Sodium Sulfur Battery Market is expected to grow at ~15.50 % CAGR during the forecast period.
Increasing renewable energy investment and reduction in cost owing to technological advancements and expanded deployment are some of the major factors driving the sodium sulfur battery market. In order to provide reliable and quick power supply to the households who are not connected to the national grid properly, the electric utilities are trying to connect these households with isolated grids which are standalone and are involved in small scale power generation of 10 kW to 10 MW and are usually deployed in rural areas. Such form of power generation is distribution is becoming popular in Southeast Asian region as the government have been attempting to improve the electrification rates in the Southeast Asian countries. Moreover, the electricity generated is majorly from renewable energy resources such as wind, solar, and hydro, among others. The key component of any isolated grid is the energy storage device. This has ultimately made the battery storage a popular choice among the utilities in the energy storage system. All these factors are likely to drive the sodium sulfur battery market.
Global sodium sulfur battery market has been segmented based on power rating, application, and region. Based on power rating, the market is classified into up to 10 MW, 11-25 MW, 26-50 MW, and above 50 MW. 26-50 MW segment is leading the market as these batteries are increasingly gaining interest from the electric utilities as a grid energy storage solution for renewable energy sources. Moreover, these types of batteries possess a higher current density, longer cycle life, and simplified manufacturing scheme in large scale applications. According to United Nations Industrial Development Organization, the total current installed capacity of sodium sulfur batteries in Europe and North America was 37 MW and 20 MW respectively in 2018. All these factors will drive the market for this particular power rating during the forecast period.
The key players of global Sodium Sulfur Battery Market are NGK Insulators Ltd., KEMET Electronics Corporation, GE Energy Storage, Eagle Picher Technologies LLC, Ceramatec Inc., Sieyuan Electric Co., Ltd., FIAMM Group, and POSCO, among others.
Global Sodium Sulfur Battery Market
Sodium sulfur battery is a type of molten-salt battery made from liquid sodium and sulfur. This type of battery possesses high energy density, high efficiency of charge or discharge and long-life cycle. This type of battery is fabricated from inexpensive materials. This type of battery is integrated in a sodium-sulfur battery system which is an energy storage system based on electrochemical charge/discharge reactions that occur between a positive electrode that is typically made of molten sulfur and a negative electrode that is made of molten sodium (Na). The major component of sodium sulfur battery system are elementary cell composed of electrodes, modules, battery systems composed of large assembling of modules and of a control system, and power conversion system (PCS). The major application areas for this type of battery include peak shaving, time shifting, and stabilization of wind farms and solar generation plants.
Global sodium sulfur battery market is expected to witness moderate growth during the forecast period due to various applications where these batteries are used and have been an integral part of the entire power generation and distribution system. Some of these application areas include wind power stabilization and energy time shift, solar power stabilization and energy time shift, frequency control and energy time shift, renewable power supply system at off-grid, and high efficiency operation of diesel generator.
|Market Size||2030: Significant Value|
|CAGR||15.50 % CAGR(2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Power Rating and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||NGK Insulators Ltd., KEMET Electronics Corporation, GE Energy Storage, Eagle Picher Technologies LLC, Ceramatec Inc., Sieyuan Electric Co., Ltd., FIAMM Group, and POSCO, among others.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Ceramatec Inc., Eagle Picher Technologies LLC, Sieyuan Electric Co., Ltd., and FIAMM Group are motivating the market in the impending period.
The APAC region is promoting the development of the market extensively in the coming period.
A 15.50 % CAGR is predicted to be seen in the market during the forecast period.
The rise in rural electrification projects is estimated to power the market in the upcoming period.
Lack of proper safety protocols to handle sodium sulfur is expected to restrict eh market in the upcoming period.