(MENAFN- PR Newswire) DUBLIN, Jan. 25, 2023 /PRNewswire/ -- The 'sulfur-based battery market - a global and regional analysis: focus on application, product, and country-wise analysis - analysis and forecast, 2022-2031' report has been added to
ResearchAndMarkets.com's offering.
The global sulfur-based battery market was valued at $517.4 million in 2021, which is expected to grow with a CAGR of 17.69% and reach $2,669.9 million by 2031.
The growth in the global sulfur-based battery market is expected to be driven by an increase in investment toward renewable power generation, battery energy storage systems, and EV charging station infrastructure across the globe.
Market Lifecycle Stage
The sulfur-based battery market is in a mixed emerging and introduction phase owing to different battery technologies in the market. As sodium sulfur-battery technology is on the verge of introduction to the growth stage, the lithium-sulfur battery is in the development stage. Sulfur-based batteries are expected to be the replacement for lithium-ion batteries in the coming years.
Sulfur-based batteries are the types of batteries that use sulfur-based cathode. It is used in stationary energy storage and automotive energy storage applications. Various companies manufacturing conventional batteries such as lithium-ion, lead acid, and others are gaining interest in the R&D of sulfur-based batteries to fulfill the future demand from large-range electric vehicles and high-energy storage capacity batteries in stationary applications.
The search for next-generation high-power and high-performance battery systems, such as sulfur-based batteries, has begun in the battery industry as the demand for renewable energy sources keeps rising. An economical and effective use of the generated power would be made possible by advanced energy storage systems with a long cycle life and low cost. For electric vehicles, automotive manufacturers are actively focusing on innovations, which is fostering the quick development of battery systems with significant power, high energy density, long range, and safety.
Impact of COVID-19
Due to the COVID-19 pandemic, research and development has slowed down owing to the lack of funding, halted manufacturing activities, and components or raw material supply chain disruptions. In addition, a halt in the building and construction of renewable power infrastructure, electric vehicle, and EV infrastructure projects was further affected by COVID-19, which resulted in a decrease in demand for battery products and affected R&D projects worldwide.
Market Segmentation
Application
Based on application, the global sulfur-based battery market is expected to be dominated by stationary energy storage applications. This is followed by the automotive energy storage segment, which accounted for the second-largest share in the sulfur-based battery market in the year 2021 due to increasing demand for electric vehicles and the building and construction of EV charging stations across the globe.
Product Type
The global sulfur-based battery market based on product type was dominated by sodium-sulfur batteries in 2021. Further, in the forecast period, the adoption of lithium-sulfur batteries is expected to grow due to the advantages of these batteries over lithium-ion batteries in the future.
Region
Asia-Pacific generated the highest revenue of $262.5 million in 2021. The region is experiencing an increase in renewable power generation, distributed generation, and sales of electric vehicles. Therefore, lithium-ion and large-scale battery technologies will be challenged by sulfur-based battery alternatives in stationary energy storage and EV infrastructures. The Asia-Pacific region is anticipated to grow at a faster rate during the forecast period.
How can this report add value to end users?
Product/Innovation Strategy: The product segment helps the reader understand the different types of sulfur-based batteries that are expected to be available for deployment in stationary energy storage infrastructures and automotive applications. Moreover, the study provides the reader with a detailed understanding of the different product types based on applications (automotive energy storage, stationary energy storage, consumer electronics, and aerospace and defense).
Sulfur-based batteries are expected to be highly efficient batteries when compared to conventional battery technologies in terms of energy density and high energy storage capacity. Therefore, sulfur-based batteries are expected to be a moderate investment and high revenue-generating product in the coming years owing to the rise in investment toward electric vehicle (EV) infrastructure, renewable power expansion, grid-scale energy storage, and others.
Growth/Marketing Strategy: The global sulfur-based battery market has seen major development by key players operating in the market, such as acquisition, partnership, agreement, business expansion, and product launches. The favored strategy for the companies has been agreements, business expansions, and product launches to strengthen their positions in the sulfur-based battery market.
