Scope of the Study
Vanadium Flow Battery also called vanadium redox battery stores chemical potential energy from renewable sources such as solar energy which employs vanadium ions in different states. It can store the energy which can be used at any time and has reduced degradation. Due to which vanadium flow battery can be used for long term asset upgrades which in turn is creating a high demand. Moreover, the environmental problems are forcing the people to use renewable energy.
The market study is being classified by Type (Graphene Electrodes and Carbon Felt Electrodes), by Application (Power storage, Military electronics and UPS) and major geographies with country level break-up.
Sumitomo Electric Industries (Japan), Rongke Power (China), UniEnergy Technologies (United States), redT Energy (United Kingdom), Vionx Energy (United States), Big Pawer, Australian Vanadium (Australia), Golden Energy Fuel Cell (United States) and Ess Inc. (United States) are some of the key players profiled in the study.
The market of Vanadium flow battery consists of emerging players who are looking for the acquisitions to expand their business and to remain competitive in the market. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Vanadium Flow Battery market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Vanadium Flow Battery market by Type, Application and Region.
On the basis of geography, the market of Vanadium Flow Battery has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing demand from automotive industry
- Rising demand for power backup solutions
- Rising usage of electronic devices globally
- Inclination of people to use renewable resources
- High costs associated with the vanadium battery
- Rising consumption of vanadium in high strength steels and products
- Growing investments in renewable energy
- Technological changes can affect the market
- Decreasing li-ion battery prices may hamper the market
Market Leaders and their expansionary development strategies
In 2019, Sumitomo electric industries has acquired Sinterwerke Herne GMBH and Sinterwerke Grenchen AG to expand its sales channel and cover European automakers.
Key Target AudienceManufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be informed prior purchase