Global Vanadium Redox Battery Market to Grow at a CAGR of 8.5 Percent by 2021

Research and Markets has announced the addition of the “Global Vanadium Redox Battery Market 2017-2021” report to their offering. The global vanadium redox battery market to grow at a CAGR of 8.5 percent during the period 2017-2021.

The report, Global Vanadium Redox Battery Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

According to the report, one driver in market is environmental impact of battery disposal. The demand for lead-acid batteries has increased with the growth in the automotive and other industries. In addition, there are increased battery energy storage applications for hybrid Electric vehicles and renewable power generation. However, the growing production of lead-acid batteries has raised environmental concerns over lead pollution. Battery production involves the use of toxic materials because of the lack of safer substitutes. Battery production requires a large quantity of lead, a portion of which often mixes with the discharged fumes.

This leads to air pollution, resulting in health problems. To curb lead poisoning, the Chinese government has shut down majority of its lead-acid battery plants and has also enforced stringent regulations, standards for battery production and disposal. Improper battery disposal in landfills can result in lead and sulfuric content seeping into the groundwater and contaminating it. Hence, a proper management system for battery disposal is required to ensure the safety of people and the environment.