Top Emerging Trends Of Sodium Sulfur Battery Market Progress Forecast 2027
Posted by Mrudula Karmarkar on January 7th, 2022
The global sodium sulfur battery market size is expected to reach USD 480.4 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 29.6% from 2020 to 2027. The growing demand for energy storage batteries and power supply across the globe is expected to boost the growth of the market over the estimated period.
Sodium sulfur (NaS) batteries are pre-eminent by adding electrodes to increase their operational flexibility and lifespan. It also eliminates the hazards related to fire calamities. However, sodium sulfur batteries are hazardous and can catch fire easily when they meet moisture and air. Due to the highly corrosive nature, along with the high operating temperature of sodium polysulfide, these batteries are used in stationary applications, including grid energy storage.
The renewable energy stabilization application segment is projected to witness substantial growth over the upcoming years as NaS batteries are a possible energy storage technology to support renewable energy power generation, precisely solar and wind generation plants. Moreover, the growing integration of renewable energy sources, such as solar and wind, into the grid areas is projected to boost the growth of the renewable energy stabilization application segment. The industrial product segment accounted for 81.8% share of the global revenue in 2020. Growing energy requirements have resulted in an improved usage of storage batteries used in off-grid locations, which has directly impacted the demand for NaS batteries.
The Asia Pacific held a leading share in the global market in 2020. The growth of the market is ascribed to the growing demand for renewable energy storage units across the commercial and industrial sectors. Moreover, in 2020, Asia Pacific accounted for over 47% of the global investments in renewable sources of energy. The growing investments across the region are driven by the government authorities in the countries that are putting more effort to surge renewable sources of energy. The presence of many manufacturers in Japan and South Korea is also likely to support regional market growth. Moreover, potential industries across India, Malaysia, Thailand, and Singapore are likely to create high demand for such batteries in the upcoming years.
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Growing demand for energy storage and power using sodium sulfur (NaS) batteries across the globe is projected to boost the growth of the market during the projected timeframe. Besides, as sodium sulfur batteries are smaller in size, they are more appropriate for areas where other energy storage choices are not viable. Sodium sulfur batteries allow deferral of transmission up-gradation as the power does not have to be transmitted directly after generation, hence it can also be discharged on demand. Moreover, sodium sulfur batteries are used for the steadying of emergency power supply and power supply for micro/off-grid and industrial customers. However, the adoption rate is a little low owing to the presence of alternative battery technologies, including Li-ion and lead-acid batteries.
Sodium Sulfur Battery Market Report Highlights
The market for sodium sulfur batteries has been characterized by high competition owing to the presence of major companies. Business expansion has emerged as the main focus area for the market participants. Market players are increasingly targeting the developing countries to tap the rising demand for NaS batteries. Moreover, market players are investing in product development to consolidate and enhance their market share across the industry. For instance, in 2020, NGK and BASF announced the expansion of their existing partnership to a joint development agreement (JDA) to develop next-generation sodium sulfur batteries. Some of the prominent players in the sodium sulfur battery market include:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
Articles Posted: 229
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