Sodium
Sulfur Batteries Market Overview
Market
Research Future (MRFR) reports that the Sodium
Sulfur Batteries Market is anticipated to achieve a CAGR of 15.50%
during the forecast period (2016-2023).
Primary
Drivers and Key Barriers
Surge
in renewable energy investment coupled with reduction in cost given the technological
advancements and rising deployment are stimulating the growth of the sodium
sulfur battery market. For providing quick and reliable power supply to
households that don’t have connection to the national grid properly, electric
utilities are working on connecting these households using isolated grids that
are standalone. These power grids are involved in small scale power generation and
are generally deployed in rural areas.
Power
generated via isolated grids has risen in popularity in Southeast Asia, as the government
is increasingly striving to enhance the electrification rates. Apart from this,
renewable energy resources like solar, hydro and wind, are being used for
generating power, which helps the sodium sulfur battery market gain immense
traction at a global level.
Surge
in infrastructure investments, expanding worldwide population, increasing demand
for power along with eco-friendly energy storage are also boosting growth of
the global sodium sulfur batteries market.
Sodium
Sulfur Batteries Market Segmentation
The
global sodium sulfur battery market has been categorized depending on the power
rating and application.
With
respect to the power rating, the market can be split into up to 10 MW, 11-25
MW, 26-50 MW, and above 50 MW. 26-50 MW segment happens to be the leading the market
since these batteries enjoy strong demand in electric utilities. Also, such batteries
have a longer cycle life, a higher current density, as well as simplified
manufacturing scheme in large scale applications.
Considering
the application, the sodium sulfur battery market includes grid and standalone
systems, space, transport and heavy machinery. Grid and standalone systems stand
out as the leading segment in the market, given the high use of electric
utilities in developing countries that are trying to adapt to the decentralized
way of generating power.
Regional
Insight
All
the aspects of the global sodium sulfur batteries market have been analyzed,
with respect to the main regions of North America, the Middle East and Africa
(MEA), South Africa, Asia Pacific, and Europe.
In
2017, APAC was identified as the prime market for sodium sulfur battery and is
estimated to maintain its position in the following years. The phenomenal
market growth in the region is the result of the rising need for renewable
energy storage systems in the industrial, residential and commercial end-use
applications. Besides, growing investments by the government aimed at elevating
the use of renewable energy in the whole energy mix also works in favor of the
regional market. India, Japan, and China are the most lucrative markets in the
region.
In
North America, intensifying demand of power as well as ecofriendly energy storage,
expanding population and surging infrastructure investments are some of the significant
factors enhancing the growth of the sodium sulfur battery market.
The
sodium sulfur battery market in Europe is predicted to have considerable growth
over the forecast period owing to constant technological innovations and
burgeoning demand for energy storage applications. A number of industry players
are striving to create a niche for themselves in the region by adopting
strategies like collaborations and partnerships. for instance, on June 2019, BASF
partnered with NGK Insulators Ltd to develop sodium sulfur battery. These
batteries consist of a variety of advanced features such as higher energy
density, larger capacity and longer life, which make it ideal for stationary
applications.
Top
Players
Top
players in the worldwide sodium sulfur battery market include Eagle Picher
Technologies LLC, Sieyuan Electric Co. Ltd., POSCO, Ceramatec Inc., NGK
Insulators Ltd., FIAMM Group, GE Energy Storage, KEMET Electronics Corporation,
among others.
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