The global sodium sulfur battery market is expected to exhibit a robust 15.5% CAGR over the forecast period from 2018 to 2023, according to the latest research report released by Market Research Future (MRFR). 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 growing demand for renewable energy is likely to be a major driver for the global sodium sulfur battery market. The sodium sulfur battery market benefits from the growth of the renewable energy sector due to the growing use of sodium sulfur batteries as an energy storage system in renewable energy mechanisms. Due to their peculiar characteristics, sodium sulfur batteries represent the perfect option for utilities looking to link up the electricity distribution between renewable and mainline electric grids. This is likely to drive the global sodium sulfur battery market over the forecast period.
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Sodium sulfur batteries are made from molten sodium and sulfur and possess high energy density and discharge times. The major components of sodium sulfur batteries include elementary cells composed of electrodes, modules, battery systems composed of large assembling of modules and a control system, and a power conversion system (PCS). 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.
Sodium sulfur or NaS battery is a kind of molten-salt battery that is constructed from sulfur (S) and liquid sodium (Na). It has a high long-life cycle, high efficiency of discharge/charge, and high energy density and made from low-cost materials. The operating temperature ranges from 300-350-degree Celsius. Being highly corrosive, it is widely used for stationary energy storage applications. It has an extensive range of applications such as electric vehicles, fork lifts, and aerospace. State-of-charge identification, high energy efficiency, good power density, flexible operation, potential low cost, high cycle life, and insensitivity to ambient conditions are some of the key features that have led to the immense popularity of sodium sulfur battery.
Global Sodium Sulfur Battery Market Segmentation
The global sodium sulfur battery market is segmented on the basis of power rating, application, and region.
By Power Rating
Up to 10 MW
11 MW-25 MW
26 MW-50 MW
Above 50 MW
By Application
By Region
North America
Asia-Pacific
Europe
Middle East & Africa
South Africa
Regional Analysis
Based on the region, the sodium sulfur battery market report covers growth opportunities and the latest trends across South America, North America, Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA).
Of these, the APAC region will lead the market over the forecast period. This is owing to the growing need for renewable energy storage systems in the commercial, industrial, and residential end-use applications. Moreover, the growing investments made by the government in this region to increase renewable energy in the overall energy mix is driving the market growth. Japan, China, and India are the key contributors here. China has widespread energy storage capacity under construction or planned is also boosting the market growth here.
The sodium sulfur battery market in North America is predicted to grow at a significant CAGR over the forecast period chiefly due to rapid adoption of sodium sulfur battery and growing urbanization.
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.
Competitive Analysis:
Leading players in the global sodium sulfur battery market include POSCO, FIAMM Group, Sieyuan Electric Co. Ltd., Ceramatec Inc., Eagle Picher Technologies LLC, GE Energy Storage, KEMET Electronics Corporation, and NGK Insulators Ltd.
Industry Updates:
In January 2019, the UAE government decided to incorporate 648 MWh worth of sodium sulfur batteries into its energy distribution network. The batteries, which are spread out over a total of 10 locations and 15 systems, can be controlled from a central location, which allows the utilities to make the best use of the capability of the batteries to provide uninterrupted power when required. The batteries were made by NGK.
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