In this report, LP Information covers the present scenario (with the base year being 2017) and the growth prospects of global Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) market for 2018-2023.
The vanadium redox battery (VRB) (or Vanadium flow battery) is a type of rechargeable flow battery that employs vanadium ions in different oxidation states to store chemical potential energy. The vanadium redox battery exploits the ability of vanadium to exist in solution in four different oxidation states, and uses this property to make a battery that has just one electro active element instead of two. For several reasons, including their relatively bulky size, most vanadium batteries are currently used for grid energy storage, such as being attached to power plants or electrical grids.
Unlike other RFBs, vanadium redox flow batteries (VRBs) use only one element (vanadium) in both tanks, exploiting vanadiums ability to exist in several states. By using one element in both tanks, VRBs can overcome cross-contamination degradation, a significant issue with other RFB chemistries that use more than one element. The energy density of VRBs depends on the concentration of vanadium: the higher the concentration, the higher the energy density.
The global average price of Vanadium Redox Battery (VRB) is in the decreasing trend, from 4505 USD/KW in 2012 to 1916 USD/KW in 2016. With the situation of global economy, prices will be in decreasing trend in the following five years.
The classification of Vanadium Redox Battery (VRB) includes Carbon Paper Electrode and Graphite Felt Electrode, and the proportion of Graphite Felt Electrode in 2016 is about 55%, and the proportion is in increasing trend from 2012 to 2016.
Vanadium Redox Battery (VRB) is widely used for Large-Scale Energy Storage, Uninterruptible Power Supply and other field. The most proportion of Vanadium Redox Battery (VRB) is Large-Scale Energy Storage, and the proportion in 2016 is 52%.
Over the next five years, LPI(LP Information) projects that Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) will register a 43.7% CAGR in terms of revenue, reach US$ 2800 million by 2023, from US$ 320 million in 2017.
This report presents a comprehensive overview, market shares, and growth opportunities of Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) market by product type, application, key manufacturers and key regions.
To calculate the market size, LP Information considers value and volume generated from the sales of the following segments:
Segmentation by product type:
Carbon Paper Electrode
Graphite Felt Electrode
Segmentation by application:
Large-Scale Energy Storage
Uninterruptible Power Supply
This report also splits the market by region:
Middle East & Africa
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report:
Sumitomo Electric Industries
Golden Energy Fuel Cell
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
To study and analyze the global Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) consumption (value & volume) by key regions/countries, product type and application, history data from 2013 to 2017, and forecast to 2023.
To understand the structure of Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) market by identifying its various subsegments.
Focuses on the key global Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).