Market Dynamics of Sodium Sulfur Batteries A Comprehensive Study |...

Market Dynamics of Sodium Sulfur Batteries A Comprehensive Study

Сообщение 2023-09-21 09:16:20

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Market Research Future Insights

The global Sodium Sulfur Battery Market is estimated to be worth USD 1.4 Billion by 2032, registering a 15.50% CAGR during the forecast period (2022- 2030).

A molten-salt battery comprised of liquid sodium and sulfur is named as a sodium-sulfur battery. This battery has a massive energy density, good charge or discharge efficiency, and a long life cycle. This kind of battery is made up of low-cost materials.

This battery is part of a sodium-sulfur battery system that is an energy storage device based on electrochemical charge/discharge interactions between a positive electrode made of molten sulfur and a negative electrode made of molten sodium (Na). Peak shaving, time-shifting, and stabilization of wind farms and solar power plants are some of the most common applications for this sort of battery.

Because of the different applications where these batteries are used, it has been a main component of the whole power generation and distribution system.

Some of the prominent drivers driving the sodium-sulfur battery market are boosted renewable energy investment, expense reductions due to technological breakthroughs, and augmented deployment. Due to the culturing trend of combining renewables and energy storage systems, the Sodium Sulfur Battery Market is expected to increase significantly during the forecast period. Market development opportunities thrive as a result of research and innovation efforts.

As the government attempts to advance the electrification rates in Southeast Asian nations, such forms of power generation and distribution are getting increasingly popular. Further, the electricity produced is mainly derived from renewable energy sources such as wind, solar, and hydropower, among others. The energy storage device is a pivotal component of any isolated grid. As a result, battery storage has been a popular alternative utility in the energy storage system

Key Players

· NGK Insulators Ltd.

· KEMET Electronics Corporation

· GE Energy Storage

· Eagle Picher Technologies LLC

· Ceramatec Inc.

· Sieyuan Electric Co. Ltd.

· FIAMM Group

· POSCO

Regional Analysis

The global Sodium Sulfur Battery Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

The sodium-ion batteries industry in North America is expected to be lucrative. Poor power distribution networks exist in certain Latin American countries, especially those in the Caribbean Islands, Venezuela, Columbia, and Chile. Local governments in the nations, as well as Uruguay and Brazil, are focusing on increasing solar capacity to fulfill the region's rising requirement for electricity.

The European Union is stressing the switch to renewable energy sources and assisting local governments in putting electric car infrastructure into place.

A solid and quick culturing market for renewable energy appears to exist in the Asia Pacific region. One of the main reasons thrusting the expansion of the region's renewable energy industry is capacity expansions in China, Japan, and India.

Market Segmentation

The global Sodium-ion batteries Market Size is segmented into the following types;

By Product