A redox flow battery is a rechargeable, electrochemical device that converts chemical energy into electrical energy via reduction of working fluids and reversible oxidation. It is clean, efficient, reliable, sustainable, and cost effective compared to other types of batteries like lead acid and lithium ion. As it has a flexible system design, it can store energy from intermittent electricity sources, such as solar and wind. Nowadays, the use of renewable energy sources is growing significantly, which is catalyzing the demand for redox flow batteries in several end use industries.
Fossil fuels have become one of the most exploited sources to generate electricity. This is resulting in the increasing amount of carbon dioxide (CO2) emission in the atmosphere, which is disrupting the ecosphere and causing harmful impacts on the climate. As a result, governing agencies of several countries are encouraging the use of environment-friendly alternatives to generate energy from renewable sources. This represents one of the major factors escalating the demand for redox flow batteries around the world.
Moreover, the growing consumption of electricity on account of rapid urbanization and the increasing global population is resulting in frequent power supply interruptions. This is also positively influencing the adoption of redox flow batteries in rechargeable, electrochemical energy storage to enhance the stability of grid networks and store surplus electricity. The stored energy can be delivered to customers, thereby providing a solution to tackle blackout issues. Apart from this, several market players are offering hybrid redox flow batteries, which are strengthening the growth of the market. Furthermore, increasing investments in research and development (R&D) by leading players and the growing popularity of electric vehicles (EVs) are projected to drive the market.
The competitive landscape of the industry includes the key players being CellCube Energy Storage Systems Inc, H2 Inc, HydraRedox, Invinity Energy Systems, Largo Resources Ltd., LE SYSTEM CO. Ltd., Lockheed Martin Corporation, StorEn Technologies Inc, Storion Energy and Sumitomo Electric Industries Ltd.