What are the Vanadium Redox Flow Battery Market opportunities, risk and overview? Fortune Business Insights

The MarketWatch News Department was not involved in the creation of this content. Sep 22, 2020 (The Expresswire) — Favorable developments in solar and wind energy are likely to play a critical role in charting the growth trajectory of the global “vanadium redox flow battery”market. According to a recent report […]

The MarketWatch News Department was not involved in the creation of this content.

Sep 22, 2020 (The Expresswire) —
Favorable developments in solar and wind energy are likely to play a critical role in charting the growth trajectory of the global “vanadium redox flow battery”market. According to a recent report released by the International Energy Agency (IEA), electricity generation from renewables will account for 50% of the total global electricity generation in the next five years, powered by solar and wind energy. The IEA states that solar and wind power projects have been rolling out at a skyrocketing pace in the last few years. With renewable energy sources expected to contribute 30% of the world’s electricity by 2024, the IEA predicts that solar and wind are slated to play a central role in facilitating a global shift towards clean energy. This is expected to be one of the leading vanadium redox flow battery market trends as these batteries provide an energy-efficient solution for storing and converting solar energy into electricity on a large-scale.

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Prominent Players:

  • VIONX Energy Corporation

  • StorEn Technologies Inc.

  • CellCube Energy Storage Systems Inc.

  • Avalon Battery Corporation

  • VoltStorage GmbH

  • Pinflow Energy Storage

  • redT energy Plc

  • Prudent Energy

  • Imergy Power Systems

  • Sumitomo Electric

  • Vanadis Power GmbH

  • UniEnergy Technologies

  • Northern Graphite

  • Rongke Power

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Key Market Driver Growing demand for power backup around the world

Key Market Restraint High initial cost and low energy to volume ratio

Market Segmentation

1. By Type

  • Graphene Electrodes

  • Carbon Felt Electrodes

2. By Application

  • Utility

  • Energy Storage

  • Others

3. By Geography

  • North America (the USA and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico and Rest of Latin America)

  • Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)

For more information in the analysis of this report, visithttps://www.fortunebusinessinsights.com/industry-reports/vanadium-redox-flow-battery-market-101360

Fortune Business Insights, in its report, titled “Vanadium Redox Flow Battery Market Size, Share and Global Trend By Type (Graphene Electrodes, Carbon Felt Electrodes), By Application (Utility, Energy Storage, Others) and Geography Forecast till 2026”, shares a microscopic analysis of the different drivers, factors, prospects, and other competitive and regional dynamics that will influence the market during the forecast period. In addition to this, the report also provides a macroscopic assessment of the general industry trends that are likely to shape of this market, enabling businesses to design their strategies according to the needs of the market.

Promising Benefits of Vanadium Flow Batteries to Spur Their Uptake

Vanadium redox flow batteries (VRFB) are devices that are capable of storing renewable energy on a large-scale and converting it into electricity in an energy-efficient manner. These batteries carry a host of advantages that make them an attractive and viable alternative to the conventional lithium-ion batteries. For example, these devices can last for 20 years as there is no need for heat resistance. Moreover, unlike regular batteries that a limited charge-recharge capability, VFRBs can charge and recharge countless times, thereby making them last longer. The electrolyte contained in VFRBs is non-flammable, upping their safety quotient, unlike lithium-ion batteries that have drawn flak for causing frequent fire accidents. Most importantly, these devices store excess solar energy during day time and discharge when photovoltaics are not generating energy, such as during night-time. This enables the batteries to use the stored energy during peak demand periods or on days when PVs are unable to generate power.

North America to Lead the Pack; Europe to Showcase Steady Growth

North America is slated to lead the vanadium redox flow battery market share on account of consistent demand for electricity across various domains, primarily in the US. In Europe, the growth opportunities for this market are endless as EU members are increasingly pushing for renewable energy sources, mainly solar and wind, to meet the energy demands in the region. Rapid urbanization, escalating demand for electricity, increasing investment in solar power, and persistent demand for automobiles are factors that willpropel the VRFB market in Asia-Pacific. Lastly, the growing demand for efficient power back-up systems will fuel the market in Latin America and the Middle East during the forecast period.

Strategic Partnerships to Intensify Competition

The vanadium redox flow battery market forecast by Fortune Business Insights predicts stiff competition in this market owing to the increasing number of strategic collaborations and merger activities between players. These measures taken up by companies are aimed at strengthening their position in the market and diversify their product offerings.

Key Industry Developments:

  • July 2020:UK-based redT energy Plcannounced its plan to merge with its US counterpart, Avalon Battery Corporation, with the aim to establish a global organization concentrating on developing vanadium redox flow batteries.

  • March 2020:Teaming up with Eskom, Bushveld Energy commissioned the first vanadium redox flow battery energy storage and delivery facility in South Africa. The project is aimed at developing the renewable energy capacity of rural areas in the country.

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Major Table of Content For Vanadium Redox Flow Battery Market:

  1. Introduction

  2. Executive Summary

  3. Market Dynamics

  4. Key Insights

  5. Global Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026

  6. North America Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026

  7. Europe Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026

  8. Asia Pacific Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026

  9. The Middle East and Africa Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026

  10. Latin America Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2026

  11. Competitive Landscape

  12. Company Profile

  13. Conclusion

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

https://www.fortunebusinessinsights.com/industry-reports/vanadium-redox-flow-battery-market-101360

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