Market Overview
The Vietnam redox flow battery market size reached USD 1.14 Million in 2024 and is forecasted to expand to USD 4.06 Million by 2033. The market is expected to grow at a CAGR of 15.18% over the forecast period of 2025-2033. Growth is driven by the increasing integration of renewable energy sources with storage systems, government policy support, infrastructure improvements, and a growing emphasis on grid stability and energy security.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
Vietnam Redox Flow Battery Market Key Takeaways
- The market size in 2024 was USD 1.14 Million, growing to USD 4.06 Million by 2033.
- The market is forecasted to grow at a CAGR of 15.18% during 2025-2033.
- The forecast period for this market is 2025 to 2033.
- The ambitious government target of 31% renewable energy by 2030 drives demand for substantial energy storage capacity between 10-16GW.
- The launch of direct power purchase agreements (DPPAs) in July 2024 enables private renewable energy producers to sell power directly to large consumers.
- Government has allocated an estimated USD 135 billion for renewable energy funding, emphasizing energy storage to modernize and stabilize the grid.
- Technological improvements and cost reductions in flow battery production enhance competitiveness versus conventional storage options.
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Market Growth Factors
In Vietnam, the redox flow battery market demands come from the market of energy storage associated with renewable energy. The energy storage capacity to achieve the 31% share of renewable energy by 2030 according to the government guidance is estimated at about 10-16GW of energy storage. Due to challenges of maintaining grid stability, redox flow batteries for energy storage and balance, as well as long duration energy storage are increasingly needed because of the intermittent nature of solar and wind energy production.
Government support can further help market development. The Vietnamese government is in the process of supplying USD 135 billion for renewable energy projects with energy storage having a particular focus, to modernize and stabilize the grid. Policies to promote energy storage deployment and to increase energy flexibility include independent feed-in tariffs for photovoltaic (PV) plants with attached battery energy storage systems (BESS). The Ministry of Industry and Trade is collaborating with international organizations to provide international best practice guidelines on energy storage. The aim is to ease safe and efficient deployment of storage technologies such as redox flow batteries.
Technological progress and cost decreases are the most important drivers for the market. Series production and improvements in the purity of the electrolyte lead to lower costs and improved performance and reliability. New membranes and electrode materials have improved energy density and efficiency to the point where commercial and utility-scale systems are feasible. Economies of scale, plus the concentration of manufacturing and minerals in Southeast Asia, also contribute to lower costs. With their higher system integration capacity and lifecycles over 20 years, redox flow batteries could be strong contenders for long duration energy storage applications over four hours, as alternatives to lithium-ion batteries.
Market Segmentation
Type Insights
- Vanadium Redox Flow Battery
- Hybrid Redox Flow Battery
The market specifically includes these two types of redox flow batteries, detailing their respective market shares and trends.
Product Insights
- Compact
- Large Scale
The segmentation encompasses compact and large-scale redox flow battery products, highlighting their applications and demand segments.
Application Insights
- Utility Services
- Renewable Energy Integration
- UPS
- Others
Applications covered include utility services, integrating renewable energy, uninterruptible power supplies (UPS), and other diverse uses.
Regional Insights
The report covers the major regional markets of Northern Vietnam, Central Vietnam, and Southern Vietnam. Although no specific market share or CAGR data by region is provided, these regions are the primary geographic segments analyzed in the report.
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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