Global Vanadium Redox Battery Market 2017-2021
About Vanadium Redox Battery
Vanadium redox battery is a secondary battery that uses liquid electrolyte instead of electrolyte plates for storing energy. These batteries are used in energy storage systems as a replacement for standard batteries such as lead-acid and lithium-ion (Li-ion) batteries. These batteries provide a minimum of 25 years of service without any maintenance, which gives vanadium redox batteries an edge over other battery technologies.
Technavio’s analysts forecast the global vanadium redox battery market to grow at a CAGR of 8.5% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global vanadium redox battery market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Vanadium Redox Battery Market 2017-2021
Technavio recognizes the following companies as the key players in the global vanadium redox battery market: GILDEMEISTER energy solutions, redT energy, UniEnergy Technologies, VanadiumCorp Resource, and Vionx Energy.
Other Prominent Vendors in the market are: Australian Vanadium, Bushveld Energy, Cellennium (Thailand), Prudent Energy, Redflow, Sparton Resources, and Sumitomo Electric Industries.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is increasing investments in renewable energy. The cost of producing electricity using renewable energy is still relatively expensive when compared with conventional power generation. However, renewable technology is maturing due to which the gap between conventional and renewable fuels has significantly reduced, making them competitive with newly built fossil fuel power plants. The competitive cost of producing electricity and the low carbon emitting nature of renewable technology have led to continuous investments in renewable energy globally. To encourage the use of renewable power, governments of various countries support renewable energy production by providing grants, incentives, feed-in tariffs, and others. As renewable sources of energy such as solar, wind, and hydro are intermittent in nature, they have less potential as a standalone power system. To overcome this issue, the renewable sources are combined and used in a hybrid form to supply continuous, reliable power, which is proven to be beneficial in remote areas, especially in the telecom industry where it is adopted extensively. Vendors such as WindStream Technologies have developed SolarMill, a 2.5 kW hybrid power system, which combines solar (1.5 kW) and wind (1 kW) resources. It can be fixed atop rooftops to generate electricity. Government initiatives/incentives and unique product solutions will lead to the higher adoption of hybrid power systems globally.”
According to the report, one driver in market is environemtal impact of battery disposal. The demand for lead-acid batteries has increased with the growth in the automotive and other industries. In addition, there are increased battery energy storage applications for hybrid Electric vehicles and renewable power generation. However, the growing production of lead-acid batteries has raised environmental concerns over lead pollution. Battery production involves the use of toxic materials because of the lack of safer substitutes. Battery production requires a large quantity of lead, a portion of which often mixes with the discharged fumes. This leads to air pollution, resulting in health problems. To curb lead poisoning, the Chinese government has shut down majority of its lead-acid battery plants and has also enforced stringent regulations, standards for battery production and disposal. Improper battery disposal in landfills can result in lead and sulfuric content seeping into the groundwater and contaminating it. Hence, a proper management system for battery disposal is required to ensure the safety of people and the environment.
Further, the report states that one challenge in market is declining Li-ion battery prices. Li-ion batteries have higher energy densities compared with lead-acid batteries or nickel–metal hydride (NiMH) batteries. Having high energy density means that the battery can store more electricity in the same size cell with reduced carbon footprint. This is what makes the Li-ion batteries ideal for use in industrial applications and others such as energy storage in renewable energy projects and electric vehicles. Li-ion battery prices have been exhibiting a declining trend since 2007. The cost of battery packs has decreased by about 53% from 2007 to 2015.
GILDEMEISTER energy solutions, redT energy, UniEnergy Technologies, VanadiumCorp Resource, Vionx Energy, Australian Vanadium, Bushveld Energy, Cellennium (Thailand), Prudent Energy, Redflow, Sparton Resources, and Sumitomo Electric Industries.
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