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Global Vanadium Redox Flow Battery (VRB) Market Research Report 2024
Synopsis
The vanadium redox battery (VRB) (or Vanadium flow battery) is a type of rechargeable flow battery that employs vanadium ions in different oxidation states to store chemical potential energy. The vanadium redox battery exploits the ability of vanadium to exist in solution in four different oxidation states, and uses this property to make a battery that has just one electro active element instead of two. For several reasons, including their relatively bulky size, most vanadium batteries are currently used for grid energy storage, such as being attached to power plants or electrical grids.
Unlike other RFBs, vanadium redox flow batteries (VRBs) use only one element (vanadium) in both tanks, exploiting vanadium’s ability to exist in several states. By using one element in both tanks, VRBs can overcome cross-contamination degradation, a significant issue with other RFB chemistries that use more than one element. The energy density of VRBs depends on the concentration of vanadium: the higher the concentration, the higher the energy density.
The global Vanadium Redox Flow Battery (VRB) market was valued at US$ 196.8 million in 2023 and is anticipated to reach US$ 350 million by 2030, witnessing a CAGR of 8.5% during the forecast period 2024-2030.
Rongke Power, Sumitomo Electric Industries and VRB ENERGY are the main producers of vanadium REDOX batteries (VRBs). Rongke Power is the world's first, accounting for about 40% of the market, and the top 3 accounted for about 70%. China is the largest producing region, accounting for about 60% of the world's total, followed by Japan at about 20%.
This report aims to provide a comprehensive presentation of the global market for Vanadium Redox Flow Battery (VRB), with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Vanadium Redox Flow Battery (VRB).
Report Scope
The Vanadium Redox Flow Battery (VRB) market size, estimations, and forecasts are provided in terms of output/shipments (MW) and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Vanadium Redox Flow Battery (VRB) market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Vanadium Redox Flow Battery (VRB) manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, production, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
Market Segmentation
By Company
Dalian Rongke Power
Primus Power
Sumitomo Electric
VRB ENERGY
Largo Clean Energy
Invinity Energy Systems
Big Pawer
H2, Inc.
CellCube Energy Storage
Shanghai Electric
Segment by Type
Carbon Paper Electrode
Graphite Felt Electrode
Segment by Application
Utility Facilities
Renewable Energy
Others
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
China Taiwan
Southeast Asia
India
Latin America, Middle East & Africa
Mexico
Brazil
Turkey
GCC Countries
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Detailed analysis of Vanadium Redox Flow Battery (VRB) manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Production/output, value of Vanadium Redox Flow Battery (VRB) by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 4: Consumption of Vanadium Redox Flow Battery (VRB) in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 5: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 10: The main points and conclusions of the report.
The vanadium redox battery (VRB) (or Vanadium flow battery) is a type of rechargeable flow battery that employs vanadium ions in different oxidation states to store chemical potential energy. The vanadium redox battery exploits the ability of vanadium to exist in solution in four different oxidation states, and uses this property to make a battery that has just one electro active element instead of two. For several reasons, including their relatively bulky size, most vanadium batteries are currently used for grid energy storage, such as being attached to power plants or electrical grids.
Unlike other RFBs, vanadium redox flow batteries (VRBs) use only one element (vanadium) in both tanks, exploiting vanadium’s ability to exist in several states. By using one element in both tanks, VRBs can overcome cross-contamination degradation, a significant issue with other RFB chemistries that use more than one element. The energy density of VRBs depends on the concentration of vanadium: the higher the concentration, the higher the energy density.
The global Vanadium Redox Flow Battery (VRB) market was valued at US$ 196.8 million in 2023 and is anticipated to reach US$ 350 million by 2030, witnessing a CAGR of 8.5% during the forecast period 2024-2030.
Rongke Power, Sumitomo Electric Industries and VRB ENERGY are the main producers of vanadium REDOX batteries (VRBs). Rongke Power is the world's first, accounting for about 40% of the market, and the top 3 accounted for about 70%. China is the largest producing region, accounting for about 60% of the world's total, followed by Japan at about 20%.
This report aims to provide a comprehensive presentation of the global market for Vanadium Redox Flow Battery (VRB), with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Vanadium Redox Flow Battery (VRB).
Report Scope
The Vanadium Redox Flow Battery (VRB) market size, estimations, and forecasts are provided in terms of output/shipments (MW) and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Vanadium Redox Flow Battery (VRB) market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Vanadium Redox Flow Battery (VRB) manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, production, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
Market Segmentation
By Company
Dalian Rongke Power
Primus Power
Sumitomo Electric
VRB ENERGY
Largo Clean Energy
Invinity Energy Systems
Big Pawer
H2, Inc.
CellCube Energy Storage
Shanghai Electric
Segment by Type
Carbon Paper Electrode
Graphite Felt Electrode
Segment by Application
Utility Facilities
Renewable Energy
Others
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
China Taiwan
Southeast Asia
India
Latin America, Middle East & Africa
Mexico
Brazil
Turkey
GCC Countries
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Detailed analysis of Vanadium Redox Flow Battery (VRB) manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Production/output, value of Vanadium Redox Flow Battery (VRB) by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 4: Consumption of Vanadium Redox Flow Battery (VRB) in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 5: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 10: The main points and conclusions of the report.
Index1 Vanadium Redox Flow Battery (VRB) Market Overview
1.1 Product Definition
1.2 Vanadium Redox Flow Battery (VRB) Segment by Type
1.2.1 Global Vanadium Redox Flow Battery (VRB) Market Value Growth Rate Analysis by Type 2023 VS 2030
1.2.2 Carbon Paper Electrode
1.2.3 Graphite Felt Electrode
1.3 Vanadium Redox Flow Battery (VRB) Segment by Application
1.3.1 Global Vanadium Redox Flow Battery (VRB) Market Value Growth Rate Analysis by Application: 2023 VS 2030
1.3.2 Utility Facilities
1.3.3 Renewable Energy
1.3.4 Others
1.4 Global Market Growth Prospects
1.4.1 Global Vanadium Redox Flow Battery (VRB) Production Value Estimates and Forecasts (2019-2030)
1.4.2 Global Vanadium Redox Flow Battery (VRB) Production Capacity Estimates and Forecasts (2019-2030)
1.4.3 Global Vanadium Redox Flow Battery (VRB) Production Estimates and Forecasts (2019-2030)
1.4.4 Global Vanadium Redox Flow Battery (VRB) Market Average Price Estimates and Forecasts (2019-2030)
1.5 Assumptions and Limitations
2 Market Competition by Manufacturers
2.1 Global Vanadium Redox Flow Battery (VRB) Production Market Share by Manufacturers (2019-2024)
2.2 Global Vanadium Redox Flow Battery (VRB) Production Value Market Share by Manufacturers (2019-2024)
2.3 Global Key Players of Vanadium Redox Flow Battery (VRB), Industry Ranking, 2022 VS 2023 VS 2024
2.4 Global Vanadium Redox Flow Battery (VRB) Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
2.5 Global Vanadium Redox Flow Battery (VRB) Average Price by Manufacturers (2019-2024)
2.6 Global Key Manufacturers of Vanadium Redox Flow Battery (VRB), Manufacturing Base Distribution and Headquarters
2.7 Global Key Manufacturers of Vanadium Redox Flow Battery (VRB), Product Offered and Application
