Vanadium Redox Flow Batteries (VRFB) Get Improved Cell Efficiency with Novel Sol-Gel Technology
The global vanadium redox flow battery market size is rising with a fast-paced growth over the forecast period reaching USD 1.11 billion by 2025. Ongoing strides towards developing sustainable energy resources has been stoking high end demand in global vanadium redox flow batteries (VRFB) market to support large scale energy production finds a new market intelligence report added by Adroit Market Research.
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Growing mindfulness towards developing sustainable, stand-alone energy architecture to supplement environmental and economic objectives, propelling scope for renewable energy models is pushing adoption and growth in vanadium redox flow batteries. These batteries are emerging as highly revolutionary in terms of low maintenance, high efficiency and long lifetime that make them highly indispensable. Advances in renewable energy development are likely to fuel vanadium redox flow batteries market.
Features of vanadium redox flow batteries such as cost efficiency, design flexibility coupled with dynamic shelf life are further encouraging reliance on vanadium redox flow batteries in recent years. Despite these aforementioned features, vanadium redox flow batteries market has been experiencing growth depreciation as high costs associated with it limit its full-fledged adoption.
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Market participants in global vanadium redox flow batteries space are therefore aggressively investing towards R&D expeditions to develop new chemical compounds for improved synthetic membranes such as organic-inorganic composite membrane and hydrocarbon-based membrane structures to supplement cost effective VRFB batteries.
One such pathbreaking development is the emergence of sol-gel based production process that improves proton conductivity, decreases vanadium ion permeability thus improving battery efficiency. Developments as such are furthering growth possibilities in global vanadium redox flow batteries (VRFB) market.
Leading market participants are frequently engaging in novel commercial agreements and business collaborations to improve offerings and fortify revenue streams. In a recent development i vanadium redox flow batteries market, Vanadium Corp Resource Inc. has recently announced its investment towards developing high tech testing expedition for vanadium bromide electrolyte in association with CENELEST a veteran in developing new technologies for renewable energy and storage.
In 2017, Asia-Pacific headed the vanadium redox flow batteries market and is projected to witness the fastest growth of 36.7% in the coming years. Manufacturers are coming up with innovative designs of electronic devices and incorporating the use of vanadium redox flow batteries in modified designs. Recently, the Government of Japan has established a development goal stipulating that Japanese energy storage battery facilities should capture 50% of the global market share by 2020. To achieve this, Japan has initiated the implementation of subsidies and incentive mechanisms for boosting the application of energy storage batteries in power generation, transmission, distribution, and consumption.
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Key players in the global vanadium redox (VRB) flow battery market are witnessing fierce competition and are adopting numerous strategies to maintain their market presence. Majority of the players are located either in the U.S. or in China, having little presence across other regions. Some of the key players include Dalian Rongke Power Co. Ltd., UniEnergy Technologies, Sumitomo Electric Industries, and Vionx Energy Corporation among others.
Key segments of the global vanadium redox flow battery market
Type Overview, 2012-2025 (MW, USD Mn)
Carbon Paper Electrode
Graphite Felt Electrode
Application Overview, 2012-2025 (MW, USD Mn)
Large Scale Energy Storage
Uninterruptible Power Supply
Emergency Power Supply
Regional Overview, 2012-2025 (MW, USD Mn)
Rest of Europe
Rest of Asia-Pacific
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