https://investingnews.com/vanadium-forecast/ What's ahead for...

https://investingnews.com/vanadium-forecast/

What's ahead for the vanadium market in 2024?

The steel sector isn’t the only key driver of the vanadium market. In recent years, the growing need for large-scale energy storage solutions for the transition away from fossil fuels has increased demand for vanadium redox flow batteries. VRFBs are seen as ideal for large-scale storage, because they are able to provide hundreds of megawatt hours at grid scale.

Both CRU Group and Project Blue are looking to the battery sector as another key theme to watch in 2024.

“As renewable energy projects continue to be rolled out in 2024, especially in China, what batteries will be used in each project and how large they will be is something to watch for,” CRU’s Thomas said. “The build-out of electrolyte capacity will dictate the ability of the battery market to continue growing.”

According to CRU research, demand growth for vanadium over the next decade will largely be driven by the rising installation of VRFBs.

For its part, Project Blue relays that much of the VRFB capacity installed globally in 2023 happened in China, and that trend is expected to continue in 2024. The Chinese government is highly supportive of VRFB technology for long-duration energy storage.

“Investors should keep an eye on the continued announcements of VRFB capacity in China and the rest of the world as part of the global push to support the rollout of renewable energy capacity to help meet net zero targets,” stated the Project Blue team.