MRFR has a newly added “Global Sodium Sulfur Battery Market Report” that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, and forecast in the coming years.
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.
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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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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.
About Market Research Future:
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
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https://uberant.com/article/904021-sodium-sulfur-battery-market-research-size-share-revenue-by-2023/
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