For instance, in April 2022, Theion GmbH launched a new battery with triple energy density for all mobile applications, and it requires 90% less energy to manufacture as compared to a lithium-ion battery. It uses sulfur-based cathode in its battery chemistry. This strategy strengthened the product offering of the company.
Competitive Strategy: Key players in the global sulfur-based battery market analyzed and profiled in the study involve transformer manufacturers that are engaged in the R&D of sulfur-based batteries and raw component suppliers in the manufacturing of sulfur-based batteries.
Moreover, a detailed competitive benchmarking of the players operating in the global sulfur-based battery market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations would aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
The top segment players leading include key sodium-sulfur and lithium-sulfur battery manufacturers in the market and the ones engaged in the research and development of sulfur-based batteries across the globe.
Some of the prominent names in this market 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
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.1.1 Market Definition
1.1.2 Market Trends
1.1.2.1 Sustainable Development Goals in Power, Transportation, and Energy Storage Industry
1.1.2.2 Increasing Government Support
1.1.3 Ecosystems and Ongoing Programs
1.1.3.1 Government Initiatives and On-Going Projects
1.1.3.2 Key Consortiums and Associations
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Rise in Demand for High Power Capacity Batteries from EV Applications
1.2.1.2 Rapid Growth of Energy Storage Systems in Renewable Energy Generation
1.2.1.3 Increase in Demand from Grid Scale Energy Storage Applications
1.2.2 Business Challenges
1.2.2.1 Technological Advancements in Lithium-ion Battery
1.2.3 Market Strategies and Development
1.2.3.1 Business Strategies
1.2.3.1.1 Product Development and Innovation
1.2.3.1.2 Business Expansion
1.2.3.2 Corporate Strategies
1.2.3.2.1 Acquisition
1.2.3.2.2 Partnership
1.2.3.3 Others
1.2.3.3.1 Agreement
1.2.4 Business Opportunities
1.2.4.1 Growing R&D Focus on Highly Efficient Sulfur-Based Batteries
1.2.4.2 Increasing Efforts toward Reducing Lithium Polysulfide Accumulation
1.2.5 Impact of COVID-19 on the Global Sulfur-Based Battery Market
2 Application
2.1 Sulfur-Based Battery Market- by Application
2.1.1 Automotive Energy Storage
2.1.2 Stationary Energy Storage
2.1.3 Consumer Electronics
2.1.4 Aerospace and Defense
2.2 Demand Analysis of the Global Sulfur-based Battery Market (by Application)
3 Products
3.1 Sulfur-Based Battery Market - By Product
3.1.1 Lithium-Sulfur Battery
3.1.2 Sodium-Sulfur Battery
3.1.3 Others
3.2 Demand Analysis of the Global Sulfur-Based Battery Market (by Product)
3.2.1 Supply Chain Analysis
3.2.2 Patent Analysis
3.2.2.1 Lithium-Sulfur Battery
3.2.2.2 Sodium-Sulfur Battery
3.2.2.3 Others (Magnesium-Sulfur, Aluminum-Sulfur, and Sulfur-Flow Battery)
4 Region
4.1 Market
4.1.1 Key Manufacturers
4.1.2 Business Challenges
4.1.3 Business Drivers
4.2 Applications
4.2.1 Sulfur-Based Battery Market (by Application)
4.3 Product
4.3.1 Sulfur-Based Battery Market (by Product)
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.2 Company Profiles
5.2.1 Company Overview
5.2.2 Role in the Sulfur-Based Battery Market
5.2.3 Product Portfolio
5.2.4 Business Model of NGK Insulators, Ltd.
5.2.5 Business Strategies
5.2.5.1 Market Developments
5.2.6 Corporate Strategies
5.2.6.1 Agreement and Partnership
5.2.7 R&D Analysis
5.2.8 Analyst View
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