USD 131.39 million
Global Sodium Sulfur Battery Market Size, Share, Growth Analysis, By Product(Private Portable and Industrial), By Application(Ancillary Services, Load Leveling) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2172 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
62 |
Figures:
75
Global Sodium Sulfur Battery Market Insights
Global Sodium Sulfur Battery Market size was valued at USD 131.39 million in 2022 and is poised to grow from USD 170.28 million in 2023 to USD 1355.21 million by 2031, growing at a CAGR of 29.60% during the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial
Fastest Growth
Industrial
Growth Rate
29.60% CAGR
Global Sodium Sulfur Battery Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Sodium Sulfur Battery Market By Product 2022-2030 ($ Bn)
Global Sodium Sulfur Battery Market By Product 2022-2030 (%)
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Global Sodium Sulfur Battery Market Segmental Analysis
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.
Global Sodium Sulfur Battery Market By Product 2022 (%), 2023 (%)
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Global Sodium Sulfur Battery Market Regional Insights
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.
Global Sodium Sulfur Battery Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Sodium Sulfur Battery Market Dynamics
Sodium Sulfur Battery Market Drivers
High Energy Density
- Sodium sulfur batteries have a high energy density, which makes them ideal for applications that require a lot of power in a small space.
High Efficiency
- Sodium sulfur batteries are highly efficient, meaning they can store and release energy with minimal losses.
Sodium Sulfur Battery Market Restraints
Safety Concerns
- Sodium sulfur batteries operate at high temperatures, which can create safety concerns if the batteries are not properly designed and maintained.
Limited Applications
- Sodium sulfur batteries are primarily used for grid-level energy storage, which limits their potential market.
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Global Sodium Sulfur Battery Market Competitive Landscape
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
- NGK Insulators Ltd.
- EaglePicher Technologies LLC
- GE Energy Storage
- BYD Company Limited
- Furukawa Battery Co., Ltd.
- Amara Raja Batteries Ltd.
- Samsung SDI Co., Ltd.
- EnerVault Corporation
- Ceramatec, Inc.
- Sieyuan Electric Co., Ltd.
- JinkoSolar Holding Co., Ltd.
- Highpower International Inc.
- SANYO Electric Co., Ltd.
- Beijing Tianneng Battery Co., Ltd.
- East Penn Manufacturing Co.
- Excellatron Solid State LLC
- ZBB Energy Corporation
- Kokam Co., Ltd.
- ABB Group
- Saft Groupe S.A.
Sodium Sulfur Battery Market Recent Developments
- In May 2022, Lifespan is a new renewable energy digital suite from GE Electric that allows users to optimize the performance and operations of renewable assets across the region. It will also help operators engage with the vital insights required to effectively take action across all aspects of their business.
- In November 2021, NGK Insulators, Ltd. and Ricoh Company, Ltd. worked on a trial project to follow the full renewable energy process, from generation to consumption. This also involves charging and discharging surplus produced electricity stored in sodium-sulfur batteries.
Global Sodium Sulfur Battery Key Market Trends
- Increasing Adoption of Renewable Energy Sources: Sodium sulfur batteries are being increasingly adopted in renewable energy applications, such as wind and solar power plants, as they offer high energy density and longer lifespan compared to other battery technologies.
- Growing Demand for Electric Vehicles: The demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) is increasing rapidly, which is driving the growth of the Sodium Sulfur Battery Market. Sodium sulfur batteries offer a high energy density and long lifespan, making them an ideal choice for EVs.
- Advancements in Technology: There are ongoing research and development activities to improve the performance and reduce the cost of Sodium Sulfur Batteries. Advancements in technology, such as the use of new materials and manufacturing processes, are expected to drive the growth of the market.
- Increasing investments in Energy Storage: The growing demand for energy storage solutions, combined with increasing investments by governments and private organizations, is expected to drive the growth of the Sodium Sulfur Battery Market. Energy storage systems are becoming increasingly important to support the integration of renewable energy sources into the grid.
Global Sodium Sulfur Battery Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 131.39 million |
| Market size value in 2031 | USD 1355.21 million |
| Growth Rate | 29.60% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Sodium Sulfur Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Sodium Sulfur Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Sodium Sulfur Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Sodium Sulfur Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Sodium Sulfur Battery Market Report Snapshots
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