Sodium Sulfur Battery Market Size

Sodium Sulfur Battery Market Analysis

The sodium sulfur (NAS) battery market is expected to record a CAGR of around 13% during the forecast period, 2022-2027. The COVID-19 pandemic had a negative impact on the market as it resulted in the reduction of power demand which directly impacted the energy storage projects across the world. The NAS battery manufacturing companies witnessed plummeted figures in their revenue in 2020. As an example, NGK Battery Manufacturers, the Japan-based industry leader, recorded a revenue of around JPY 441,956 million in 2020, down from almost 5% of 2019 revenues. The global NAS battery market is expected to bolster more in the near future due to its increasing usage in renewable energy projects and its technical benefits like high energy density and long cycle life. However, the market growth is restricted by a number of limitations, like the highly corrosive nature of sodium polysulfides, which does not make them suitable for portable mobile applications.

• The renewable energy stabilization segment is expected to witness significant growth during the forecast period due to the growing trend of the combination of renewables and energy storage systems.
• The research and innovation endeavors create ample opportunities for market development. For instance, the R&D professionals are currently working on the most highlighted issue, the efficiency of metal sulfides electrodeposition in the NAS batteries' functioning. They have come up with a solution in the form of Mo5N6 electrocatalyst for efficient Na2S electrodeposition in the room temperature NAS batteries.
• The Asia-Pacific region is expected to dominate the market during the forecast period due to the high volume of battery production in the region.