Image: VRB Energy. The vanadium redox flow battery (VRFB) industry is poised for significant growth in the coming years, equal to nearly 33GWh a year of deployments by 2030, according to new forecasting. Vanadium industry trade group Vanitec has commissioned Guidehouse Insights to undertake independent analysis of the VRFB energy storage sector.
Furthermore, elements and chemical products used in most battery packs are relatively expensive. Among other cells, vanadium batteries are well-known and widely marketed battery systems, which is a significant cost issue due to the high cost of vanadium extraction.
The global Vanadium Redox Flow Battery (VRFB) market size was USD 242.0 Million in 2022 and is expected to register a revenue CAGR of 19.9% during the forecast period. Rising demand for environmental battery solutions and increasing need for energy storage systems are factors driving market revenue growth.
For the purpose of this report, Emergen Research has segmented the global vanadium redox flow battery market on the basis of product type, application, end-use, and region: What is the expected revenue Compound Annual Growth Rate (CAGR) of the global vanadium redox flow battery market over the forecast period (2023–2032)?
The vanadium redox battery is a genuine Redox Flow Battery (RFB) that uses vanadium redox couples to store energy. These active ingredient species are completely always dissolved in sulfuric electrolyte solutions.
Vanadium flow batteries, unlike lithium-ion batteries, store energy in a non-flammable electrolyte solution and do not deteriorate with cycling. They offer 10-hour retention, hundreds of thousands of cycles, and potentially up to 25 years of service life, which is contributing to revenue growth of the market in the region.