USD 101.38 million
Report ID: SQMIG20D2172 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 62 | Figures: 75
Sodium Sulfur Battery Market size was valued at USD 101.38 million in 2021 and is poised to grow from USD 131.39 million in 2022 to USD 1045.73 million by 2030, growing at a CAGR of 29.6% in the forecast period (2023-2030).
The growing demand for energy storage and power using sodium Sulfur (NaS) batteries is expected to drive market expansion over the forecast period. Furthermore, because sodium sulfur batteries are smaller in size, they are better suited for places where other energy storage options are problematic. As the power does not have to be conveyed immediately after generation, sodium sulfur batteries allow for transmission upgrade postponement, and they can also be drained on demand. Sodium sulfur batteries are also used to stabilize alternative generators and to offer electricity to small-/off-grid and commercial clients. However, due to the presence of other battery technologies such as Li-ion and lead-acid batteries, adoption is a little low.
The market size in the United States was estimated to be USD 3.82 million. The US government has been pushing stakeholders to promote the green economy, which has raised demand for Batteries energy storage systems (BESS), primarily sodium Sulphur batteries. Encouraging industrial sector growth, as well as efforts to maintain grid stability through the integration of renewable energy sources, would help push economic data throughout the country.
Moisture is a greater threat to NaS batteries, necessitating regular battery servicing as well as each cell inspection to ensure better functioning for a longer period of time. Periodic inspections and upkeep, sealing costs, placement in inaccessible regions, and distributed storage of energy (DES) restrictions are some of the issues constraining global market growth.
However, the globe's economy has been badly impacted by an unanticipated outbreak of the new coronavirus, which has had a significant impact on the global market. Due to a large-scale disruption in supply chains and a lack of workforce, the outbreak has delayed a wide range of projects, including energy storage batteries and renewable integration, affecting overall market growth.
US Sodium Sulfur Battery Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 101.38 million
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The global sodium sulfur battery market is segmented based on product, application, and region. Based on product, the market is segmented into private portable and industrial. In terms of application, the market is segmented into ancillary services, load leveling, renewable energy stabilization, and others. Regionwise, the global sodium sulfur battery market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Sodium Sulfur Battery Market Analysis by Product
The market is divided into private portable and industrial batteries based on product. Due to the increased demand for sodium sulfur batteries in industrial and grid storage settings, which offer high-energy density solutions, the industrial product sector accounted for 81.8% of total sales in 2022. As a result, with the increasing requirement for storage and power backup, demand for sodium Sulfur batteries is expected to rise across the industrial sectors.
The private portable product segment is expected to increase at a CAGR of 28.3% between 2023 and 2030. On account of the batteries' reduced maintenance requirements and better energy densities, the use of NaS batteries in portable devices is expected to grow at a rapid pace. Demand for consumer electronics is expected to boost segment growth.
Sodium Sulfur Battery Market Analysis by Application
The market is divided into applications such as supplementary services, load leveling, renewable energy stabilization, and others. In 2022, the other application segment had the highest share of 33.0%. From 2023 to 2030, the ancillary services application segment is predicted to grow at a CAGR of 30.6%. Ancillary service is essential to keep energy transmission on the grid areas reliable, secure, and safe. Over the projected period, the load leveling application category is expected to be the fastest-growing.
The renewable energy stabilization market is expected to increase significantly in the next few years. Sodium sulfur batteries are utilized as energy storage batteries in renewable energy generation, primarily in solar and wind farms. The battery energy storage system has a substantial impact on achieving quick decarbonization in terms of energy utilization. Battery energy storage systems provide stability services to various mini-grids, enable an increase in the potential participation of variable renewable energy sources in such grid areas, and improve power quality.
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Asia Pacific held the highest revenue share of 68.27% in 2022, and is likely to expand significantly during the forecast period. Rising investments in expanding electricity generation capacity, combined with rising rural electrification demand, will drive demand for storage batteries across the Asia Pacific region, resulting in increased demand for sodium sulfur batteries.
Europe is expected to develop significantly in the next few years as the demand for NaS batteries rises. Technological developments in terms of cost-effectiveness, increased efficiency, and product innovation are expected to drive regional market growth. Stringent pollution standards imposed by governments in industrialized countries such as the United Kingdom and the United States, combined with increased emphasis on fuel efficiency, are expected to drive the industry.
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Sodium Sulfur Battery Market Drivers
High Energy Density
Sodium Sulfur Battery Market Restraints
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Due to the presence of big corporations, the market for sodium sulfur batteries has been marked by intense competition. For market participants, business expansion has emerged as the primary focal area. Market participants are increasingly focusing on developing countries in order to capitalize on the expanding demand for NaS batteries. Furthermore, industry participants are engaging in product development in order to consolidate and improve their market position.
Sodium Sulfur Battery Market Top Player’s Company Profiles
Sodium Sulfur Battery Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Sodium Sulfur Battery market is the Growing global demand for energy storage and power using sodium Sulfur (NaS) batteries is expected to drive market expansion over the forecast period. Furthermore, because sodium Sulphur batteries are smaller in size, they are better suited for places where other energy storage options are problematic. As the power does not have to be conveyed immediately after generation, sodium Sulfur batteries allow for transmission upgrade postponement, and they can also be drained on demand. Sodium sulfur batteries are also used to stabilize alternative generators and to offer electricity to small-/off-grid and commercial clients. However, due to the presence of other battery technologies such as Li-ion and lead-acid batteries, adoption is a little low.
|Market size value in 2021||USD 101.38 million|
|Market size value in 2030||USD 1045.73 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Sodium Sulfur Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sodium Sulfur Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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