Sodium Sulfur Battery Market – By Type (Private Portable, Industrial) By Battery Capacity (Small-Scale, Medium-Scale, Large-Scale), By Voltage Level (Low Voltage, Medium Voltage, High Voltage), By Power Rating (Up To 10 MW, 11 MW-25 MW, 26 MW-50 MW, Above 50 MW), By Application (Ancillary Services, Load Levelling, Renewable Energy Transmission, Others) By Industry Vertical (Power, Renewable Energy, Transportation & Heavy Machinery, Residential, Commercial, Industrial sectors, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2031
Sodium Sulfur Battery Market size is
estimated to reach $912.5 million by 2031, growing at a CAGR of 25.8% during
the forecast period 2024-2031. Sodium Sulfur Batteries play a significant role
in energy storage for renewable sources like solar and wind. These batteries
can store excess energy generated during peak production times and release it
when energy demand is high or when renewable energy generation is low. This
would contribute to a more stable and reliable renewable energy grid. These
factors are major contributors to propelling the Sodium Sulfur Battery Market growth.
Additionally, the Sodium Sulfur (NaS)
batteries market is driven by rising global investment in battery energy
storage, particularly in grid-scale projects. Massive investment and deployment
trends are what are driving the rising need for energy storage, especially NaS.
According to the International Energy Agency, in 2022, investment in battery
energy storage surpassed USD 20 billion, primarily in grid-scale deployment,
constituting over 65% of total expenditures. Following substantial growth in
2022, projections indicate battery energy storage investment to set a new
record, surpassing USD 35 billion in 2023, driven by ongoing projects and
government capacity goals. These factors positively influence the Sodium Sulfur
Battery industry outlook during the forecast period.
Market Snapshot:
Sodium Sulfur Battery Market - Report Coverage:
The “Sodium Sulfur Battery Market Report - Forecast (2024-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the Sodium Sulfur Battery Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
·
The pandemic of COVID-19 has had a negative impact on the Sodium
Sulfur battery market. The drop in power consumption caused by the epidemic had
a direct influence on energy storage installations around the world. In 2020,
the revenue of NAS battery manufacturing businesses will have fallen. However,
the market is projected to recover in the future years as demand for energy
storage systems in renewable energy projects increases.
•
The Ukraine crisis is
expected to have a negative impact on the Sodium Sulfur battery (NAS) market in
the short term. The crisis has caused a surge in energy prices, which has made
NAS batteries more expensive. Additionally, the crisis has disrupted the supply
chain for NAS battery components, which has made it more difficult and
expensive to manufacture NAS batteries. As a result, NAS batteries Market is
expected to have tough combat with the crisis.
Key Takeaways:
• Fastest Growth of APAC Region
Geographically,
in the global Sodium Sulfur Battery market share, APAC is analyzed to grow with
the highest CAGR of 27.6% during the forecast period 2024-2031. The
Asia-Pacific region's advanced battery manufacturing industry, government
support, and the shift towards renewable energy are driving the widespread
deployment of battery energy storage systems for renewable power projects or
standalone projects.
Additionally,
China, India, and Japan are seeing a surge in combined renewable and energy
storage initiatives. For instance, according to the International Energy
Agency, China has announced plans to install over 30GW of energy storage
systems by 2025. Thus, many projects are queued up in the country to reach the
goal.
• Renewable Energy to Register Highest Growth
By
industry vertical, the renewable energy is analyzed to grow with the highest
CAGR of 28.5% during the forecast period. The growing demand for renewable
energy is currently driving the development of NaS batteries. Renewable energy
sources like solar and wind power are intermittent and do not produce
electricity all the time. Presently, NaS batteries are being used to store
excess electricity from renewable sources and then discharge it when needed.
This helps to balance the grid and ensures a reliable supply of electricity.
Additionally,
China aims to increase its share of primary energy from renewable energy
sources from 16.6% in 2021 to 25% by 2030, as outlined in the nationally
determined contribution. As a result, the increasing use of renewable energy
sources is driving the development of new energy storage technologies, such as Sodium
Sulfur batteries.
• Renewable Energy Transmission is Leading the Market
Advancements
like high-voltage direct current (HVDC) transmission simplify and economically
enhance long-range renewable energy transmission. Emerging technologies amplify
the feasibility of transmitting sustainable power across extended distances,
crucial for harnessing diverse renewable sources efficiently.
• Favorable government initiatives
Governments
worldwide are aiding in the development and implementation of Sodium Sulfur
batteries by providing financial incentives and other support. According to the
European Union, the EU Modernisation Fund has allocated €2.4 billion to
accelerate the green transition in seven EU countries. This funding will
support the implementation of renewable energy solutions, including the
development of Sodium Sulfur batteries. The government funding for these
batteries will fuel market growth and contribute to the transition towards a
more sustainable future.
• High Cost of Sodium
Sulfur batteries May Hamper the Market Growth
In recent years, Sodium Sulfur batteries have gained attention for their potential use in energy storage applications due to their high energy density and long cycle life. However, the high initial cost of these batteries has been a major hindrance to their widespread adoption. As a result, the market for Sodium Sulfur batteries remains relatively small compared to other battery technologies such as lithium-ion. Despite this, ongoing research and development efforts are aimed at reducing the cost of these batteries, which could help to increase their market share in the future.
Key Market Players:
Product/Service launches, approvals,
patents and events, acquisitions, partnerships and collaborations are key
strategies adopted by players in the Sodium Sulfur Battery Market. The top 10
companies in this industry are listed below:
1.
GE Energy
2.
Ngk Insulators Ltd
3.
BASF
4.
Ceramatec Inc
5.
Eagle Picher Technologies Llc
6.
Fiamm Group
7.
Kemet Electronics Corporation
8.
Posco
9.
Sieyuan Electric Co. Ltd
10. Tokyo Electric Power Company Holdings, Inc.
Scope of the Report:
The Sodium Sulfur Battery Market is projected to grow at 25.8% CAGR during the forecast period 2024-2031.
Global Sodium Sulfur Battery Market size is projected to reach $912.5 billion by 2031
The leading players in the Sodium Sulfur Battery Market are GE Energy, Ngk Insulators Ltd, BASF, Ceramatec Inc, Eagle Picher Technologies Llc, Fiamm Group, Kemet Electronics Corporation, Posco, Sieyuan Electric Co. Ltd, Tokyo Electric Power Company Holdings, Inc. and others.
The increasing demand for renewable energy and electric vehicles, along with government incentives and technological advances, are all expected to drive growth in this market in the coming years.
Sodium Sulfur batteries offer opportunities for grid-level energy storage due to high energy density and long cycle life, aiding renewable integration and stabilizing electrical grids.