Vanadium Electrolyte Market Advancing at 9.9% CAGR to Attain US$ 570 Million by 2033: Fact.MR Analysis
The North American vanadium electrolyte market is projected to create an absolute $ opportunity of US$ 75.9 million through 2033.
Rockville , Oct. 16, 2023 (GLOBE NEWSWIRE) -- As per a new analysis by Fact.MR, a market research and competitive intelligence provider, the global *Vanadium Electrolyte Market* is surging ahead and is predicted to expand at a CAGR of 9.9% and reach a value of US$ 570.3 million by 2033, creating an absolute $ opportunity of US$ 348.4 million over the next ten years.
Vanadium redox flow batteries are a type of energy storage system that uses vanadium ions dissolved in an electrolyte solution to store and release electrical energy. They are becoming increasingly popular for large-scale energy storage applications, such as grid-scale energy storage, due to their long cycle life, high energy density, and flexibility.
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*Key Segments of Vanadium Electrolyte Industry Research Report*
*By Purity Level* *By End-use Application* *By Region*
· High Purity
· Standard Purity
· Energy Storage Systems
· Industrial & Commercial
· North America
· Latin America
· East Asia
· South Asia & Pacific
· Western Europe
· Eastern Europe
· Middle East & AfricaThe production of VRFBs requires vanadium electrolytes, which are solutions of vanadium ions in an electrolyte medium. The growing popularity of VRFBs is leading to a spontaneous rise in the demand for vanadium electrolytes.
· Global cumulative energy storage installations are expected to be higher than 200 GWh per year and cross 1,000 GWh by 2032.
Vanadium is a rare and strategic metal, and its prices can be volatile. However, the long-term demand for vanadium is expected to be driven by the growth of the energy storage market, particularly VRFBs. As more VRFBs are installed, the demand for vanadium electrolyte and, eventually, vanadium itself, is likely to increase.
*Key Takeaways from Market Study*
· The global vanadium electrolyte market is valued at US$ 221.9 million in 2023
· The market in the United States is predicted to expand at 9.6% CAGR during the forecast period (2023 to 2033).
· China is a prominent country and is expected to offer an absolute $ opportunity of US$ 154.4 million through 2033.
· High-purity vanadium electrolytes hold a market share of 86.9% in 2023.
· Vanadium electrolyte producers are predominantly operating in Australia, the United States, South Africa, China, and the United Kingdom.
*“Demand for high-purity vanadium electrolytes set to remain high over the next ten years,” *says a Fact.MR analyst.
*Market Growth Stratagems*
The market for vanadium electrolytes is still in its early stages and there are currently few players that produce vanadium electrolytes. However, as the demand for vanadium electrolytes increases, more players are anticipated to enter the market.
Leading vanadium electrolyte manufacturers focus on increasing their production capacity, improving the quality and efficiency of their products, and expanding their customer base. As the market continues to grow, these players are forecasted to explore new applications for vanadium electrolytes beyond VRFBs.
*Key Companies Profiled *
· Australian Vanadium Limited (AVL)
· Oxkem Ltd.
· Pangang Group Vanadium Titanium & Resources Co.
· U.S. Vanadium LLC
· Vecco Group
· Vanadium Corp.
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*Report Attribute* *Details*
Value Projection (2033) USD 570 Million
Growth Rate (2023-2033) 9.9% CAGR
No. of pages 170 Pages
No. of Tables 96 Tables
No. of Figures 83 Figures In the United States, it is expected that revenue generated from the sales of vanadium electrolytes will reach US$ 93.8 million by the conclusion of 2033.
The United States has seen a notable rise in the installation of renewable energy sources, especially solar and wind power. As the proportion of renewables in the energy portfolio continues to grow, there arises a necessity for efficient energy storage solutions to mitigate intermittency and ensure a steady energy provision. Vanadium redox flow batteries, employing vanadium electrolytes, present a viable and scalable option for prolonged energy storage, thus fueling the demand for vanadium electrolytes.
Recognizing the significance of energy storage technologies in achieving energy objectives and reducing greenhouse gas emissions, the United States government has taken cognizance. Diverse federal and state-level policies and incentives, including investment tax credits and grants, have been enacted to promote the adoption of energy storage. These favorable measures serve to encourage the utilization of vanadium redox flow batteries, consequently propelling the demand for vanadium electrolytes.
*More Valuable Insights on Offer*
Fact.MR, in its new offering, presents an unbiased analysis of the vanadium electrolyte market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals essential insights based on purity level (high purity, standard purity) and end-use application (energy storage systems, industrial & commercial), across major regions of the world (North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and the Middle East & Africa).
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