Sodium Sulfur Battery Market Share, Growth & Forecast [2030]

Report Description

The sodium sulfur battery market size was around USD 101 million in 2021 and is projected to reach USD 1808 million by 2030, expanding at a CAGR of 30% during the forecast period, 2022 – 2030. The growth of the market is attributed to the rising pressure on energy conservation and rapid urbanization.

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A liquid electrode, beta-alumina ceramic electrolyte, and a container to convert electrical energy into chemical energy make up a sodium sulfur (NaS) battery. It consists of three primary subsystems: a network of interconnected cells, a temperature-controlled enclosure, and a thermal management system for early heating and waste heat removal. A negative electrode made of molten sodium and a positive electrode made of molten sulfur makes up a conventional sodium sulfur battery. Beta alumina ceramic electrolyte, which largely only allows sodium ions through, sits between the two. The average operating temperature range for sodium sulfur batteries is 300–350 °C. The battery is inactive below this temperature range. Uses for sodium sulfur batteries are restricted to big, stationary technologies, including distribution grid support because they need high temperatures to function. Other applications vary from high-value applications on islands to the incorporation of wind power. The prime sodium sulfur battery system in the world powers a wind stabilization project in Rokkasho, Japan. Sodium sulfur batteries are used to stabilize the supply of power for industrial, micro/off-grid, and emergency power supply.

COVID-19 Impact

The Covid-19 pandemic affected the demand and supply of sodium sulfur battery market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to an unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth during the forecast period.

Market Dynamics

The market research report on the global sodium sulfur battery market provides a detailed analysis by focusing on revenue growth, facts, figures, and historical data to determine major drivers, existing restraints, key opportunities, and competitive analysis. The report includes recent developments that can shape the overall performance of the market during the assessment period, 2022 to 2030.

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Drivers:

Increasing investment in renewable energy to fuel the market

Electric utilities are working to connect homes that are inadequately linked to the grid with separated grids that are stand-alone, engaged in small-scale electrical generation of 10 kW to 10 MW, and are generally deployed in rural areas, in order to provide these homes with a dependable and quick source of electricity. As the government works to increase the electricity rates of countries in Southeast Asia, such forms of power generation and delivery are becoming common. Moreover, the majority of the electricity generated is derived from renewable energy sources, including wind, solar, and hydropower. A crucial element of any isolated grid is the energy storage device. As a result, companies are increasingly turning to battery storage as an alternative for their energy storage system.

Restraints:

Sodium polysulfides have a very corrosive character which is estimated to hinder the market growth

The highly corrosive character of sodium polysulfides, which renders them inappropriate for portable mobile applications, is one of the key factors limiting market growth. Companies are establishing or upgrading business models, technologies, developing sustainable strategies, accelerating innovation systems, and engaging in other significant activities to overcome difficulties.

Opportunities:

Increasing R&D and technological advancement to create lucrative growth opportunities

Technological advancements and rising R&D activities are expected to create immense growth opportunities during the forecast period. An increasing trend of integrating renewable energy sources and energy storage systems is anticipated to boost the market. Market development thrives as a result of innovation and research. For instance, the effectiveness of metal sulfide electrodeposition in the operation of NAS batteries is currently the most important problem being worked on by R&D professionals. For effective Na2S electrodeposition in NAS batteries at room temperature, a Mo5N6 electrocatalyst has been designed. Owing to these advances the market is estimated to grow at a rapid pace during the forecast period.

Scope of the Report

The global sodium sulfur battery market research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The industrial segment held a key market share in 2021

Based on product, the global market is bifurcated into industrial and private portable. The industrial segment held around 80% of the total market share in 2021 due to a rise in the demand for sodium sulfur batteries in industrial and grid storage settings as they provide solutions with a high energy density. Therefore, with the growing requirement for storage and power backup, the demand for sodium sulfur batteries across industrial sectors is projected to increase during the forecast period. Growth of the segment is attributed to factors such as rising demand for energy storage, renewable installation projects, and increasing industrial activities.

The private portable segment is anticipated to expand at a CAGR of around 29% during the projected period. Sodium sulfur batteries are projected to become increasingly popular in portable devices due to their minimal maintenance requirements and increased energy density. Growing demand for consumer electronics is estimated to boost the segment.

The renewable energy stabilization segment to expand at a rapid pace during the projected period

On the basis of application, the market is segregated into renewable energy stabilization, load leveling, ancillary services, and others. The renewable energy stabilization segment to expand at a rapid pace during the projected period. Energy storage batteries made of sodium sulphur are employed to support the production of renewable energy, primarily in solar and wind farms. A crucial factor in achieving quick decarbonization for energy usage is the battery energy storage technology. The battery energy storage systems increase power quality, enable a rise in the potential share of variable renewable energy sources in grid locations, and provide stability services to various mini-grids. According to the BP Statistical Review of World Energy, renewable energy generation reached 3147TWh in 2020, an increase from the estimated 2789.2TWh generated in 2019. Numerous renewable energy projects incorporating energy storage devices have been implemented in the power production business in recent years. Numerous initiatives to integrate sodium-sulfur battery systems into the national grid of numerous countries are still in the works. The battery has also recently found use in a project to produce hydrogen.

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Asia Pacific dominated the market in 2021

In terms of region, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominated the market in 2021 and is projected to continue its dominance during the forecast period. Growth of the market in the region is attributed to increasing demand for electrification in rural areas coupled with growing electricity generation capacities. An increased focus on grid stability and consistent power generation has resulted from sustained development in major countries of the region. As a result, sodium sulfur batteries are gradually being used to deliver supplementary services with appropriate frequency management. Increasing efforts to reduce carbon emissions by improving the infrastructure for renewable energy sources will accelerate market growth. Battery energy storage system deployment, whether in conjunction with renewable energy projects such as solar, wind, or as standalone energy storage projects, is driving the market.

The market in Europe is projected to expand at a high CAGR during the forecast period owing to rising demand for NaS batteries. Growth of the market is attributed to technological advancements in terms of product innovation, enhanced efficiency, and cost-effectiveness. The market is expected to be driven by strict emission regulations set by the governments of industrialised nations like the U.K. and the U.S., as well as growing interest in fuel efficiency.

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