Coronavirus Energy

Sodium Sulfur Battery Market by Financial Overview and Growth Prospects Predicted by 2023

Sodium Sulfur Battery Market Overview

Market Research Future (MRFR) reports that the global sodium sulfur battery market is anticipated to achieve a CAGR of 15.50% during the forecast period (2016-2023).

The global sodium sulfur market is mainly driven by the growing demand from the utilities sector and is likely to be driven over the forecast period by the increasing government efforts being directed at full electrification and maintenance of a stable electric grid nationwide. The global demand for sodium sulfur batteries has mainly grown due to the growing demand for energy storage devices that can store energy for a long period of time and can discharge it as needed.

Global Sodium Sulfur Battery Market Leading Players analyzed are:

Top players in the worldwide sodium sulfur battery market include Eagle Picher Technologies LLC, Sieyuan Electric Co. Ltd., POSCO, Ceramatec Inc., NGK Insulators Ltd., FIAMM Group, GE Energy Storage, KEMET Electronics Corporation, among others.

Get Free Sample Copy of Sodium Sulfur Battery Market Report at: https://www.marketresearchfuture.com/sample_request/7284

Primary Drivers and Key Barriers

Surge in renewable energy investment coupled with reduction in cost given the technological advancements and rising deployment are stimulating the growth of the sodium sulfur battery market. For providing quick and reliable power supply to households that don’t have connection to the national grid properly, electric utilities are working on connecting these households using isolated grids that are standalone. These power grids are involved in small scale power generation and are generally deployed in rural areas.

Power generated via isolated grids has risen in popularity in Southeast Asia, as the government is increasingly striving to enhance the electrification rates. Apart from this, renewable energy resources like solar, hydro and wind, are being used for generating power, which helps the sodium sulfur battery market gain immense traction at a global level.

Surge in infrastructure investments, expanding worldwide population, increasing demand for power along with eco-friendly energy storage are also boosting growth of the global sodium sulfur batteries market.

Market Segmentation

The global sodium sulfur battery market has been categorized depending on the power rating and application.

With respect to the power rating, the market can be split into up to 10 MW, 11-25 MW, 26-50 MW, and above 50 MW. 26-50 MW segment happens to be the leading the market since these batteries enjoy strong demand in electric utilities. Also, such batteries have a longer cycle life, a higher current density, as well as simplified manufacturing scheme in large scale applications.

Considering the application, the sodium sulfur battery market includes grid and standalone systems, space, transport and heavy machinery. Grid and standalone systems stand out as the leading segment in the market, given the high use of electric utilities in developing countries that are trying to adapt to the decentralized way of generating power.

Regional Insight

All the aspects of the global sodium sulfur battery market have been analyzed, with respect to the main regions of North America, the Middle East and Africa (MEA), South Africa, Asia Pacific, and Europe.

In 2017, APAC was identified as the prime market for sodium sulfur battery and is estimated to maintain its position in the following years. The phenomenal market growth in the region is the result of the rising need for renewable energy storage systems in the industrial, residential and commercial end-use applications. Besides, growing investments by the government aimed at elevating the use of renewable energy in the whole energy mix also works in favor of the regional market. India, Japan, and China are the most lucrative markets in the region.

In North America, intensifying demand of power as well as ecofriendly energy storage, expanding population and surging infrastructure investments are some of the significant factors enhancing the growth of the sodium sulfur battery market.

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. A number of industry players are striving to create a niche for themselves in the region by adopting strategies like collaborations and partnerships. for instance, on June 2019, BASF partnered with NGK Insulators Ltd to develop sodium sulfur battery. These batteries consist of a variety of advanced features such as higher energy density, larger capacity and longer life, which make it ideal for stationary applications.

Browse Summary of Sodium Sulfur Battery Market Research Report at: https://www.marketresearchfuture.com/reports/sodium-sulfur-battery-market-7284  

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.