Vanadium battery industry research: It is estimated that the new installed capacity will reach 0.6GW in 2023

industry

Published: 2023-01-30

industry

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In recent years, the consumption of vanadium in the world and in China has maintained a steady growth. The vanadium battery industry has developed smoothly. It has made great strides in the energy storage industry and made important breakthroughs in major technologies. The following is the development trend of the vanadium battery industry in 2023.


Vanadium batteries have excellent application prospects in the field of large-scale long-term energy storage because they can increase the power of the stack and increase the number of stacks to increase the power, increase the storage capacity by increasing the electrolyte, and facilitate the expansion of the battery scale.

The data shows that in 2022, the new installed capacity of vanadium batteries in my country will be 0.13GW. In 2023, a large number of domestic vanadium battery energy storage projects will start construction. It is estimated that the newly installed capacity will reach 0.6GW throughout the year.


At present, my country's vanadium battery research and industrialization are world-leading, and the technical level has been completed, but the industrial chain has not yet been perfected, the demand has not yet been opened, the production capacity is accumulating development, and the scale effect has not yet appeared. The vanadium battery industry chain is highly complex, and the core links are the material side and the equipment side. The material side mainly includes electrolyte materials and stack materials, and the equipment side mainly includes the complete machine assembly and control system.


At present, the full life cycle cost of vanadium batteries is lower than that of lithium batteries. However, due to the high initial construction cost, from the perspective of the economics of project management, the investment motivation of enterprises is not strong, and the follow-up may still need to be promoted by the government to formulate an effective price compensation mechanism and long-term energy storage industry policy. 


Domestic vanadium mainly comes from vanadium slag in the production process of vanadium-titanium-magnetite steelmaking. Therefore, allowing corresponding steel companies to expand production capacity is also one of the ways to increase the source of vanadium resources; at the same time, policies to support the development of vanadium resources can also be introduced to increase Great efforts to develop domestic vanadium resources. The development trend of the vanadium battery industry points out that the import of vanadium slag is still prohibited in China, and the policy of prohibiting the import of vanadium slag can be adjusted to expand the domestic vanadium resource acquisition capacity.


The cost of vanadium batteries is mainly divided into three parts: stack, electrolyte and peripheral equipment costs. The stack and electrolyte are the main costs, accounting for about 75% in total; among them, the cost of vanadium electrolyte accounts for about 40%, the cost of the stack accounts for about 35%, and the cost of other components accounts for about 25%.


On the whole, because vanadium batteries are suitable for the field of energy storage, it is expected that with the rapid development of the energy storage industry, the market penetration rate of vanadium batteries is expected to increase, and the application fields will be further expanded.

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