According to the Guiding Opinions on Accelerating the Development of New Energy Storage issued by the National Development and Reform Commission and the Energy Administration, the main goal is to realize the transformation of new energy storage from the initial stage of commercialization to large-scale development by 2025. The innovation capability of new energy storage technology has been significantly improved, the level of independent and controllable core technology and equipment has been greatly improved, and significant progress has been made in terms of high safety, low cost, high reliability, long life, etc. The standard system is basically perfect, the industrial system is becoming increasingly complete, the market environment and business model are basically mature, and the installed capacity has reached more than 30GW. New energy storage plays a significant role in promoting carbon peak and carbon neutralization in the energy field. By 2030, realize the comprehensive market development of new energy storage. The new energy storage core technology and equipment are independent and controllable, the technical innovation and industrial level are in the forefront of the world, the standard system, market mechanism and business model are mature and sound, and they are deeply integrated with all aspects of the power system. The installed capacity basically meets the corresponding needs of the new power system. New energy storage has become one of the key supports for carbon peak and carbon neutralization in the energy field.

Based on the cumulative electrochemical energy storage capacity of 30GW in 2025, it is estimated that the vanadium battery will have an additional installed capacity of 1.7GW and an additional penetration rate of 20% in 2025; By 2025, the cumulative installed capacity of vanadium battery will be 4.3GW, and the cumulative penetration rate will reach 14%. With the proposal of the vanadium battery commercialization promotion policy, it is expected that the vanadium battery penetration rate will gradually increase in the next few years, and reach the penetration rate of 20% of the new installed capacity in 2025, so as to meet the national requirement of 30GW of new energy storage technology installed capacity in 2025. The cumulative installed capacity of vanadium battery has reached 112% in 5 years. The vanadium battery market has broad prospects.

Figure 1 Expectation for new installation of vanadium flow battery

Figure 2 Annual cumulative installed capacity expectation of vanadium flow battery