Market Summary
The global sodium sulfur battery market can expect to attain a CAGR of 15.50% from 2018 to 2023, which is considered to be the forecast period in the report by Market Research Future (MRFR).
Primary Drivers and Key Barriers
The awareness about clean energy usage all over the world has mounted significantly, leading to emergence of policies that back clean energy technologies. Also, technological developments in clean energy have boosted the demand for clean energy systems. Sodium-sulfur (NaS) batteries consist of reactants that work at a temperature of 300
Sodium metal storage comes from the NaS technology. Development of these types of projects is projected to benefit the NaS battery market in the near future. Energy storage leads to creation of fast-paced decarbonization in energy usage. Various technologies used in energy storage have become a vital component of the solution, boosting the access to electricity along with solar power plants.
Furthermore, the energy storage systems offer numerous stability services to mini-grids, in addition to enhancing the power quality and inducing growth in the share of variable renewable energy in these kinds of grids. in 2017, the solar power backed capacity noted a surge of 32 percent all across the globe and this increase in solar power development will continue during the review period, which can stimulate the growth of the NaS batteries market.
Sodium Sulfur Battery Market Segmentation
The worldwide market for sodium sulfur battery has been thoroughly examined, with respect to segments like power rating and application.
The power rating types mentioned in the report are up to 10 MW, 11-25 MW, 26-50 MW, and more than 50 MW. The 26-50 MW segment is at the top spot in the global market, since these batteries have garnered massive interest from electric utilities for their use as a grid energy storage solution for renewable energy sources. Also, these batteries come with a longer cycle life, simplified manufacturing scheme in large scale applications and higher current density.
The application-wise market segments included in the report are space and transport, grid and standalone systems, and heavy machinery. Grid and standalone systems can be the top segment in the market in the coming years, on account of several electric utilities in the developing countries making extensive use of the de-centralized method to generate power. In addition, the electricity produced comes mainly from renewable energy resources like solar, hydro and wind, among others. The primary component of an isolated grid is considered to be the energy storage device, which has made battery storage the sought-after solution among utilities within the energy storage system.
Regional Outlook
Europe, South America, the Middle East and Africa (MEA), Asia Pacific (APAC) and North America are the primary regional markets for sodium sulfur battery across the globe.
APAC was identified as the top performing market for sodium sulfur in 2017. The market growth ensues from the soaring demand for renewable energy storage system within the commercial, residential and industrial end-use applications. in the year 2016, the region was responsible for nearly 47% of the worldwide investments in renewable energy. Sizeable investments by the government in the region in an effort to boost the use of renewable energy is expected to benefit the Sodium Sulfur Battery Market Share.
North America can be an important market for sodium sulfur battery, given the heightened demand for power and ecofriendly energy storage. Other factors promoting the market growth in the region include burgeoning population coupled with the increasing infrastructure investments in the sodium sulfur battery field.
The Europe sodium sulfur battery market can also observe substantial growth in the years ahead, thanks to the frequent technological innovations as well as the accelerated demand for energy storage applications. several industry vendors are making efforts to create a niche for themselves with the adoption of strategies such as partnerships and collaborations. To illustrate, in June 2019, BASF entered a partnership with NGK Insulators Ltd for the development of sodium sulfur battery. This battery mainly comprises various advanced features like larger capacity, longer life and higher energy density, making it perfect for stationary applications.
Prominent Companies
Some of the prominent companies affecting the growth of the global sodium sulfur battery market include Ceramatec Inc., Sieyuan Electric Co., Ltd., Eagle Picher Technologies LLC, GE Energy Storage, POSCO, NGK Insulators Ltd., FIAMM Group, KEMET Electronics Corporation to name a few.
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