ELECTROCHEMICAL ENERGY STORAGE MARKET: PRESENT AND FUTURE
World Energy Outlook expects total renewable used in the electric power sector to increase. The rapid growth in variable renewable energy, namely solar PV and wind, is catalyzing efforts to modernize the electricity system. Energy storage investment has continued to increase as more renewable energy is integrated into energy mix, as a measure to mitigate climate change. This ensures that system stability is maintained by matching supply and demand of electricity. Large / medium battery storage is one of the options for enhancing system flexibility in these circumstances by managing electricity supply fluctuations.
Vanadium is an important component that is used in ferrous and non-ferrous alloys for a diverse range of commercial applications extending from train rails, tool steels, catalysts, to aerospace. Besides these applications, vanadium may be used for mass storage redox flow batteries. Vanadium and vanadium-based products, are amongst key enablers for maximizing renewable energy integration into energy mix. Large capacities make vanadium redox batteries (VRBs) well suited to use in large power storage applications having a discharge capability ideal for use in wind or solar energy storage. Vanadium demand in VRB applications conservatively projected to grow, worldwide, particularly in utilities for both remote and on-grid locations, remains strong in today’s and future market.
Current global market size of vanadium electrolyte is ~ 400 MWh of annual electrolyte production capacity. However, less than 1% of the world vanadium consumption can be attributed to battery use. Lack of domestic supply of vanadium electrolyte, keep the local price high. The overall market is set to expand dramatically in the coming decade.
A variety of battery types and designs will remain active in various niches of the field. While lithium-ion is a popular battery at present, advanced lead-acid, flow batteries and less developed batteries have also made significant progress. A healthy diversity of options such as vanadium redox batteries will remain given the versatility of battery technology in a variety of applications.