With rapid urbanization and increasing pressure on energy conservation, sodium-sulfur batteries are gaining popularity. During the forecast period, the global sodium sulfur batteries market is expected to grow at a promising CAGR of 30%. (2022-2032).
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | US$ 101.16 Million |
| Expected Market Value (2022) | US$ 131.16 Million |
| Anticipated Forecast Value (2032) | US$ 1,808.14 Million |
| Projected Growth Rate (2022 to 2032) | 30% CAGR |
Unlike bank accounts, where money is saved and used whenever it is needed, electricity is an asset that must be consumed exactly when it is generated. Energy storage is a complex process when compared to energy generation. Most of the time, we refer to how energy can be saved when it is dispatched economically in order to serve consumers in a robust and cost-effective manner.
However, technological advancements and rising electricity demand will result in dramatic changes in load characteristics around the world. The use of batteries to provide bulk power to the load will be a future trend, with a new set of regulations emerging to support the energy needs.
Moisture is a significant threat to sodium-sulfur batteries, necessitating regular battery servicing as well as individual cell inspection to ensure long-term operation. Battery servicing entails the critical task of replacing cells that show signs of leakage.
Periodic maintenance, inspection, and sealing costs, regulations on distributed energy storage (DES), and installation in inaccessible locations are likely factors limiting the global sodium sulfur batteries market's growth.
The global sodium sulfur batteries market is divided into three product categories: private portable, industrial, and other. Among these, industrial sodium-sulfur batteries had the largest market share and generated the most revenue. The global sodium-sulfur battery market is being driven by factors such as increased industrial activity, renewable installation projects, and increased demand for energy storage.
A number of constraints limit market growth, such as the highly corrosive nature of sodium polysulfides, which makes them unsuitable for portable mobile applications. Companies are addressing challenges by developing or upgrading business models, developing technology, accelerating innovation systems, developing sustainable strategies, and undertaking other major endeavors.
Because of the region's high volume of battery production, the Asia-Pacific region is expected to dominate the market during the forecast period. The Asia Pacific region is well-known for its advanced battery manufacturing industry. The shifting momentum toward renewable energy generation sources, as well as government support for it, are the most compelling factors for the widespread deployment of battery energy storage systems, either in conjunction with renewable power projects (such as wind, solar, and so on) or as standalone energy storage projects.
Countries such as China, India, and Japan have seen the greatest increase in renewable and energy storage projects. Energy storage capacity additions in China more than doubled in 2021 compared to the previous year.
North American countries, particularly the United States and Canada, are the most rapidly evolving in terms of electricity systems. The countries have seen the addition of variable renewables on a large scale, as well as large hydropower capabilities. As a result, these countries have a strong position in the global sodium sulfur battery market.
Rapid end-use applications in industries ranging from renewables to small electronic devices to large industrial facilities are fueling North America's remarkable progress in the global sodium sulfur battery market.
Some of the key participants present in the global Sodium Sulfur Batteries market include NGK Insulators Ltd, KEMET Electronics Corporation, Eagle Picher Technologies LLC, GE Energy, Ceramatec Inc, FIAMM Group, POSCO, Sieyuan Electric Co. Ltd. among others.
BASF New Business (BNB), a subsidiary of the German chemicals company BASF, will commission the energy storage system, which consists of four NAS battery containers that have been integrated into the electricity grid, at BASF's Verbund site in Antwerp, Belgium, in October 2021.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 30% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Countries Profiled |
|
| Customization | Available Upon Request |
Application:
Product:
Region:
FMI projects the global Sodium Sulfur Batteries market to expand at a 30% value CAGR by 2032
Asia Pacific is expected to be the most opportunistic Sodium Sulfur Batteries market.
NGK Insulators Ltd, KEMET Electronics Corporation, Eagle Picher Technologies LLC, GE Energy, Ceramatec Inc, FIAMM Group, POSCO, Sieyuan Electric Co. Ltd. are some prominent Sodium Sulfur Batteries manufacturers.
Explore Similar Insights
Sodium Sulfur Batteries Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
