Sodium Sulfur Battery Market 2020 Gross Margin Analysis, Development Status and Industry Outlook 2023
Sodium Sulfur Battery Market Overview
The global sodium sulfur battery market is expected to exhibit a robust 15.5% CAGR over the forecast period from 2018 to 2023, according to the latest research report released by Market Research Future (MRFR). 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 growing demand for renewable energy is likely to be a major driver for the global sodium sulfur battery market. The sodium sulfur battery market benefits from the growth of the renewable energy sector due to the growing use of sodium sulfur batteries as an energy storage system in renewable energy mechanisms. Sodium sulfur batteries are made from molten sodium and sulfur and possess high energy density and discharge times. The major components of sodium sulfur batteries include elementary cells composed of electrodes, modules, battery systems composed of large assembling of modules and a control system, and a power conversion system (PCS). 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.
Competitive Analysis:
Leading players in the global sodium sulfur battery market include POSCO, FIAMM Group, Sieyuan Electric Co. Ltd., Ceramatec Inc., Eagle Picher Technologies LLC, GE Energy Storage, KEMET Electronics Corporation, and NGK Insulators Ltd.
Segmentation:
The global sodium sulfur battery market is segmented on the basis of power rating, application, and region.
By power rating, the global sodium sulfur battery market is segmented into up to 10 MW, 11-25 MW, 26-50 MW, and above 50 MW. The 26-50 MW batteries segment is expected to be the dominant revenue generator over the forecast period, as utilities have shown a clear preference for the segment.
By application, the global sodium sulfur batteries market is segmented into grids and standalone systems, space applications, and transportation and heavy machinery.
Regional Analysis:
Asia Pacific accounted for the largest share in the global sodium sulfur battery market in 2017 and is likely to remain the leading regional market over the forecast period due to the increasing investment in the renewable energy sector in countries such as China and India. Rural electrification efforts are likely to pick up speed in Asia Pacific over the forecast period, as governments in the region have shown a clear preference for completing rural electrification projects in the next few years. The lower costs of sodium sulfur batteries in comparison to conventional energy storage systems is also likely to be a major driver for the sodium sulfur battery market in Asia Pacific over the forecast period.
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