Sodium Sulfur Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Sodium Sulfur Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for sodium sulfur battery is expected to grow at a CAGR of more than 12% during the forecast period of 2020 – 2025.These batteries are suitable for stationary energy storage applications and can operate at a high operating temperature range i.e., 300ºC to 350ºC. Therefore, increasing demand for power and energy storage across the globe are the factors that are expected to drive the growth of sodium sulfur battery market during the forecast period. Due to corrosive nature, these batteries are generally preferred for non-mobile applications. The growing popularity and declining prices of lithium-ion (Li-ion) batteries are expected to restrain the growth of sodium sulfur battery market in renewable energy integration applications.

Key Highlights

• The renewable energy stabilization application is expected to witness a significant growth in the coming years due to increasing integration of fluctuating renewable energy sources, such as wind and solar, into the grid.
• Development of renewable energy projects such as Mohammed bin Rashid Al Maktoum Solar Park that has a capacity of 1 GW from NaS technology which is used for energy time shifting, frequency control and voltage control are anticipated to create huge opportunities for the NaS battery manufacturers in the near future.
• Asia Pacific is expected to dominate the market with majority of the demand coming from the countries such as India, China and Japan.

Key Market TrendsRenewable Energy Stabilization is Expected to Witness a Significant Growth

• Sodium sulfur batteries are a possible energy storage technology to support renewable energy generation, specifically wind farms and solar generation plants. The energy storage has a massive impact towards creating a rapid decarbonization in energy usage.
• The energy storage systems provide stability services to mini-grids, improves the power quality and facilitate an increase in the potential share of variable renewable energy in such grids.
• The solar power installed capacity witnessed a growth of 25.2% in 2018 globally, and the growth in solar power development is anticipated to continue in coming years which will drive the demand for sodium sulfur batteries during the forecast period.
• According to the International Renewable Energy Agency (IRENA), the global renewable energy share is expected to reach 30% by 2030 and 50% by 2050. Increasing energy efficiency and improved energy access are expected to advance the share of renewables in the global energy mix by up to 36% i.e. combining these two elements in an energy storage context leads to sodium sulfur batteries.
• Moreover, as the size of sodium sulfur batteries are small (high energy density), they are more suitable for locations where other storage options are not feasible. However, due to the presence of alternative battery technologies such as a lithium-ion battery, lead-acid battery the adoption rate is less.
• The NaS battery enables deferral of transmission upgrade, because the electricity does not have to be transmitted immediately after being produced but can be discharged on demand. Furthermore, NaS batteries are used for the stabilization of electricity supply and emergency power supply for industrial customers and micro/off grids.

Asia Pacific to Dominate the Market

• Asia Pacific is witnessing a huge support from the government to promulgate the renewable power and energy storage deployment. Countries such as India, China and Japan are the major markets for solar and wind power systems.
• The electrochemical energy storage development in China attracts huge attention as the total electrochemical storage capacity was 1.073GW, 2.8 times that of 2017.
• China has most of the energy storage capacity planned or under construction which is likely to provide a huge impetus to NaS battery demand in the Asia-Pacific region.
• Adding to this, due to increase in popularity of battery energy storage systems and reducing prices of NaS batteries, sodium sulfur battery installations are expected to increase in no time in Asia-Pacific over the forecast period.
• Therefore, lower costs of sodium sulfur batteries in comparison to conventional energy storage systems is likely to be a major driver for the sodium sulfur battery market in Asia Pacific over the forecast period.

Competitive Landscape

The global sodium sulfur battery market is consolidated. Some of the key players in the market include NGK Insulators Ltd., and BASF SE.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

NGK Insulators Ltd.
BASF SE

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