5.4. Brazil
6.5.4.1. Market Size and Forecast
6.5.5. Argentina
6.5.5.1. Market Size and Forecast
6.5.6. Rest of South America
6.5.6.1. Market Size and Forecast
6.6. Middle East & Africa Vanadium Redox Flow Battery (VRB) Market
6.6.1. Middle East & Africa Market Size & Forecast, By Country
6.6.2. Middle East & Africa Market Size & Forecast, By Type
6.6.3. Middle East & Africa Market Size & Forecast, By Application
6.6.4. GCC Countries
6.6.4.1. Market Size and Forecast
6.6.5. Egypt
6.6.5.1. Market Size and Forecast
6.6.6. South Africa
6.6.6.1. Market Size and Forecast
6.6.7. Rest of Middle East & Africa
6.6.7.1. Market Size and Forecast

7. Company Profile
7.1. Sumitomo Electric Industries
7.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
7.1.2. Sumitomo Electric Industries Product Category, Application, and Specification
7.1.3. Sumitomo Electric Industries Financial Performance (2016-2018)
7.1.4. Main Business/Business Overview
7.2. Rongke Power
7.3. UniEnergy Technologies
7.4. redT energy plc
7.5. Vionx Energy
7.6. Big Pawer
7.7. Australian Vanadium
7.8. H2, Inc.
7.9. SCHMID Group