The report, now available on ASDReports, recognizes the following companies as the key players in the Global Flow Battery Market: EnerVault, Imergy, Primus Power and Prudent Energy.
Other Prominent Vendors in the market are: Aquion Energy, EnSync Energy Systems, Redflow, Sumitomo Electric and UniEnergy Technologies.
Commenting on the report, an analyst said: “Increased use of flow battery in electric vehicles is the major trend in the market. The flow batteries can offer better performance because of their multi-channeled cathode design and the higher solubility limit of active materials. Flow batteries also offer long life span and need not be replaced every 5-10 year like lithium ion battery. Also, the efficiency of the battery remains same even with extensive use because of replacement of solution (electrolyte) in a storage tank during the recharge process.”
According to the report, the government plays a crucial role in determining the rate of energy storage and energy usage. Governments of various countries such as Japan, the US, India, and South Korea support the use of renewable sources of energy by providing diverse incentives and financing options. With the growth in renewable sources, the need for energy storage is on the rise.
Further, the report states that flow batteries are associated with certain technical challenges, which affect the safety and cost of these batteries.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.