LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global vanadium redox battery market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global vanadium redox battery market for 2017-2021 provides detailed industry analysis based on application (renewable solutions, residential, and electric vehicle charging) and geography (the Americas, EMEA, and APAC).
|The vanadium redox battery is a secondary battery that uses liquid electrolyte instead of electrolyte plates for storing energy. Technavio analysts forecast the global vanadium redox battery market to grow to USD 139.21 million by 2021, at a CAGR of nearly 9% over the forecast period.|
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The top three emerging trends driving the global vanadium redox battery market according to Technavio’s energy research analysts are:
- Increasing investments in renewable energy
- Rise in telecom installations in rural areas
- Growing need for electrification
Increasing investments in renewable energy
To combat the energy crisis and reduce dependence on non-renewable energy sources, many governments around the world are encouraging the use of renewable energy by providing grants, incentives, and feed-in tariffs. Various renewable sources are combined to integrate multiple renewable sources and ensure a constant, reliable supply of energy.
“The hybrid renewable energy systems have given rise to increasing demand for suitable storage solutions. Vanadium redox battery is suitable for this purpose since it stores the energy and provides power for a longer period of time,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research.
Rise in telecom installations in rural areas
The growing population and rapid advancements in technology are driving telecom installations, even in rural areas, resulting in increased mobile and smartphone penetration. The decline in telecom tariffs and rise in subscriptions are further driving the growth of the telecom sector.
Reliable communication technologies in rural areas have paved the way for better healthcare and education systems, along with the creation of employment and training opportunities, thereby enhancing economic growth. To ensure a stable supply of power to rural telecom installations, renewable-based battery energy storage systems are increasingly being adopted.
Growing need for electrification
Since electricity drives infrastructure and social development, the development of a reliable energy grid is a prerequisite for the economic growth of a nation. The high cost associated with grid expansion is encouraging governments to adopt standalone decentralized systems in rural areas.
“Governments are adopting vanadium redox batteries in their decentralized power systems to meet the growing demand for a reliable supply of power. These systems not only reduce the overall cost of setup and maintenance to the government, but also opens up new business opportunities in rural areas,” says Thanikachalam.
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