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. Due to their peculiar characteristics, sodium sulfur batteries represent the perfect option for utilities looking to link up the electricity distribution between renewable and mainline electric grids. This is likely to drive the global sodium sulfur battery market over the forecast period.
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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.
Sodium sulfur or NaS battery is a kind of molten-salt battery that is constructed from sulfur (S) and liquid sodium (Na). It has a high long-life cycle, high efficiency of discharge/charge, and high energy density and made from low-cost materials. The operating temperature ranges from 300-350-degree Celsius.
Regional Analysis
Based on the region, the sodium sulfur battery market report covers growth opportunities and the latest trends across South America, North America, Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA).
Of these, the APAC region will lead the market over the forecast period. This is owing to the growing need for renewable energy storage systems in the commercial, industrial, and residential end-use applications.
The sodium sulfur battery market in North America is predicted to grow at a significant CAGR over the forecast period chiefly due to rapid adoption of sodium sulfur battery and growing urbanization.
The sodium sulfur battery market in Europe is predicted to have considerable growth over the forecast period owing to constant technological innovations and burgeoning demand for energy storage applications.
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.
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