2.8 Global Key Manufacturers of Vanadium Redox Flow Battery (VRB), Date of Enter into This Industry
2.9 Vanadium Redox Flow Battery (VRB) Market Competitive Situation and Trends
2.9.1 Vanadium Redox Flow Battery (VRB) Market Concentration Rate
2.9.2 Global 5 and 10 Largest Vanadium Redox Flow Battery (VRB) Players Market Share by Revenue
2.10 Mergers & Acquisitions, Expansion
3 Vanadium Redox Flow Battery (VRB) Production by Region
3.1 Global Vanadium Redox Flow Battery (VRB) Production Value Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
3.2 Global Vanadium Redox Flow Battery (VRB) Production Value by Region (2019-2030)
3.2.1 Global Vanadium Redox Flow Battery (VRB) Production Value Market Share by Region (2019-2024)
3.2.2 Global Forecasted Production Value of Vanadium Redox Flow Battery (VRB) by Region (2025-2030)
3.3 Global Vanadium Redox Flow Battery (VRB) Production Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
3.4 Global Vanadium Redox Flow Battery (VRB) Production by Region (2019-2030)
3.4.1 Global Vanadium Redox Flow Battery (VRB) Production Market Share by Region (2019-2024)
3.4.2 Global Forecasted Production of Vanadium Redox Flow Battery (VRB) by Region (2025-2030)
3.5 Global Vanadium Redox Flow Battery (VRB) Market Price Analysis by Region (2019-2024)
3.6 Global Vanadium Redox Flow Battery (VRB) Production and Value, Year-over-Year Growth
3.6.1 North America Vanadium Redox Flow Battery (VRB) Production Value Estimates and Forecasts (2019-2030)
3.6.2 Europe Vanadium Redox Flow Battery (VRB) Production Value Estimates and Forecasts (2019-2030)
3.6.3 China Vanadium Redox Flow Battery (VRB) Production Value Estimates and Forecasts (2019-2030)
3.6.4 Japan Vanadium Redox Flow Battery (VRB) Production Value Estimates and Forecasts (2019-2030)
4 Vanadium Redox Flow Battery (VRB) Consumption by Region
4.1 Global Vanadium Redox Flow Battery (VRB) Consumption Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
4.2 Global Vanadium Redox Flow Battery (VRB) Consumption by Region (2019-2030)
4.2.1 Global Vanadium Redox Flow Battery (VRB) Consumption by Region (2019-2024)
4.2.2 Global Vanadium Redox Flow Battery (VRB) Forecasted Consumption by Region (2025-2030)
4.3 North America
4.3.1 North America Vanadium Redox Flow Battery (VRB) Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.3.2 North America Vanadium Redox Flow Battery (VRB) Consumption by Country (2019-2030)
4.3.3 U.S.
4.3.4 Canada
4.4 Europe
4.4.1 Europe Vanadium Redox Flow Battery (VRB) Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.4.2 Europe Vanadium Redox Flow Battery (VRB) Consumption by Country (2019-2030)
4.4.3 Germany
4.4.4 France
4.4.5 U.K.
4.4.6 Italy
4.4.7 Russia
4.5 Asia Pacific
4.5.1 Asia Pacific Vanadium Redox Flow Battery (VRB) Consumption Growth Rate by Region: 2019 VS 2023 VS 2030
4.5.2 Asia Pacific Vanadium Redox Flow Battery (VRB) Consumption by Region (2019-2030)
4.5.3 China
4.5.4 Japan
4.5.5 South Korea
4.5.6 China Taiwan
4.5.7 Southeast Asia
4.5.8 India
4.6 Latin America, Middle East & Africa
4.6.1 Latin America, Middle East & Africa Vanadium Redox Flow Battery (VRB) Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.6.2 Latin America, Middle East & Africa Vanadium Redox Flow Battery (VRB) Consumption by Country (2019-2030)
