At a CAGR of 18.0 %, the Flow Battery Market Size is projected to increase from USD 214 million in 2021 to USD 489 million by 2026. The main reasons propelling the growth of the Flow Battery Market are the inherent benefits of flow batteries, rising investments in renewable energy, increased demand for flow batteries in utilities, and rise in telecommunication tower installations.
The key companies in the Flow Battery Market include Sumitomo Electric Industries Ltd. (Japan), UniEnergy Technologies (US), ViZn Energy Systems (US), Primus Power (US), and ESS, Inc (US). These players are active at various points along the flow battery's value chain. To boost their revenue, many large corporations concentrate on executing both organic development tactics, like product releases, and inorganic growth methods, such partnerships and expansions.
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Top 5 Players in Flow Battery Market:
Sumitomo Electric Industries Ltd.
One of the top producers of electrical wires and optical fibre cables is Sumitomo Electric Industries, Ltd. The firm is divided into five divisions: automotive, information communications, electronics, energy and environment, and industrial materials. Redox flow batteries are available through the Energy & Environment division. These redox flow batteries are well renowned for their safety features, long lives, and ability to operate in a variety of operating situations, making them perfect for use in power grid systems. Raw materials, components, modules, finished goods, and systems are only a few of the categories under which Sumitomo Electric offers a variety of goods and services. Numerous industries, including the automobile, information technology, electronics, and energy and environmental sectors, use these goods and solutions.
UniEnergy Technologies
Energy storage system manufacturing is what UniEnergy Technologies does. The company's main products are grid-scale energy storage systems and cutting-edge redox flow batteries, which store electrical energy as liquid electrolytes and are used by numerous industry titans in adjacent disciplines. The company's main offering is the ReFlex battery, a sophisticated vanadium redox flow battery. Numerous micro-grids, utilities, and business and industrial ventures use the ReFlex battery. The battery has a reputation for having qualities including flexibility and resilience in the workplace, compact size, safety, 1GWh cycling capacity, and the potential to store 100kW to 10MW.
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ViZn Energy Systems
Energy storage systems that are secure, adaptable, and affordable are offered by ViZn Energy Systems. The business sells hybrid zinc/iron flow batteries that store energy by using alkaline electrochemical elements dissolved in electrolytes. These flow batteries are intended for use in industrial and commercial applications as well as utility, microgrid, solar, wind, and public sector applications. The batteries are renowned for their high power, low lifecycle cost, and reliable performance.
Primus Power
One of the top suppliers of low-cost, fading-free, grid-scale, and long-lasting energy storage technologies is Primus Power. The company sells the EnergyPod2, a zinc bromide flow battery that has a multi-decade lifespan, full power, and no risk of fire or electrode stack replacement. Primus Power's energy storage systems are used in several commercial and industrial, data centre, microgrid, and utility storage applications. EnergyPod2 is being distributed all around the world as the company sees an increase in demand for flow batteries.
ESS, Inc.
One of the top producers of energy storage systems is ESS, Inc. The business provides iron flow battery systems, a type of energy storage that operates on water and is completely recyclable, safe, and non-hazardous. It offers these flow batteries for utility-scale, commercial, industrial, microgrid, distributed energy management systems (DERMS), and virtual power plants applications (VPPs). The iron flow batteries are created with more than 20,000 power cycles, quick electrical response times, and minimal maintenance requirements in mind. The batteries are advertised to last for more than 20 years. The Energy Warehouse (EW) and Energy Center (EC), which serve as platforms for energy storage employing iron, salt, and water as the electrolyte, are two of the company's solutions.
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