The Global Sulfur-Based Battery Market Size is valued at USD 598.01 Mn in 2022 and is predicted to reach USD 2,457.66 Mn by the year 2031 at a 17.2% CAGR during the forecast period for 2023-2031.
The sulfur-based battery market is predicted to grow at a rapid pace. The pandemic had an adverse outcome on the market because it reduced electricity demand, which directly affected energy storage projects worldwide. In 2020, the revenue of NAS battery manufacturing businesses will have fallen. For example, NGK Battery Manufacturers, the market leader based in Japan, reported revenue of roughly JPY 441,956 million in 2020, a decrease of nearly 5% from 2019. The global NAS battery market is likely to expand further shortly as a result of its increasing use in renewable energy projects and technical advantages such as high energy density and long cycle life.
However, the market expansion is hampered by several constraints, such as the highly corrosive character of sodium polysulfides, which makes them unsuitable for portable mobile applications. Research and innovation efforts generate numerous prospects for market development. For example, R&D professionals are presently focusing on the most prominent issue, the efficiency of metal sulfide electrodeposition in the operation of NAS batteries. They developed a Mo5N6 electrocatalyst solution for efficient Na2S electrodeposition in room-temperature NAS batteries.
Competitive Landscape:
A Few Of The Sulfur-Based Battery Market Players are:
- NGK Insulators, Ltd.
- Lyten, Inc.
- LG Energy Solution
- Li-S Energy Limited
- Giner Inc.
- Xcel Energy Inc.
- NexTech Batteries
- Johnson Matthey
- Zeta Energy LLC
- Theion GmbH
- PolyPlus Battery Company
- Sion Power Corporation
- Morrow Batteries
- Saft-Total Energies
- CALB
Market Segmentation:
The Sulfur-based battery market has been segmented based on application and product type. The market is segmented as automotive energy storage, stationary energy storage, consumer electronics, and aerospace and defense based on application. The product type segment includes sodium-sulfur batteries and lithium-sulfur batteries.
Based On Application, The Aerospace And Defense Category Is Accounted As A Significant Contributor To The Sulfur-Based Battery Market
The aerospace & defense industry accounted for a sizable portion of the market. The factors driving the expansion of the lithium-sulfur battery market are the rapid development of electric vehicles from 2010 to the present, as well as the gradual fall in the production of fuel-based vehicles. The government intends to phase out gasoline-powered vehicles by 2050, and the "zero carbon" standards set by governing bodies are also encouraging the growth of EVs, which has resulted in a spike in demand for sulfur-based batteries.
The Lithium-Sulfur Battery Segment Witnessed Growth At A Rapid Rate
Due to their high capacity, the high energy density of sulfur, and natural abundance, lithium-sulfur batteries are regarded as promising battery systems. Carbon sulfur is utilized as a cathode in these batteries, which is a byproduct of the petroleum process, and lithium metal is used as an anode. Because of their low atomic weight, lithium-sulfur batteries can be made with greater density than Li-ion batteries. As a result, lithium-sulfur batteries have greater storage capacity. One of the key benefits of these batteries is that they can be recharged. The advantages of rechargeability and large capacity have led to the adoption of these batteries in a range of industries, including automotive, electrical, and manufacturing. These batteries are also employed in a variety of gadgets and equipment.
In The Region, The North American Sulfur-Based Battery Market Holds A Significant Revenue Share.
North America dominates the industry due to the region's quick innovation in monitoring and energy storage devices. The United States is one of the major countries that invest much in the military industry to offer soldiers the necessary comfort in unexpected locations. Because of long-distance energy transmission and increased efficiency in energy conversion, the growing share of renewable energy in national energy consumption has created a strong need for energy storage. The presence of state legislation towards electric vehicles and electric automobile behemoths like Tesla has increased the demand for dependable and low-cost battery packs.
Sulfur-Based Battery Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 598.01 Mn |
|
Revenue forecast in 2031 |
USD 2,457.66 Mn |
|
Growth rate CAGR |
CAGR of 17.2 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Mn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
By Application, Product Type |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
NGK Insulators, Ltd., Lyten, Inc., LG Energy Solution, Li-S Energy Limited, Giner Inc., Xcel Energy Inc., NexTech Batteries, Johnson Matthey, Zeta Energy LLC, Theion GmbH, PolyPlus Battery Company, Sion Power Corporation, Morrow Batteries, Saft-Total Energies, and CALB. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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