Sodium Sulfur Battery Market Highlights:
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 (NaS) battery market has been gaining momentum in recent years, owing to its high energy density, long cycle life, and low maintenance requirements. Sodium sulfur batteries are rechargeable batteries that use liquid sodium and sulfur as the active materials.
The increasing demand for clean energy and energy storage solutions, along with government initiatives to promote renewable energy, has been a significant driver for the growth of the sodium sulfur battery market. In addition, the declining prices of sodium sulfur batteries, as well as the growing demand for electric vehicles, are also fueling the market growth.
Sodium sulfur batteries are made from abundant materials which are generally inexpensive. The typical design of the sodium sulfur battery involves a solid electrolyte membrane between anode and cathode encased in a steel cylinder protected with a chromium and molybdenum interior. Molten sodium at the heart of the cell serves as the anode that donates electrons to the external circuit. The sodium core is encased in a beta-alumina solid electrolyte cylinder which facilitates the movement of Na+ ions to the exterior sulfur electrode which serves as the cathode while preventing the two electrodes from shorting.
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Based on application, sodium sulfur battery market is segmented into grid and standalone systems, space, transport and heavy machinery. Grid and standalone systems is estimated to dominate the market during the forecast period due to many electric utilities especially in the developing economies adapting the de-centralized way of generating power. 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.
The global Sodium Sulfur Battery Market is expected to grow at ~ 15.50% CAGR during the forecast period.
Key Players
The key players of the 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.
Market Research Analysis
Asia Pacific accounts for the largest market share in the Sodium Sulfur Battery Market
Region wise, Asia-Pacific held the largest market share of the global sodium sulfur battery Market in 2017. The growth of the market is attributed to the increasing demand for renewable energy storage system in the residential, commercial, and industrial end-use applications. Moreover, in 2016, Asia-Pacific contributed almost 47% in the global investments towards renewable energy. The increasing investments in the region are driven by many governments in the region who are ramping up their efforts to increase renewable energy in their overall energy mix.
Scope of the Report
This report provides an in-depth analysis of the global sodium sulfur battery Market, two three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Sodium Sulfur Battery Market by its power rating, application, and by region.
- By Power Rating
- Up to 10 MW
- 11 MW-25 MW
- 26 MW-50 MW
- Above 50 MW
- By Application
- Grid and Standalone Systems
- Space
- Transport and Heavy Machinery
- By Region
- North America
- Asia-Pacific
- Europe
- Middle East Africa
- South Africa
