Sodium Sulfur Battery Market 2019 Analysis by Global Trends, Current Statistics, Size, Growth Factor, Competitive Landscape and Forecast to 2023
Jul 16, 2019
Sodium Sulfur Battery Market Research Report: Information by Power Rating (Upto 100 MW, 11-25 MW, 26-50 MW), Application (Grid and Standalone Systems, Space, and Transport & Heavy Machinery), and Region – Global Forecast till 2023
Pune, India - July 16, 2019 /MarketersMedia/ —
Sodium Sulfur Battery Market Analysis
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.
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Various factors are driving the growth of the sodium sulfur battery market. These factors, in accordance with the Market Research Future (MRFR) report, include increasing investment in renewable energy, reduction in cost due to expanded deployment and technological advancements, growing demand for sodium sulfur batteries from the utility sector, increasing government efforts towards full electrification, and demand for energy storage devices which can store energy for long and discharge the same as needed.
Prominent Players
Leading players profiled in the 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. The key players are acquiring various strategies such as new innovations, mergers and acquisitions, partnerships, and investments in the research and development activities in order to create a foothold in the market.
Global Sodium Sulfur Battery Market Segmentation
The Market Research Future report offers a wide segmental analysis of the sodium sulfur battery market based on power rating and application.
Based on power rating, the 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 have the largest share in the market over the forecast period. These batteries are widely used as grid energy storage solutions for renewable energy sources. Moreover, they have a longer life, higher current density, and simplified manufacturing schemes in large scale applications.
Based on application, the sodium sulfur battery market is segmented into transport and heavy machinery, space, and grid and standalone systems. Of these, the grid and standalone system segment will dominate the market over the forecast period. This is owing to several electric utilities in developing economies adapting de-centralized means of generating power. The electricity generated is chiefly from renewable resources of energy such as hydro, solar, and wind.
Sodium Sulfur Battery Regional Industry 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.
Industry Related News
June 2019: BASF has joined hands with NGK Insulators Ltd for NAS or sodium sulfur battery. These batteries boast of various superior features such as longer life, higher energy density, and larger capacity in comparison to other battery technologies, thereby making it ideal for stationary applications.
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Source: MarketersMedia
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