Vanadium Redox Flow Battery (VRB) Market is Expected to Reach $1,205.7 Million by 2026 | Key Players Sumitomo Electric Industries, Rongke Power, UniEnergy Technologies
Bizlytik analysts forecast the global Vanadium Redox Flow Battery (VRB) market to grow at a CAGR of 34.4% during the forecast period, according to their latest market research report.
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In terms of volume, the Vanadium Redox Flow Battery (VRB) Consumption was valued at XX Units in 2019 and is expected to garner XX Units by 2026; witnessing a CAGR of 29.2% from 2020 to 2026.
The vanadium redox flow batteries store energy in the form of chemical potential through the redox reaction of vanadium in different oxidation states. The batteries are often deployed in proximity to power generation grids and plants to provide electricity that stabilizes the grid performance, even in times of emergency power failure.
The expansive development of renewable energy infrastructure and its development as a viable alternative to traditional fossil fuel sources would influence the growth of the market during the forecast period. The ability of VRFBs to respond rapidly in times of emergency power failure enhances grid stability, further propelling the market growth. The favorable federal investments and funding to establish several renewable intermittent electric supply stations would improve the business opportunities of the market in the coming years.
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Carbon Paper Electrode and Graphite Felt Electrode VRFBs are covered in the Type segment of the market scope, while the Application segment is categorized into Large-Scale Energy Storage, Uninterruptible Power Supply, and Others. The report covers Consumption volume of the global market by Application, with the volume expressed in K Units. The Type segment is calculated in terms of Production value and volume.
The volume of Large-Scale Energy Storage Consumption was XX K Units in 2019, and it is expected to reach XX K Units by 2026, growing at a CAGR of 29.3% during 2020-2026. The long service life of VRFBs with low maintenance and improved design to improve grid stability are the primary factors influencing the segment growth.
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North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
Europe Vanadium Redox Flow Battery (VRB) market was XX K Units in 2019, and it is predicted to reach XX K Units by 2026, growing at a CAGR of XX% during the forecast period. The improved infrastructural development of wind farms and solar power stations have profoundly influenced the adoption and growth in demand for vanadium redox batteries in the region.
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The Vanadium Redox Flow Battery (VRB) market is moderately consolidated, with several players operating in the market with expansive global reach and extended manufacturing capabilities.
The rapid product implementation in a wide range of power generation facilities and expansion of business opportunities through the formation of strategic partnerships and collaborations are the primarily followed business strategies of top players.
Sumitomo Electric Industries is one of the most significant companies of the global Vanadium Redox Flow Battery (VRB) Market in terms of production volume, with Rongke Power and UniEnergy Technologies among many other vendors to hold substantial market share by volume and value.
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