Market Size of Vanadium Redox Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 9.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vanadium Redox Battery Market Analysis
The vanadium redox battery market is expected to grow at a CAGR of around 9.5% during the forecast period.
COVID-19 moderately impacted the market in 2020. Currently. The market has reached pre-pandemic levels.
- Factors such as the lower environmental impact of battery disposal and the high energy capacity of having larger electrolyte storage tanks are likely to drive the market in the coming years. With a life span of more than 20 years and no presence of fire hazards and highly reactive or toxic substances, vanadium redox batteries are more environmentally friendly than lithium-ion and lead-acid batteries.
- However, low energy density and high capital costs are likely to hinder the market growth during the forecast period.
- With the rapid growth of renewable energy applications, different organizations have made continuous efforts to have better energy density and efficient energy storage facilities. Numerous research and developments are taking place on the development of the membrane that separates the positive and negative terminals and prevents cross mixing of vanadium ions while providing required ionic conductivity. Development of Cation Exchange Membrane (CEM), Anion Exchange Membrane (AEM), and Amphoteric Ion Exchange Membrane (AIEM) membranes are likely to increase the ionic exchange in between the terminals. Moreover, it is expected to improve the battery's cyclability performance of the battery. Thus, it is expected to render an opportunity for the growth of the market in the near future.
- The Asia-Pacific is expected to dominate the market with majority of the demand coming from China and Japan.
