27 June 2019 – The Global Vanadium Redox Battery Market is anticipated to witness an exponential growth in the forecast period. Vanadium is a naturally occurring material that can exist in a solution in four various oxidation states to retain chemical potential energy. Vanadium redox batteries use vanadium to act as a rechargeable flow battery. The battery can be employed for comparatively high cell voltage.
Factors such as rising demand from automotive industry, mainly in electric vehicles, surge in power backup requirement, changing lifestyle, rising urbanization, inclination toward digitization, sales development of numerous electronic devices such as electronic toys, laptops, and mobiles, and increasing use of vanadium redox batteries in huge scale applications such as, telecom industry, heavy, and goods engineering are likely to drive the vanadium redox battery market in the forthcoming period.
On the other hand, technical challenges associated with vanadium redox batteries and low energy density related with vanadium redox batteries are anticipated to hinder vanadium redox battery market growth in the future. However, growing demand for power backup solutions is likely to create lucrative opportunities for the market. Globally, market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The emerging trend in the vanadium redox battery market is rising investments in renewable energy. The renewable technology is maturing owing to the gap between renewable fuels and conventional fuels have significantly decreased, making them inexpensive with newly constructed fossil fuel power plants.
Key players operating in the vanadium redox battery market include Vanadium Resource Inc., red energy plc., Australian Vanadium Limited, Big Power Electrical, Technology Xiangyang Co., Ltd., UniEnergy Technologies., Vionx Energy Corporation., Dalian Rongke Energy Storage Technology Development Co., Sumitomo Electric Industries, Ltd., Imergy Power Systems, Inc. and Prudent Energy Solutions Pvt. Ltd. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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