For electric vehicles, automotive manufacturers are actively focusing on innovations, which are fostering the quick development of battery systems with significant power, high energy density, long-range, and safety.
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Sulfur-Based Battery Market – A Global and Regional Analysis.
According to this study, the global sulfur-based battery market was valued at $517.4 million in 2021 and is projected to reach $2.67 billion by 2031.
The following factors are responsible for the increase in demand for the sulfur-based battery:
- Rise in demand for high power capacity batteries from EV applications
- Rapid growth of energy storage systems in renewable energy generation
- Increase in demand from grid-scale energy storage applications
The detailed study is a compilation of 98 market data tables and 32 figures spread through 186 pages.
Check out the detailed table of content here:
https://bisresearch.com/requestsample?id=1415&type=toc
Analyst’s Take on the Market Projection
According to Debraj Chakraborty, Principal Analyst, BIS Research, “Sulfur-based batteries are expected to be a suitable replacement for lithium-ion batteries used for stationary energy storage, aerospace and defense, and electric vehicle applications. Extensive R&D and increased adoption of sulfur-based batteries in the next 5-10 years can help in overcoming the challenges in developing high-capacity batteries for long-range electric vehicles and other key applications.”
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https://bisresearch.com/requestsample?id=1415&type=download
Major Existing Industry Leaders in the Sulfur-Based Battery Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the 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, and CALB.
Recent Developments in the Global Sulfur-Based Battery Market
- In September 2022, Toho Gas, a utility company that serves 54 cities in central Japan, ordered or rewarded a supply contract to NGK Insulators, Ltd for an 11.4MW/69.6MWh sodium sulfur system. This sodium-sulfur battery system would be deployed at Tsu LNG station in Mie Prefecture. This would strengthen the presence of the company in the sulfur-based battery market in Japan.
- In April 2022, Li-S Energy Limited expanded its production to Geelong with a new facility for 2-megawatt-hour annual production. The company would expand its production capacity for lithium-sulfur batteries, which is near the current production facility and research labs on the campus.
- In January 2022, Lyten, Inc. signed an agreement with the U.S. Department of Defense through the National Security Innovation Capital (NSIC) program. This agreement aimed at enhancing the lithium-sulfur battery technology for commercial and national security use. This would expand the manufacturing and production capacity of the domestic battery prototype of the company.
Stationary Energy Storage to Dominate the Application Segment
The application segment for the sulfur-based battery market includes stationary energy storage, automotive energy storage, consumer electronics, and aerospace and defense. The batteries offered by manufacturers come with different specifications, which gives these consumers a wide choice range in the said applications.
According to this report from BIS Research, based on applications, the global sulfur-based battery market is expected to be dominated by stationary energy storage, followed by automotive energy storage.
This is largely since sodium-sulfur batteries are used in stationary energy storage applications and are growing rapidly owing to renewable power storage applications.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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