The global market for All-Vanadium Redox Flow Battery is experiencing significant growth, with a projected CAGR of 73.75% during the forecast period. In 2022, the market reached a value of USD 426.56 million, and it is expected to reach USD 11,735.53 million by 2028.
All-Vanadium Redox Flow Battery is a type of battery that uses vanadium ions in various oxidation states to store potential chemical energy. It consists of power cells with a proton exchange membrane separating the two electrolytes. The positive half-cells contain VO2+ and VO2+ ions, while the negative half-cells contain V3+ and V2+ ions dissolved in sulfuric acid.
The outbreak of the novel coronavirus has negatively impacted industrial and commercial applications. However, the installation of flow batteries in operational projects and the government’s focus on modernizing the power sector are expected to drive the adoption of All-Vanadium Redox Flow Battery.
Ferro-Alloy Resources Ltd (LON:FAR) is developing the giant Balasausqandiq vanadium deposit in Kyzylordinskaya oblast of southern Kazakhstan. The ore at this deposit is unlike that of nearly all other primary vanadium deposits and is capable of being treated by a much lower cost process.
