Global Vanadium Redox Battery Market to Reach $592.4 Million by 2026
Redox flow batteries differ from other conventional batteries in that the energy storage occurs in a liquid media, and charging and discharging processes can take place within a single cell. This distinguishing feature of redox flow batteries allows energy storage and conversion to be scaled flexibly and separately as per the specific requirements of the application. Similar to other electrochemical energy storage systems, redox flow batteries can also be developed in various different size classes, ranging from few hundred megawatts of power and watt-hours of storage to multi-megawatts and megawatt-hours systems for use as large grid-scale energy storage devices. Redox flow batteries can be effectively utilized for all types of stationary energy storage tasks, though their higher lifetimes result in the lowest levelized cost of energy storage. Currently, there are various types of redox flow batteries that are being evaluated. However, the best known redox flow batteries is the vanadium redox battery.
Amid the COVID-19 crisis, the global market for Vanadium Redox Battery estimated at US$237.5 Million in the year 2022, is projected to reach a revised size of US$592.4 Million by 2026, growing at a CAGR of 20.9% over the analysis period. Graphite Felt Electrodes, one of the segments analyzed in the report, is projected to grow at a 21.5% CAGR to reach US$558.6 Million by the end of the analysis period.