The global sodium sulfur battery market size will grow at a 15.50% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Sodium sulfur battery, simply put, is a form of molten-salt battery made from sulfur and liquid sodium. This form of battery has long-life cycle, high efficiency of discharge or charge, and high energy density.
Various factors are fuelling the global sodium sulfur battery market share. As per the recent MRFR market estimates, such factors include the increasing renewable energy investment, reduction in cost due to technological advances, expanded deployment, increasing application areas such as solar power stabilization and energy time shift and wind power stabilization and energy time shift, high efficiency operation of diesel generator, renewable power supply system, and frequency control and energy time shift, owing to its small size it is ideal for areas where other energy storage choices are not viable, help to defer transmission up-gradation, and growing need for energy storage and power using sodium sulfur batteries worldwide.
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The eminent players profiled in the global sodium sulfur battery market report include POSCO, FIAMM Group, Sieyuan Electric Co., Ltd., Ceramatec Inc., Eagle Picher Technologies LLC, GE Energy Storage, KEMET Electronics Corporation, and NGK Insulators Ltd., among others.
On the contrary, the COVID-19 impact, and the low adoption rate due to the presence of alternative battery technologies such as lead acid batteries and li-on batteries may limit the global sodium sulfur battery market growth over the forecast period.
The MRFR report throws light on an inclusive segmental analysis of the global sodium sulfur batteries market based on power rating and application.
By power rating, the global sodium sulfur battery market is segmented into above 50 MW, 26-50 MW, 11-25 MW, and up to 10 MW. Of these, the 26-50 MW segment will lead the market over the forecast period.
By application, the global sodium sulfur battery market is segmented into transport and heavy machinery, space, and grid and standalone systems. Of these, the grid and standalone systems segment will dominate the market over the forecast period for the various electric utilities particularly in the developing economies adapting the de-centralized way of generating power.
By region, the global enterprise governance risk and compliance market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South Africa, & the Middle East and Africa (MEA). Of these, the APAC region will have the lions share in the market over the forecast period. The growing need for renewable energy storage system in the industrial, commercial, and residential end use applications, governments ramping up their efforts to boost renewable energy in the overall energy mix, rising investments in expanding electricity generation capacities, and growing need for electrification in rural areas are adding to the global sodium sulfur battery market growth in the region. Japan holds the utmost market share for the sustained industrialization across major economies that have led to a rising emphasis on grid stability & dependable electricity generation. Besides, efforts to lessen the carbon footprint by improving renewable source energy infrastructure are also adding market growth.
In North America, the global sodium sulfur battery market is predicted to have healthy growth over the forecast period for quick acquiring of sodium sulfur batteries and developing urbanization.
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In Europe, the global sodium sulfur battery market is predicted to have admirable growth over the forecast period. Huge number of renewable projects in the pipeline, increasing use along with renewable power plants for grid stabilization and excess power storage, increasing need for these batteries, advances in technology in terms of product innovation, enhanced efficiency, and cost effectiveness, rising attention towards fuel efficiency, and strict emission norms by the government of developed countries like the UK are adding to the global sodium sulfur battery market growth in the region.
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