4.6.3 Mexico
4.6.4 Brazil
4.6.5 Turkey
5 Segment by Type
5.1 Global Vanadium Redox Flow Battery (VRB) Production by Type (2019-2030)
5.1.1 Global Vanadium Redox Flow Battery (VRB) Production by Type (2019-2024)
5.1.2 Global Vanadium Redox Flow Battery (VRB) Production by Type (2025-2030)
5.1.3 Global Vanadium Redox Flow Battery (VRB) Production Market Share by Type (2019-2030)
5.2 Global Vanadium Redox Flow Battery (VRB) Production Value by Type (2019-2030)
5.2.1 Global Vanadium Redox Flow Battery (VRB) Production Value by Type (2019-2024)
5.2.2 Global Vanadium Redox Flow Battery (VRB) Production Value by Type (2025-2030)
5.2.3 Global Vanadium Redox Flow Battery (VRB) Production Value Market Share by Type (2019-2030)
5.3 Global Vanadium Redox Flow Battery (VRB) Price by Type (2019-2030)
6 Segment by Application
6.1 Global Vanadium Redox Flow Battery (VRB) Production by Application (2019-2030)
6.1.1 Global Vanadium Redox Flow Battery (VRB) Production by Application (2019-2024)
6.1.2 Global Vanadium Redox Flow Battery (VRB) Production by Application (2025-2030)
6.1.3 Global Vanadium Redox Flow Battery (VRB) Production Market Share by Application (2019-2030)
6.2 Global Vanadium Redox Flow Battery (VRB) Production Value by Application (2019-2030)
6.2.1 Global Vanadium Redox Flow Battery (VRB) Production Value by Application (2019-2024)
6.2.2 Global Vanadium Redox Flow Battery (VRB) Production Value by Application (2025-2030)
6.2.3 Global Vanadium Redox Flow Battery (VRB) Production Value Market Share by Application (2019-2030)
6.3 Global Vanadium Redox Flow Battery (VRB) Price by Application (2019-2030)
7 Key Companies Profiled
7.1 Dalian Rongke Power
7.1.1 Dalian Rongke Power Vanadium Redox Flow Battery (VRB) Corporation Information
7.1.2 Dalian Rongke Power Vanadium Redox Flow Battery (VRB) Product Portfolio
7.1.3 Dalian Rongke Power Vanadium Redox Flow Battery (VRB) Production, Value, Price and Gross Margin (2019-2024)
7.1.4 Dalian Rongke Power Main Business and Markets Served
7.1.5 Dalian Rongke Power Recent Developments/Updates
7.2 Primus Power
7.2.1 Primus Power Vanadium Redox Flow Battery (VRB) Corporation Information
7.2.2 Primus Power Vanadium Redox Flow Battery (VRB) Product Portfolio
7.2.3 Primus Power Vanadium Redox Flow Battery (VRB) Production, Value, Price and Gross Margin (2019-2024)
7.2.4 Primus Power Main Business and Markets Served
7.2.5 Primus Power Recent Developments/Updates
7.3 Sumitomo Electric
7.3.1 Sumitomo Electric Vanadium Redox Flow Battery (VRB) Corporation Information
7.3.2 Sumitomo Electric Vanadium Redox Flow Battery (VRB) Product Portfolio
7.3.3 Sumitomo Electric Vanadium Redox Flow Battery (VRB) Production, Value, Price and Gross Margin (2019-2024)
7.3.4 Sumitomo Electric Main Business and Markets Served
7.3.5 Sumitomo Electric Recent Developments/Updates
7.4 VRB ENERGY
7.4.1 VRB ENERGY Vanadium Redox Flow Battery (VRB) Corporation Information
7.4.2 VRB ENERGY Vanadium Redox Flow Battery (VRB) Product Portfolio
7.4.3 VRB ENERGY Vanadium Redox Flow Battery (VRB) Production, Value, Price and Gross Margin (2019-2024)
7.4.4 VRB ENERGY Main Business and Markets Served
7.4.5 VRB ENERGY Recent Developments/Updates
7.5 Largo Clean Energy
7.5.1 Largo Clean Energy Vanadium Redox Flow Battery (VRB) Corporation Information
7.5.2 Largo Clean Energy Vanadium Redox Flow Battery (VRB) Product Portfolio
7.5.3 Largo Clean Energy Vanadium Redox Flow Battery (VRB) Production, Value, Price and Gross Margin (2019-2024)
7.5.4 Largo Clean Energy Main Business and Markets Served
7.5.5 Largo Clean Energy Recent Developments/Updates
7.6 Invinity Energy Systems
7.6.1 Invinity Energy Systems Vanadium Redox Flow Battery (VRB) Corporation Information
7.6.2 Invinity Energy Systems Vanadium Redox Flow Battery (VRB) Product Portfolio
7.6.3 Invinity Energy Systems Vanadium Redox Flow Battery (VRB) Production, Value, Price and Gross Margin (2019-2024)
7.6.4 Invinity Energy Systems Main Business and Markets Served
7.6.5 Invinity Energy Systems Recent Developments/Updates
7.7 Big Pawer
7.7.1 Big Pawer Vanadium Redox Flow Battery (VRB) Corporation Information
7.7.2 Big Pawer Vanadium Redox Flow Battery (VRB) Product Portfolio
7.7.3 Big Pawer Vanadium Redox Flow Battery (VRB) Production, Value, Price and Gross Margin (2019-2024)
7.7.4 Big Pawer Main Business and Markets Served
7.7.5 Big Pawer Recent Developments/Updates
7.8 H2, Inc.
7.8.1 H2, Inc. Vanadium Redox Flow Battery (VRB) Corporation Information
7.8.2 H2, Inc. Vanadium Redox Flow Battery (VRB) Product Portfolio
7.8.3 H2, Inc. Vanadium Redox Flow Battery (VRB) Production, Value, Price and Gross Margin (2019-2024)
7.8.4 H2, Inc. Main Business and Markets Served
7.7.5 H2, Inc. Recent Developments/Updates
7.9 CellCube Energy Storage
7.9.1 CellCube Energy Storage Vanadium Redox Flow Battery (VRB) Corporation Information
7.9.2 CellCube Energy Storage Vanadium Redox Flow Battery (VRB) Product Portfolio
7.9.3 CellCube Energy Storage Vanadium Redox Flow Battery (VRB) Production, Value, Price and Gross Margin (2019-2024)
7.9.4 CellCube Energy Storage Main Business and Markets Served
7.9.5 CellCube Energy Storage Recent Developments/Updates
7.10 Shanghai Electric
7.10.1 Shanghai Electric Vanadium Redox Flow Battery (VRB) Corporation Information
7.10.2 Shanghai Electric Vanadium Redox Flow Battery (VRB) Product Portfolio
7.10.3 Shanghai Electric Vanadium Redox Flow Battery (VRB) Production, Value, Price and Gross Margin (2019-2024)
7.10.4 Shanghai Electric Main Business and Markets Served
7.10.5 Shanghai Electric Recent Developments/Updates
8 Industry Chain and Sales Channels Analysis
8.1 Vanadium Redox Flow Battery (VRB) Industry Chain Analysis
8.2 Vanadium Redox Flow Battery (VRB) Key Raw Materials
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.3 Vanadium Redox Flow Battery (VRB) Production Mode & Process
8.4 Vanadium Redox Flow Battery (VRB) Sales and Marketing
8.4.1 Vanadium Redox Flow Battery (VRB) Sales Channels
8.4.2 Vanadium Redox Flow Battery (VRB) Distributors
8.5 Vanadium Redox Flow Battery (VRB) Customers
9 Vanadium Redox Flow Battery (VRB) Market Dynamics
9.1 Vanadium Redox Flow Battery (VRB) Industry Trends
9.2 Vanadium Redox Flow Battery (VRB) Market Drivers
9.3 Vanadium Redox Flow Battery (VRB) Market Challenges
9.4 Vanadium Redox Flow Battery (VRB) Market Restraints
10 Research Finding and Conclusion
11 Methodology and Data Source
11.1 Methodology/Research Approach
11.1.1 Research Programs/Design
11.1.2 Market Size Estimation
11.1.3 Market Breakdown and Data Triangulation
11.2 Data Source
11.2.1 Secondary Sources
11.2.2 Primary Sources
11.3 Author List
11.4 Disclaimer
Published By : QY Research
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