Global Sodium Sulfur Battery Market by Application (Renewable Energy Stabilization, Load Leveling), by Product (Private Portable, Industrial) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global sodium sulfur battery market was worth USD 60.19 Million in 2019. It is projected to grow at a compound annual rate (CAGR), of 29.6% between 2020 and 2027. The market is expected to grow due to the growing demand for power and energy storage across the globe. Because sodium sulfur batteries have a smaller size, they can be used in areas that aren't suitable for other energy storage options. Because the power is not transmitted immediately after generation, sodium sulfur batteries can be deferred for transmission up-gradation. It can also be discharged upon demand. Additionally, sodium sulfur batteries can be used to provide power supply for industrial and micro/off-grid customers as well as emergency power supply. The adoption rate of these batteries is not high due to the availability of other battery technologies such as Li-ion or lithium-acid batteries.

In 2019, the U.S. market was worth USD 3.82million. The U.S. government has cheered stakeholders for the renewable sector, which led to increased demand for Battery Energy Storage Systems. The country's industry statistics will continue to grow if the government encourages industrial sector growth and integrates renewable energy sources into the grid.

NaS batteries are more vulnerable to moisture, so it is important to ensure that they are maintained for longer periods of time. The global market is limited by periodic inspection and maintenance, sealing and installation costs, inaccessible locations and regulations regarding distributed energy storage (DES), among other factors.

The unexpected coronavirus outbreak has had a devastating impact on the global economy. Due to large-scale disruptions in supply chains, and a shortage of manpower, the outbreak has caused delays to many projects such as energy storage batteries or renewable integration. This is affecting overall market growth.

Product Insights

The market can be divided by product type into private portable and industrial batteries. In 2019, the industrial product segment made up 81.8% of total revenue. This is due to the increasing demand for sodium-sulfur batteries in grid and industrial storage locations. The increasing demand for sodium-sulfur batteries in the industrial sector will likely drive up the need for power backup and storage.

From 2020 to 2027, the private portable product market is expected to grow at a 28.3% CAGR. Because of their low maintenance requirements and high energy density, NaS batteries are expected to be used in more portable devices. The segment is expected to grow because of the high demand for consumer electronics.

Application Insights

The market can be divided by application as follows: ancillary services; load leveling; renewable energy stabilization; and others. In 2019, 33.0% of the market was held by Others. From 2020 to 2027, the ancillary services segment will see a 30.6% CAGR. To ensure reliable, safe, and secure transmission of energy across grid areas, an ancillary service is necessary. Over the forecast period, the load leveling segment will be the fastest-growing segment.

In the coming years, there will be significant growth in the renewable energy stabilization market. To support renewable energy generation, sodium sulfur batteries are used to store energy. The battery energy storage system is a key component of achieving rapid decarbonization in order to increase energy usage. The battery energy storage system provides stability services to different mini-grids. It also facilitates a rise in variable renewable energy sources in these grid areas and improves the power quality.

Regional Insights

In 2019, the Asia Pacific region accounted for 68.27% of the total revenue and is expected to experience significant growth over the forecast period. Increasing investments in electricity generation capacity expansion and growing rural electrification demand will drive demand for storage batteries in the Asia Pacific region. This will lead to an increase in sodium sulfur batteries.

Japan is the leader in global sodium sulfur battery adoption, with more than 170 MW installed capacity as of 2018. The region's industrialization has seen a steady increase in demand for reliable electricity generation and grid stability. To provide the necessary frequency regulation, sodium sulfur batteries will be gradually deployed. The market will continue to grow due to rising efforts to reduce carbon emissions by improving renewable energy infrastructure.

Europe will experience significant growth due to the increasing demand for NaS battery batteries. Technological advances in terms of cost-effectiveness and efficiency as well as product innovation will boost regional market growth. The market will be driven by strict emission standards set forth by governments in developed countries like the U.K. or the U.S.A, and a growing focus on fuel efficiency.

Market Share Insights & Key Companies

Due to the presence major companies, the market for sodium sulfur batteries is highly competitive. The market's main focus has been on business expansion. To tap the growing demand for NaS battery batteries, market players are expanding their focus to the developing world. Market players also invest in product development to increase their market share. In 2019, NGK announced that they had expanded their partnership to a joint-development agreement (JDA), in order to jointly develop next-generation sodium salt batteries. The market leader in sodium sulfur batteries is:

• NGK INSULATORS LTD.

• BASF SE

• Tokyo Electric Power Company Holdings, Inc.

• EaglePicher Technologies

• GE Energy

• FIAMM Group

• KEMET Corporation

• POSCO

• Sieyuan Electric Co. Ltd.

Up Market Research published a new report titled “Sodium Sulfur Battery Market research report which is segmented by Application (Renewable Energy Stabilization, Load Leveling), by Product (Private Portable, Industrial), By Players/Companies NGK INSULATORS LTD, GE Energy, Tokyo Electric Power Company Holdings Inc, EaglePicher Technologies, KEMET Corporation, Sieyuan Electric Co Ltd, BASF SE, FIAMM Group, POSCO”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Sodium Sulfur Battery Market Report Segments:

The market is segmented by Application (Renewable Energy Stabilization, Load Leveling), by Product (Private Portable, Industrial).

Sodium Sulfur Battery Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Sodium Sulfur Battery Market

Overview of the regional outlook of the Sodium Sulfur Battery Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Sodium Sulfur Battery Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Sodium Sulfur Battery Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Renewable Energy Stabilization

                2. Load Leveling

                1. Private Portable

                2. Industrial

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Sodium Sulfur Battery Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Sodium Sulfur Battery Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.