Global Sodium Sulfur Battery Market Overview
The key driver impacting the sodium sulfur battery market is the increasing need for energy storage and power using sodium sulfur (NaS) batteries. For instance, as per the Environmental and Energy Study Institute, In 2017, 4 billion megawatt-hours (MWh) of electricity was generated in the United States, but had only 431 MWh of electricity storage availability. There is a huge investment in renewable energy generation projects, which is expected to boost market demand in the forecast period. The total investment is $286 billion on renewable energy development in 2015 according to the Climate Central Organisation. As per the Climate Policy Initiative’s Global Landscape of Climate Finance report 2019, climate finance flows attain a record high of USD 612 billion in 2017, driven chiefly by renewable energy capacity additions in the U.S, China, and India. Moreover, the growing usage of sodium sulfur batteries in several applications to offer a massive power to load with new regulations developing to support the ever-increasing energy needs is also estimated to be an important determinant that adds growth to the market.
According to Value Market Research, the global sodium sulfur battery market was valued at around USD 60 million in 2019 and is estimated to grow at a CAGR of about 29.6% during the forecast period of 2020-2026.
The growing population and urbanization, leading to rising infrastructure investments, are predictable to enhance market demand in the forecast period. For instance, According to world bank estimations, By 2040, the global population will rise by almost 2 billion people, equivalent to a 25% rise, and the urban population increase by 46%. However, the high cost involved in inspection and sealing costs, and periodic maintenance, may hamper the global sodium sulfur battery industry in the long run. Also, installation in inaccessible places and protocols on distributed energy storage is negatively impacting the market.
The current industry trends, such as increasing demand for power and eco-friendly energy storage and continuous advancements in technology, are expected to provide beneficial market opportunities for the key market players in the coming years.
The sodium sulfur battery market is vast, with a large number of local and global players. The key leaders follow many strategies to boost their market position, such as extending product portfolio, acquisitions, expansions, mergers, and product innovations to make stronger their market share at the global scale. For instance, in 2019, BASF and NGK declared the expansion of their existing partnership to a joint development agreement (JDA) to build up next-generation sodium sulfur batteries. The important players included in the report are NGK INSULATORS, LTD, Tokyo Electric Power Company Holdings, Inc., BASF SE, EaglePicher Technologies, FIAMM Group, GE Energy, KEMET Corporation, Sieyuan Electric Co., Ltd.., POSCO.
In this research report, the sodium sulfur battery market is segmented by application, product, and region.
Analysis by Applications:
By applications, the report is categorized into ancillary services, load leveling, renewable energy stabilization, and others. Renewable energy stabilization dominates the application segment in 2019 with a maximum market share of 25%. It is due to the high usage of sodium sulfur batteries as energy storage batteries to support renewable energy generation, mostly in solar generation and wind farms. Moreover, NaS provides stability services to various mini-grids, facilitates a rise in the possible share of variable renewable sources of energy in such grid areas, and improves the power quality, contributing to the growth of the renewable energy stabilization segment in the forecast period.
Analysis by Product:
By product, the report is categorized into private portable and industrial. The industrial segment is estimated to show considerable growth in the forecast period. It is due to the expanding demand for sodium sulfur batteries in industrial and grid storage locations as they offer a high-energy-density solution. Moreover, there is an intensifying requirement for storage and power backup, which is expected to create demand across industries in the coming year.
Analysis by Region:
In the regional outlook of the global sodium sulfur battery market, the Asia Pacific region dominates with a maximum market share of 67.5% in 2019. It is due to the growing investments in expanding electricity generation capacities, together with rising demand for electrification in rural areas of countries such as China and India, as well as in South East Asia. Moreover, the increasing urbanization, industrialization, and growing pressure of energy conservation contribute to the sodium sulfur battery market growth across the Asia Pacific.
Market Segmentation covered in the Report:
- Ancillary Services
- Load Leveling
- Renewable Energy Stabilization
- Private Portable
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.