Vanadium redox battery Market: Definition and Introduction
Vanadium is a naturally occurring chemical material having ability to exist in solution in four different oxidation state to store chemical potential energy. The vanadium redox batteries utilize the same property of vanadium to act as a rechargeable flow battery, which can be used for relatively high cell voltage. The electrolyte of this redox battery is prepared by dissolving vanadiumpentoxide in sulfuric acid. The batteries are well suited for their application in highly variable generation sources such as wind or solar power, as well as for large power storage applications. Key Characteristics of vanadium redox batteries include limited self-discharge, ability to fully cycle, extremely rapid response, among others.
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One of primary application of vanadium redox battery is in military electronics owing to its limited self-discharge where it can be stored for long period of time with small maintenance. Moreover, vanadium redox batteries are also widely used in general E&E industry, variable generation sources, transmission constrained regions, automotive, in telecom industry and many more. Considering the important aspects of their application growth, the market for vanadium redox battery is expected to increase with significant pace over the forecast period.
Vanadium redox battery Market: Dynamics
Increase in power backup requirement, and growing demand from automotive industry, particularly in electric vehicles is expected to provide key opportunities for market growth at the global level. Rising urbanization, changing lifestyle, trends towards digitization, sales growth of various electronic devices such as laptops, electronic toys and mobiles, etc. are further expected to push their market growth over the coming years. The increasing utilization of vanadium redox batteries in large scale applications such as, heavy and goods engineering, and telecom industry will further boost their significance among global end-users. The manufacturers coming up with several innovative designs for electronic devices, utilizing vanadium redox batteries is anticipated to emerge as a key trend in the global market. On technological front, however, the low energy density associated with vanadium redox batteries may restrict market players to go for them.
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Vanadium redox battery Market: segmentation
The market for vanadium redox battery is segmented on the basis of end use industries, and regions.
On the basis of end use industry, the global vanadium redox battery market is segmented as the below:
- Electronic & electrical
- Variable power generation (wind and solar)
- Small commercial buildings
Vanadium redox battery Market: Regional outlook
Among geographies, North America will be a key market for vanadium redox batteries. Growth in electronics and automotive electric vehicle sales is expected to be a key factor for market growth in countries such as U.S., and Canada. Asia Pacific market is also expected to create sustainable market opportunities in terms of sales of electronic devices throughout forecast period. China, U.S., Japan, Germany, and India, with large scale automobile manufacturing hub, are expected to create potential market opportunities for vanadium redox batteries. The Middle East and Africa market will see a faster growth, however, the market is anticipated to remain small in comparison to the other regions. Currently, USA, China, and Japan houses significantly large vanadium oxide batteries in operation. Further, with other larger projects coming on ground over the next couple of years, China is expected to be a key country in the vanadium redox battery market over the forecast period.
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Vanadium redox battery Market: Participants
Some of the key participants identified across the value chain of the global vanadium redox battery market are mentioned below:
- Big Pawer Electrical Technology Xiangyang Co., Ltd.
- redT energy plc.
- VanadiumCorp Resource Inc.
- UniEnergy Technologies.
- Sumitomo Electric Industries, Ltd.
- Australian Vanadium Limited
- Dalian Rongke Energy Storage Technology Development Co., Ltd.
- Vionx Energy Corporation.
- Prudent Energy Solutions Pvt. Ltd.
- Imergy Power Systems, Inc.