Owing to benefits such as high efficiency, high power density, longer life, higher discharge depth, faster response time, and temperature stability, sodium sulphur batteries are experiencing rapid adoption as opposed to conventional alternatives such as lithium-ion power batteries, thus fostering the growth of Global Sodium Sulfur Batteries Market
Covid-19 Impact & Market Status
The Covid-19 has had potentially impacted the manufacturing operations of sodium sulphur batteries owing to sudden closures of production facilities and reduced market demand due to the pandemic. This also led to delayed projects and initiatives taken by governments or private firms related to manufacturing sodium sulphur batteries or installing renewable energy storage projects.
However companies are addressing challenges through developing or upgrading business models, technology developments, accelerating innovation systems, building sustainable strategies and other major undertakings. The market participants are focusing on R&D for developing advanced energy storage sodium sulphur batteries.
This report defines and evaluates economic state and performance parameters of sodium sulphur batteries market. Detailed cost and performance estimates of the market are presented in the report for 2020 and projected till 2028. It gives a comprehensive view of the recent market developments, regulatory practices, trade scenarios, import export, production analysis, and distribution network study of the global sodium sulphur batteries market
The Industrial Segment is Projected to Register Highest CAGR in Forecast Span
The global sodium sulphur batteries market is classified based on different product segments namely Private Portable, Industrial, Other. Among these the industrial sodium sulphur batteries held the highest market share and gathered maximum market revenue. The factors such as rising industrial activities, renewable installation projects, and increasing demand for energy storage are driving the global sodium sulphur battery market.
Renewable Energy Stabilization Segment to Hold Leadership Status
The global sodium sulphur batteries market is classified based on different application segments namely Renewable Energy Stabilization, Load Levelling, and Ancillary Services. Among these segments the renewable energy stabilization segment witnessed substantial market growth owing to rising environmental concerns, and increasing demand for batteries that have potential of stabilizing electricity and emergency power supply.
Power Segment to Dominate the Market
The global sodium sulphur batteries market is classified based on different industry vertical namely manufacturing, power, and other. Among these the power segment has witnessed the highest market growth and highest market demand of sodium sulphur batteries in power industry. The increasing renewable energy saving activities, accelerated solar energy installation projects, and rising environmental concerns are the key factors for the boost of power segment in global sodium sulphur market.
North American Region to Manifest Fastest CAGR
The North American countries especially United States and Canada are the major countries evolving rapidly in terms of electricity system. The countries have witnessed addition of variable renewables at a large scale and large capabilities of hydropower. Thus these countries are well-positioned in the global sodium sulphur batteries market.
Rapid end-use applications across industries such as renewable applications, and from small electronics devices to large industrial facilities are fostering a remarkable progress of North America in the global sodium sulfur batteries market. Europe and APAC are the next dominant regions in the market owing to increasing environmental concerns, rising renewable energy installation projects and rising manufacturing and other industrial activities.
The need for providing high energy density and power density along with optimum operating temperatures for application products have accelerated the use of Sodium Sulfur Batteries.
Rapid end-use applications across industries such as renewable applications, and small electronic devices to large industrial facilities are fostering a remarkable progress in the global sodium sulfur batteries market
Advantages such as high temperature operating capability, efficient use of energy, high efficiency of charge or discharge, long cycle life, temperature stability is encouraging further adoption of Sodium Sulfur Batteries. These factors are collectively influencing overall market growth ensuring 480 Million USD by 2021 with an annualized growth rate of 14% from 2021 to 2028.
Sodium sulfur battery is a type of molten-salt battery developed liquid sodium and sulphur. Due to multiple benefits like high energy density, long-battery life, high efficiency these batteries are used in many industry applications such as renewable applications, and from small electronics devices to large industrial facilities. Sodium sulfur batteries are therefore used across multiple industries instead of commonly used conventional lithium-ion batteries.
Factors such as increasing industrial operations, renewable energy project installations, cost reductions of sodium sulphur batteries due to technological innovations, and expanding deployment have resulted in superlative growth of global sodium sulfur battery market.
However, the sodium sulfur battery is facing major drawbacks such as decreased battery performance with time, high necessity of heat source for operational conditions, high initial capital costs, environmental, health and safety issues are likely to deprive global sodium sulfur battery market. Furthermore, researchers and companies commercializing high-temperature sodium sulfur batteries, widely available material being manufactured at low cost, and recent advances have brought sodium sulfur batteries back into the spotlight, thus creating new growth opportunity for the global sodium sulphur batteries market.
The key manufacturers and exporters are Sieyuan Electric Co., Ltd., POSCO, KEMET Corporation, FIAMM Group, GE Energy, EaglePicher Technologies, Tokyo Electric Power Company Holdings, Inc., BASF SE, and NGK INSULATORS, LTD among all the well-established and new entrants in the global sodium sulphur batteries market. These companies provide sodium sulphur batteries with large capacities, highly durable, long life, and provide enhanced safety and environmental benignity.
Environment and safety is paramount importance for the manufacturers thus meet highest environment and safety standards. The batteries developed by these companies have demonstrated unprecedented field-proven reliability. Thus the products developed by these companies are highly preferred by customers across the world than any other brand. This has improved the market share of these firms in the global sodium sulphur batteries market.
Latest Innovations in the Global Tableware Sauces Market: a Snapshot
- The electric car manufacturers are developing sodium sulphur battery power packs for bringing down production costs. For the carmakers and battery manufacturer sodium sulphur batteries are next big invention in power storage. These batteries are being developed looking at the safety, material availability, and cost issues.
- According to research analysts sodium sulphur batteries will increasingly become a sentiment for the world’s green ambitions. In the same context the countries like India and South Africa are focusing on electric vehicles built with sodium sulphur batteries to hit global green targets.
- Manufacturers through introduction of sodium sulphur batteries are adopting green energy productions with high battery performance and other features non-existent in conventional lithium-ion batteries.
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||480 Million USD|
|Growth Rate||CAGR of 14% during 2021-2028|
|Segment Covered||Product, Application, Region|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Sieyuan Electric Co., Ltd., POSCO, KEMET Corporation, FIAMM Group, GE Energy, EaglePicher Technologies, Tokyo Electric Power Company Holdings, Inc., BASF SE, and NGK INSULATORS, LTD|
Key Segments of the Global Sodium Sulfur Batteries Markets
Product Overview, 2018-2028 (USD Million)
- Private Portable
Application Overview, 2018-2028 (USD Million)
- Renewable Energy Stabilization
- Load Levelling
- Ancillary Services
Industry Vertical Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa