Press release
Sulfur-Based Battery Market Poised for Significant Growth, Expected to Reach USD 2.46 Billion by 2031.
Sulfur-Based Battery Market
The global Sulfur-based battery market is estimated to reach over USD 2,457.66 Mn by 2031, exhibiting a CAGR of 17.2% during the forecast period.
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Increased demand for electric vehicles and other heavily electric power-driven vehicles, as well as government policies encouraging the development of electric vehicles and their "zero carbon" targets, are likely to fuel market expansion over the forecast period. Following the energy crisis during the pandemic, major countries worldwide expanded their investments in renewable energy industries, including wind farms and solar farms, which raised demand for energy storage devices. Global warming has caused major industrialized emerging countries to phase out thermal power facilities and invest in renewable energy sources. The sudden surge in renewable energy power output in China has placed a significant strain on the energy transmission and distribution system, necessitating the use of batteries to store extra power. The aforementioned applications and demand are the primary drivers of the sulfur-based battery industry.
List of Prominent Players in the Sulfur-based Battery Market:
• 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
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Market Dynamics:
Drivers-
Sulfur-based batteries are those that use a sulfur-based cathode. It is employed in stationary energy storage as well as vehicular energy storage. Various firms producing conventional batteries such as lithium-ion, lead acid, and others are becoming interested in the research and development of sulfur-based batteries to meet future demand from long-range electric vehicles and high-energy storage capacity batteries in stationary applications.
Challenges:
The high cost of lithium-sulfur in comparison to lithium-ion batteries, as well as the complex mechanism of the battery system manufacture, are factors limiting the growth of the sulfur-based battery market over the projection period. Another factor impeding market expansion is the necessity for graphite-based composites to prevent dendrites and micro short circuits, as well as manufacturers' quick innovation to improve lithium-ion batteries.
Regional Trends:
The Asia-Pacific area is well-known for its advanced battery manufacturing industry. The shifting momentum towards renewable energy generation sources, as well as government support for it, are the most compelling factors driving the widespread deployment of battery energy storage systems, either in conjunction with renewable power projects (such as wind, solar, and others) or as standalone energy storage projects. Countries like China, India, and Japan have seen the biggest increase in renewable energy storage projects. Energy storage capacity additions in China rose more than double in 2020 compared to the earlier year. China has stated that it intends to deploy more than 30GW of energy storage installations by 2025. As a result, various initiatives are being planned around the country to meet the target.
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Recent Developments:
• In October 2021, BASF New Business (BNB), a part of the German chemicals giant BASF, commissioned an energy storage system consisting of four NAS battery containers connected to the power grid at BASF's Verbund location in Antwerp, Belgium.
Segmentation of Sulfur-based Battery Market-
By Application-
• Automotive Energy Storage
• Stationary Energy Storage
• Consumer Electronics
• Aerospace and Defence
By Product Type-
• Sodium-Sulfur Battery
• Lithium-Sulfur Battery
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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