Sodium Sulfur Battery Market
Research Report: Information by Power Rating (Upto 100 MW, 11-25 MW, 26-50 MW),
Application (Grid and Standalone Systems, Space, and Transport & Heavy
Machinery), and Region – Global Forecast till 2023
Sodium Sulfur Battery Market Research Report – Global Forecast till 2023
The global sodium sulfur battery market is expected to
exhibit a robust 15.5% CAGR over the forecast period from 2018 to 2023,
according to the latest research report released by Market Research Future
(MRFR). The global sodium sulfur market is mainly driven by the growing demand
from the utilities sector and is likely to be driven over the forecast period
by the increasing government efforts being directed at full electrification and
maintenance of a stable electric grid nationwide.
The growing demand for renewable energy is likely to
be a major driver for the global sodium sulfur battery market. The sodium
sulfur battery market benefits from the growth of the renewable energy sector
due to the growing use of sodium sulfur batteries as an energy storage system
in renewable energy mechanisms. Due to their peculiar characteristics, sodium
sulfur batteries represent the perfect option for utilities looking to link up
the electricity distribution between renewable and mainline electric grids.
This is likely to drive the global sodium sulfur battery market over the
forecast period.
Sodium sulfur batteries are made from molten sodium
and sulfur and possess high energy density and discharge times. The major
components of sodium sulfur batteries include elementary cells composed of
electrodes, modules, battery systems composed of large assembling of modules
and a control system, and a power conversion system (PCS). The global demand
for sodium sulfur batteries has mainly grown due to the growing demand for
energy storage devices that can store energy for a long period of time and can
discharge it as needed.
The growing demand for standalone energy generation
projects in remote areas of the world is also likely to drive the global sodium
sulfur battery market. In standalone energy generation projects, the main
concern is the lack of an effective energy storage device that can reliably
store the energy generated in the project and distribute it when required. The
high utility of sodium sulfur batteries in this application is likely to drive
the market at a stable growth rate over the forecast period.
Competitive
Analysis:
Leading players in the global sodium sulfur battery
market include POSCO, FIAMM Group, Sieyuan Electric Co. Ltd., Ceramatec Inc.,
Eagle Picher Technologies LLC, GE Energy Storage, KEMET Electronics
Corporation, and NGK Insulators Ltd.
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Report at: https://www.marketresearchfuture.com/reports/sodium-sulfur-battery-market-7284
Segmentation:
The global sodium sulfur battery market is segmented
on the basis of power rating, application, and region.
By power rating, the global sodium sulfur battery
market is segmented into up to 10 MW, 11-25 MW, 26-50 MW, and above 50 MW. The
26-50 MW batteries segment is expected to be the dominant revenue generator
over the forecast period, as utilities have shown a clear preference for the
segment.
By application, the global sodium sulfur batteries
market is segmented into grids and standalone systems, space applications, and
transportation and heavy machinery.
Regional Analysis:
Asia Pacific accounted for the largest share in the
global sodium sulfur battery market in 2017 and is likely to remain the leading
regional market over the forecast period due to the increasing investment in
the renewable energy sector in countries such as China and India. Rural
electrification efforts are likely to pick up speed in Asia Pacific over the
forecast period, as governments in the region have shown a clear preference for
completing rural electrification projects in the next few years. The lower
costs of sodium sulfur batteries in comparison to conventional energy storage
systems is also likely to be a major driver for the sodium sulfur battery
market in Asia Pacific over the forecast period.
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