Sodium Sulfur Battery Market Dynamics, Future Scope, Segmentation, Trends and In-Depth Analysis till 2023

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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Sodium Sulfur Batteries Market 2020: Global Opportunities, Growth Factors and Forecast by Regions, Types, Applications, Dynamics, Development Status and Outlook 2023

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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Sodium Sulfur Battery Market Driven by Growing Demand for Rural Electrification, Standalone Energy Generation Projects

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.

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.

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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.

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.

Industry Updates:

In January 2019, the UAE government decided to incorporate 648 MWh worth of sodium sulfur batteries into its energy distribution network. The batteries, which are spread out over a total of 10 locations and 15 systems, can be controlled from a central location, which allows the utilities to make the best use of the capability of the batteries to provide uninterrupted power when required. The batteries were made by NGK.

Browse Full 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.

Also Read: https://www.marketwatch.com/press-release/sodium-sulfur-battery-market-share-size-2019-global-trends-competitive-analysis-growth-opportunities-segmentation-and-industry-expansion-strategies-till-2023-2019-10-17

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