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Vanadium Redox Flow Batteries (VRFB): Market Overview

VRFBs store energy by employing vanadium redox (oxidation state) couples, V2+/V3+ in the negative, and V4+/V5+ in the positive half-cells. Vanadium redox couple is chemically active; it gets dissolved in sulfur acid electrolyte solution. The energy and power rating of VRFB are independent of each other. This is a significant feature of VRFB to modulate power in kilowatts (kW) and energy in kilo watt hour (kWh). The power of the VRFB is defined by the size and number of cells in a unit, while the energy capacity is set by the amount of electrolyte stored in the reservoir. The half cells of VRFB are connected to the electrolyte storage tanks, which can essentially pump large amounts of electrolytes for better performance in storage of power especially for solar and wind power generation plants.

Vanadium redox flow battery (VFRB) technologies store energy in the liquid form due to the ability of vanadium to exist in four different oxidation states. This property of vanadium makes the battery have one electro active element instead of two. VRFBs are bulky in size; hence, these are used for grid energy storage attached to the power plant or electrical grids.

Vanadium Redox Flow Batteries (VRFB) Market: Dynamics and Trends

The first demonstration of VRFB was carried out in Australia in 1980, with vanadium in sulfuric acid solution in each half. However, initial vanadium redox batteries creation was started in 1930’s. VRFBs have the ability to operate in a full cycle, wherein the battery can stay active even at 0% charge. This makes them suitable for energy storage in solar and wind power generation farms. Lithium ion (Li-on) batteries, unlike VRFB, can only operate between 20% and 100%. Li-on batteries cannot function when the charge is 20% or below.

VRFB has limited self-discharge characteristics. This makes the battery suitable in applications wherein batteries are to be stored for eventually longer period of time with low maintenance and a ready-state of the battery has to be maintained. VRFBs are installed in the sensor components of certain military equipment’s (weapons, ammunitions, etc.) such as land mines.

VRFB have rapid response time. Thus, these batteries are suitable for UPS (Uninterrupted Power Supply) applications. These batteries have the potential to replace the use of lead acid batteries and diesel generators. Rapid response time also makes VRFB suitable for frequency regelation in large power generating stations. VRFBs provide an effective solution for micro grids, which require reliable operation, frequency regulation, and peak load and base load shifting.

VRFB offers certain vital properties. It can offer almost unlimited energy capacity if large amount of electrolyte is stored and has low maintenance and no ill effects even when VRFB is left discharged for a longer period of time. The energy to volume ratio of VRFB is poor. This is one of the major advantages as compared to standard storage batteries.

VRFB Market Segmentation

Based on application, the VRFB market can be segmented into power storage (for solar, wind power generation), military electronics, and UPS (uninterrupted power supply applications). In terms of region, the global VRFB market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

VRFBVanadium Redox Flow Batteries (VRFB) Market: Key Players

Key players operating in the global VRFB market include Imergy Power Systems, Inc., Northern Graphite, UniEnergy Technologies, StorEn Technologies, Sumitomo Corp., Gildemeister AG, and Prudent Energy.

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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

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Vanadium Redox Flow Batteries Market

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