Sodium
Sulfur Battery Market Analysis
The Sodium
Sulfur Battery Market is predicted to grow at a 15.50% CAGR over the
forecast period (2016-2023), reveals the new Market Research Future (MRFR)
report. Sodium sulfur or NaS battery is a kind of molten-salt battery that is
constructed from sulfur (S) and liquid sodium (Na). It has a high long-life
cycle, high efficiency of discharge/charge, and high energy density and made
from low-cost materials. The operating temperature ranges from 300-350-degree Celsius.
Being highly corrosive, it is widely used for stationary energy storage
applications. It has an extensive range of applications such as electric
vehicles, fork lifts, and aerospace. State-of-charge identification, high
energy efficiency, good power density, flexible operation, potential low cost,
high cycle life, and insensitivity to ambient conditions are some of the key
features that have led to the immense popularity of sodium sulfur battery.
Various factors are driving the growth of the sodium
sulfur battery market. These factors, in accordance with the Market Research
Future (MRFR) report, include increasing investment in renewable energy,
reduction in cost due to expanded deployment and technological advancements,
growing demand for sodium sulfur batteries from the utility sector, increasing
government efforts towards full electrification, and demand for energy storage
devices which can store energy for long and discharge the same as needed.
Sodium
Sulfur Battery Industry Segmentation
The Market Research Future report offers a wide
segmental analysis of the sodium sulfur battery market based on power rating
and application.
Based on power rating, the sodium sulfur battery
market is segmented into above 50 MW, 26-50 MW, 11-25 MW, and up to 10 MW.
Based on application, the sodium sulfur battery market
is segmented into transport and heavy machinery, space, and grid and standalone
systems.
Regional
Analysis
Based on the region, the sodium sulfur battery market
report covers growth opportunities and the latest trends across South America,
North America, Asia Pacific (APAC), Europe, and the Middle East and Africa
(MEA).
Of these, the APAC region will lead the market over
the forecast period. This is owing to the growing need for renewable energy
storage systems in the commercial, industrial, and residential end-use
applications. Moreover, the growing investments made by the government in this
region to increase renewable energy in the overall energy mix is driving the
market growth. Japan, China, and India are the key contributors here. China has
widespread energy storage capacity under construction or planned is also
boosting the market growth here.
The sodium sulfur battery market in North America is
predicted to grow at a significant CAGR over the forecast period chiefly due to
rapid adoption of sodium sulfur battery and growing urbanization.
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.
Key
Players
Leading players profiled in the sodium sulfur battery
market report include POSCO, FIAMM Group, Sieyuan Electric Co., Ltd., Ceramatec
Inc., Eagle Picher Technologies LLC, GE Energy Storage, KEMET Electronics
Corporation, and NGK Insulators Ltd, among others. The key players are
acquiring various strategies such as new innovations, mergers and acquisitions,
partnerships, and investments in the research and development activities in
order to create a foothold in the market.
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