The vanadium redox battery (VRB), also known as the vanadium flow battery (VFB) or vanadium redox flow battery (VRFB), is a type of rechargeable flow battery. It employs vanadium ions as charge carriers. The battery uses vanadium's ability to exist in solution in four different oxidation states to make a battery with a single electroactive element instead of two. For several reasons, including their relative bulkiness, vanadium batteries are typically used for grid energy storage, i.e., attached to power plants/electrical grids.
A VFB consists of two tanks of electrolyte dissolved in water and separated by a proton exchange membrane. Both electrolytes are vanadium-based. As the batteries are charged and discharged, vanadium ions are simply moved between oxidation states.
Vanadium redox battery electrolyte is key component of the vanadium redox battery. It is also the one most expensive part of the battery. The electrolyte relay on the chemical reaction of vanadium ion to store energy. Vanadium redox battery is one of the new technology to be used to massively store energy. It has the advantages of low fire risk, and rapid recharging. Stimulated by the hot VRB batteries industry, it is estimated that the market size of vanadium redox battery electrolyte in 2022 will be 32.81 million USD and is expected to be 242.35 million USD in 2028.
Presently, the key players of vanadium redox battery electrolyte include LE SYSTEM; US Vanadium; Shaanxi Youser Group; Dalian Rongke; Dovop Electric; VRB Energy; Sumitomo Electric Industries; Invinity Energy Systems; Shanghai Electric Group. Some of those manufacturer are new entrants. With the rigid demand from downstream industries, more new companies are expected to be engaged in the industry in the coming years.
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