Favorable developments in solar and wind energy are likely to play a critical role in charting the growth trajectory of the global “vanadium redox flow battery” market. According to a recent report released by the International Energy Agency (IEA), electricity generation from renewables will account for 50% of the total global electricity generation in the next five years, powered by solar and wind energy. The IEA states that solar and wind power projects have been rolling out at a skyrocketing pace in the last few years. With renewable energy sources expected to contribute 30% of the world’s electricity by 2024, the IEA predicts that solar and wind are slated to play a central role in facilitating a global shift towards clean energy. This is expected to be one of the leading vanadium redox flow battery market trends as these batteries provide an energy-efficient solution for storing and converting solar energy into electricity on a large-scale.
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- VIONX Energy Corporation
- StorEn Technologies Inc.
- CellCube Energy Storage Systems Inc.
- Avalon Battery Corporation
- VoltStorage GmbH
- Pinflow Energy Storage
- redT energy Plc
- Prudent Energy
- Imergy Power Systems
- Sumitomo Electric
- Vanadis Power GmbH
- UniEnergy Technologies
- Northern Graphite
- Rongke Power
Key Market Driver – Growing demand for power backup around the world
Key Market Restraint – High initial cost and low energy to volume ratio
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Key Segmental Overview:
- By Type
- By Application
- By Geography
Strategic Partnerships to Intensify Competition
The vanadium redox flow battery market forecast by Fortune Business Insights predicts stiff competition in this market owing to the increasing number of strategic collaborations and merger activities between players. These measures taken up by companies are aimed at strengthening their position in the market and diversify their product offerings.
Key Industry Developments:
- July 2019: UK-based redT energy Plc announced its plan to merge with its US counterpart, Avalon Battery Corporation, with the aim to establish a global organization concentrating on developing vanadium redox flow batteries.
- March 2019: Teaming up with Eskom, Bushveld Energy commissioned the first vanadium redox flow battery energy storage and delivery facility in South Africa. The project is aimed at developing the renewable energy capacity of rural areas in the country.
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Major Table of Content For Vanadium Redox Flow Battery Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2027
- North America Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2027
- Europe Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2027
- Asia Pacific Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2027
- The Middle East and Africa Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2027
- Latin America Vanadium Redox Flow Battery Market Analysis, Insights and Forecast, 2027
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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