Vanadium battery energy storage profit

How fast will vanadium redox flow batteries grow in 2022?

7 July 2022 According to an independent analysis by market intelligence and advisory firm, Guidehouse Insights, global annual deployments of vanadium redox flow batteries (VRFBs) are expected to reach approximately 32.8 GWh per annum by 2031. This represents a compound annual growth rate (CAGR) of 41% over the forecasted period.

Are VRFBs a major source of new demand for vanadium?

Many vanadium industry stakeholders see VRFBs as a major source of new demand for the metal that has traditionally been used in steel alloys,” states Mikhail Nikomarov, Chairman of the Vanitec Energy Storage Committee (ESC) and CEO of Bushveld Energy.

How much vanadium will be produced by 2031?

The VRFB deployment forecast by Guidehouse Insights would equate to between 127,500 and 173,800 tons of new vanadium demand per year by 2031, according to Vanitec calculations based off Guidehouse’s projection. That would be more than twice as much vanadium as is currently produced annually today.

Is vanadium a critical raw material?

The European Commission identified and formally registered vanadium on the 2017 list of Critical Raw Materials for the European Union, while the United States, Canada and Australia have also listed vanadium as critical to supporting their economies.

Can vanadium be used in VRFBs?

Vanitec, the not-for-profit international global member organisation whose objective it is to promote the use of vanadium-bearing materials, says that while vanadium is mainly used within the steel industry, vanadium is increasingly being recognised for its use in VRFBs.

What is the difference between power and energy storage capacity?

The power (kW) of the system is determined by the size of the electrodes and the number of cells in a stack, whereas the energy storage capacity (kWh) is determined by the concentration and volume of the electrolyte. Both energy and power can be easily adjusted for storage from a few hours to days, depending on the application.