Vanadium redox flow battery (VFRB) is a type of rechargeable flow battery. It is an assembly of power cells in which the two electrolytes are separated by a proton exchange membrane. VRFB has limited self-discharge properties. VFRB technologies store energy in the liquid form as vanadium can exist in four different oxidation states. Vanadium Redox Flow Battery market has high growth prospects owing to increasing demand for grid energy storage. Further, increasing demand from the developing economies expected to drive the market demand over the forecasted period.
- Increasing Demand for Large Power Generating Stations
- Growing Demand from Automotive Industry
- Rising Applications for Grid Energy Storage
- Technological Advancement in the Vanadium Redox Flow Battery to Improve Density
- High Construction Cost Vanadium Redox Flow Battery
- Technical Hindrance Restraining the Market Growth
The key Players profiled in the report are Imergy Power Systems, Inc. (United States), UniEnergy Technologies (United States), StorEn Technologies (United States), Sumitomo Corp. (Japan), Gildemeister AG (Germany), ESS Inc. (United States), GILDEMEISTER energy solutions (Austria), Primus Power (United States), RedFlow (Australia) and RedT Energy (United Kingdom). Additionally, other players that are part of this comprehensive study are SCHMID (Germany), ViZn Energy (United States) and EnSync Energy Systems (United States).