The vanadium redox battery (VRB) is a
naturally occurring substance which exist in a solution in four different
oxidation states to preserve chemical potential energy. It is also known as the
vanadium redox flow battery (VRFB) or vanadium flow battery (VFB). The battery
can be employed for relatively high cell voltage. It consists of assembly of
power cells in which the two electrolytes are divided by a proton exchange
membrane. It exploits facility of vanadium to be present in solution in four
different oxidation states, and utilizes this property to make a battery that
has one electro active element instead of two, includes the reasonably bulky
size, most vanadium batteries are used for grid energy storage, for instance
being attached to electrical grids or power plants. In VRB cell, the electrodes
are the carbon based for instance carbon felt, carbon cloth, carbon paper, and
graphite felt. This offers unlimited energy capacity by using larger
electrolyte storage tanks.
According to study, “Global
Vanadium Redox Battery (VRB) (All-Vanadium Redox Flow Batteries) Market 2019 by
Manufacturers, Regions, Type and Application, Forecast to 2024” some of
the major companies that are currently working in the global vanadium redox
battery (VRB) market are Sumitomo Electric Industries Ltd., Rongke Power, Vionx
Energy Corp, H2, Inc., Golden Energy Fuel Cell, Vanadium Resource Inc.,
Australian Vanadium Limited, red energy plc., Big Power Electrical, UniEnergy
Technologies., Technology Xiangyang Co., Ltd., Dalian Rongke Energy Storage
Technology Development Co., Imergy Power Systems, Inc., Prudent Energy
Solutions Pvt. Ltd. The major companies with mergers and acquisitions, and
joint ventures with the aim of enhance the inorganic growth of the industry.
Based on type, global vanadium redox battery
market is segmented into graphite felt electrode and carbon paper electrode.
Based on application, market is segmented into uninterruptible power supply,
large-scale energy storage and others. Based on sales channel, market is segmented
into distribution sales and direct sales.
The global VRB is primarily driven by rise in
demand from the automotive industry, electric vehicles followed by driving
aspects include inclination toward digitization, rising urbanization, surge in
power backup requirement, changing lifestyle, sales development of numerous
electronic devices for instance electronic toys, mobiles, laptops, and mounting
use of VRB in huge scale applications like telecom industry, heavy & goods
engineering. Apart from benefits, few of the hindering factors are low energy
density related with VRB, followed by technical challenges associated with VRB.
However, rising demand for power backup solutions is expected to create
lucrative opportunities in the market. In addition, major factors driving the
demand include rise in investments for the renewable and clean energy. The
renewable technology have started maturing and less interest associated with
the conventional fuels, making further low in demand and low-cost with the
newly constructed fossil fuel power plants. The North American region is one of
the leading regions over the global VRB market due to meet ever increasing
demand from the end-user industry followed by the development of automotive
electric & electronics vehicle demand. Apart from North American region the
demand of VRB in Asia-Pacific region is expected to remain high owing to
countries such as China & India with the high scale of automobile
manufacturing. The market for VRB is expected to grow at a CAGR of 43.7% over
the forecasted period, which is expected to reach US $2800 million by 2024,
from US $320 million in 2019.
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