Vanadium Redox Battery (VRB) Market

The vanadium redox battery (VRB) is a rechargeable flow battery that releases vanadium ions in different oxidation states for the storage of chemical potential energy. The battery utilizes the capacity of vanadium ions to exist in a compound in four distinct oxidation states. The battery has just one electro-active element, which is vanadium, instead of two. Currently, vanadium redox flow batteries are mostly used for grid energy storage due to their relatively heavy size. The high capacity of these batteries makes them suitable for storage of energy. In addition, rising electrification and modification, particularly for micro-hybrid and electric vehicles, are leading to the growing inclination toward absorbent glass mat (AGM) battery and enhanced flooded battery (EFB). Moreover, the increasing adoption rate of these batteries in passenger vehicles is expected to drive the vanadium redox battery (VRB) market during the forecast period.

Market scope and structure analysis:

COVID-19 scenario analysis:

• Many companies have claimed that the disruption in the supply of components from various countries due to the outbreak of COVID-19 is expected to impact their planned production.
• The ongoing issue of COVID-19 in several countries has affected the supply of many components to companies’ manufacturing facilities.
• Almost every worker in every company has been affected due to the pandemic as there are jobs and salary cuts by the companies. 
• Automobile makers especially rely on China and other developed countries near them, for the supply of several raw materials and basic parts. As the supply chain has broken from these countries due to the pandemic, it has majorly affected the market of various economies.
• The COVID-19 pandemic is one of the first pandemics of its kind that is forcing the automotive industry to re-think its business.
• The premium segment may revive soon in the market, but it will take a long time to get back on track for the entire market after the lockdown.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis 

The top impacting factors of the market are regulatory push toward efficient technologies and global measures by OEMs to increase customer's preference toward electric vehicles (EVs). However, the higher cost of electronic power steering (EPS) as compared to traditional steering systems and lack of steering feel are expected to restrain the growth of the market. Furthermore, penetration in commercial vehicles and enabling advanced driver-assistance systems (ADAS) features in EPS are anticipated to create new opportunities for the market growth.

The vanadium redox battery (VRB) market trends are as follows:

Regulatory push toward efficient technologies 

Manufacturing companies are regularly innovating advanced techniques to enhance customer's luxury in their vehicles. Efficient technology is attributed to the boom in vehicle production and sales in developing economies such as China and India. In addition, the safety and security feature has been prioritized as there are increasing accidents. Therefore, companies are adapting to a better safety system, which is expected to further propel the second-life electric vehicle battery market growth over the forecast period.

Global measures by OEMs to increase customer's preference for electric vehicles (EVs)

Automobile manufacturers are incorporating several systems in vehicles to attract the attention of more customers by advancing their design or implementing new strategies for the vehicles. Advanced features are no longer restricted to premium vehicles. They are further developed to regular running vehicles as well. Consumers are now more concerned about the afterlife, reselling of the vehicle, and technological advancement. Therefore, they are more interested in opting for vehicles that are equipped with better resources and are expected to propel the second-life electric vehicle battery market growth over the forecast period.

Key segments covered:               

Key benefits of the report:

• This study presents the analytical depiction of the vanadium redox battery (VRB) market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the vanadium redox battery (VRB) market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the vanadium redox battery (VRB) market scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed vanadium redox battery (VRB) market analysis based on competitive intensity and how the competition will take shape in the coming years. 

Questions answered in the market research report:

• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Vanadium Redox Battery (VRB) Market Report Highlights