Sodium Sulfur Battery Market
Overview
Market Research Future (MRFR)
reports that the global sodium sulfur battery market is anticipated to achieve
a CAGR of 15.50% during the forecast period (2016-2023).
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 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.
Global Sodium Sulfur Battery
Market Leading Players analyzed are:
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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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.
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 battery 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.
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