ID: MRFR/E&P/5815-HCR | 111 Pages | Published By Anshula Mandaokar on March 2023
Sodium Sulfur Battery Market is expected to be valued at USD 632 Million, with a CAGR of 15.50% Forecast by 2027
The Sodium Sulfur Battery Market Size and Sodium Sulfur Battery Market Share are expected to grow at 15.50 % CAGR during the Sodium Sulfur Battery Market Analysis period with a Significant Value and Sodium Sulfur Battery Market Growth. A molten-salt battery comprised of liquid sodium and sulfur is known as a sodium-sulfur battery. This battery has a high energy density, good charge or discharge efficiency, and a long life cycle. This type of battery is made up of low-cost materials. This battery is part of a sodium-sulfur battery system, which is an energy storage device based on electrochemical charge/discharge interactions between a positive electrode made of molten sulfur and a negative electrode made of molten sodium (Na). The most important components of a sodium-sulfur battery system are the basic cell, which is made up of electrodes, modules, battery systems, which are made up of huge assemblies of modules and a control system, and power conversion systems (PCS). Peak shaving, time-shifting, and stabilization of wind farms and solar power plants are some of the most common uses for this sort of battery. Because of the different applications where these batteries are utilized and have been a vital component of the whole power generation and distribution system, the global sodium-sulfur battery market is likely to develop at a moderate rate during the forecast period. Wind power stabilization and energy time-shift, solar power stabilization and energy time-shift, frequency control and energy time-shift, renewable power supply system off-grid, and high-efficiency diesel generator operation are only a few of these application areas.
The COVD-19 outbreak has had an impact on the industry's supply chain, but it has also boosted demand for Sodium Sulfur Battery Market testing in the healthcare industry. COVID-19's epidemic had a tremendous impact on trade and business. Manufacturers are rethinking their product offerings and manufacturing new items to recover from the current predicament. The duration of the pandemic's propagation is still a significant issue when assessing the pandemic's overall impact. However, the global Sodium Sulfur Battery Market Share is expected to plateau after 2021. The Sodium Sulfur Battery Market is expected to grow at 15.50% CAGR till 2030, due to increasing renewable energy investment. However, the global Sodium Sulfur Battery Market Growth is expected to level out after 2021. During the Sodium Sulfur Battery Market Analysis, the outbreak had no impact on the global market.
Some of the primary drivers driving the sodium-sulfur battery market are increased renewable energy investment, cost reductions due to technological breakthroughs, and increased deployment. Electric utilities are attempting to connect households that are not properly connected to the national grid with isolated grids that are standalone and involved in small-scale power generation of 10 kW to 10 MW and are typically deployed in rural areas, to provide reliable and quick power supply to these households. As the government attempts to enhance the electrification rates in Southeast Asian countries, such forms of power generation and distribution are becoming increasingly popular. Furthermore, the electricity produced is primarily derived from renewable energy sources such as wind, solar, and hydropower, among others. The energy storage device is a critical component of any isolated grid. As a result, battery storage has become a popular alternative among utilities in the energy storage system. The sodium-sulfur battery industry is anticipated to be driven by all of these factors.
However, the market's growth is being stifled by a high risk of exposure and high implementation costs. The market is further constrained by a lack of awareness among customers. Automation of inspection and testing processes, industrialization in developing economies, and the supply of tailored solutions that are affected by the risk of exposure are all potential market prospects. The lifespan and operational efficiency of sodium-sulfur batteries can be extended by adding electrodes. Nonetheless, when these batteries come into touch with moisture or air, they become flammable and dangerous.
Due to the growing trend of combining renewables and energy storage systems, the Sodium Sulfur Battery Market is predicted to increase significantly during the forecast period. Market development opportunities abound as a result of research and innovation efforts. For example, R&D experts are presently working on the most prominent issue, the efficiency of metal sulfides electrodeposition in the operation of NAS batteries. They have developed a solution in the form of a Mo5N6 electrocatalyst for efficient Na2S electrodeposition in NAS batteries at room temperature. The Sodium Sulfur Battery Market category is predicted to increase at the fastest rate during the projection period as a result of these advances.
The Sodium Sulfur Battery Market is further bifurcated into various segments depending on various factors to help the market grow as per the predicted CAGR growth by the end of the Sodium Sulfur Battery Market Forecast period in 2027. The market has been segmented based on the following:
Based on the power rating, the market has been segmented as follows:
Based on the application, the market has been segmented as follows:
Based on the region, the market has been segmented as follows:
The highly developed battery manufacturing market in the Asia Pacific area is well-known. The increased deployment of battery energy storage systems, either in connection with renewable power projects (such wind, solar, etc.) or as standalone energy storage projects, is driven by the shifting momentum towards renewable energy generation sources and government backing. Countries like China, India, and Japan have seen the biggest increase in renewable plus energy storage projects. China added more than double the amount of energy storage capacity in 2020 compared to the previous year. By the end of the forecast period, China wants to install approximately 30 GW of energy storage devices. As a result, various initiatives are in the works around the country to achieve the aim. The government's activities in the realm of energy storage are projected to boost the NAS battery industry in India, as well. The stationary storage market in India is expanding at a rapid pace. Approximately 25GWh of batteries will be installed in front-of-the-meter and behind-the-meter applications. The front-of-the-meter energy storage market is still in its early stages, with roughly 28MW/20MWh in 2021, although behind-the-meter applications are likely to have a significant share in the future, with around 30GWh by 2037. Shortly, such improvements are projected to give a boost to the regional market for NAS batteries.
Because of the different applications where these batteries are utilized and have been a vital component of the whole power generation and distribution system, the global sodium-sulfur battery market is likely to develop at a moderate rate during the forecast period. Wind power stabilization and energy time-shift, solar power stabilization and energy time-shift, frequency control and energy time-shift, renewable power supply system off-grid, and high-efficiency diesel generator operation are only a few of these application areas. The global market for sodium-sulfur batteries is highly consolidated. The major Sodium Sulfur Battery Market Key Players are as follows:
The existing and developing market trends and dynamics in the worldwide sodium-sulfur batteries market are thoroughly examined in this study. Market estimations for the key market segments are used to conduct in-depth analysis. Following key product positioning and monitoring the main competitors within the market framework allows for a thorough market study. A detailed study of all regions is presented, revealing the current potential in these areas. Key market players are profiled and their tactics are thoroughly examined, allowing for a better understanding of the market's competitive landscape.
|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||
Ceramatec Inc., Eagle Picher Technologies LLC, Sieyuan Electric Co., Ltd., and FIAMM Group are motivating the market in the impending period.
A 15.50 % CAGR is predicted to be seen in the market during the forecast period.
The APAC region is promoting the development of the market extensively in the coming 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.