The energy storage industry is one of the biggest and growing industries in the world. Energy storage systems are increasingly used in the modern power system infrastructure to address the challenges associated with rising power demand, power outages, and backup power. Currently, most electric vehicles across the globe are powered by lithium-ion batteries. However, there are some aspects or sectors which are not addressed by the current lithium-ion battery technologies, such as long range, low cost, and high-utilization transportation market. In addition, an increase in demand for high-capacity energy storage systems from grid-scale and stationary applications is anticipated to fuel the demand for advanced battery systems such as sulfur-based batteries in the future.
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.
There has been a recent push in the advanced battery technology industry toward the electrification of automotive applications. The deployment of high range and battery with high capacity in the electric vehicle is being pushed by government bodies and EV companies all over the world. Electric vehicles can revolutionize the current transportation setup and can achieve sustainability goals and efficiency by manifolds. Increased subsidies offered to consumers on purchasing electric vehicles is a great solution to the low adoption of these EV’s in the current scenario. This is expected to push the adoption of electric vehicles, thereby increasing R&D and advanced battery production across the globe
Market Drivers and Challenges in the Global Sulfur-Based Battery Market
A major factor driving the sulfur-based battery market is the increase in government initiatives and support toward the electrification of automotive applications. Government initiatives increase awareness of electric vehicles and the benefits of these battery-driven vehicles over conventional petrol and diesel engines.
One of the major challenges in the growth and development of the global sulfur-based battery market is the low battery life cycle offered by the currently developed lithium-sulfur batteries. In addition, advancements in lithium-ion batteries are further anticipated to fuel the growth of the market in the coming years
Global Sulfur-Based Battery Market (by Product)
Based on products, lithium-sulfur and sodium-sulfur have been included in this market study. Lithium-sulfur battery is expected to register the highest growth rate during the forecast period. The sodium-sulfur segment registered the highest market share in the year 2021 and is expected to maintain its dominance during the forecast period. This is owing to the commercial availability of sodium-sulfur batteries across the globe.
Global Sulfur-Based Battery Market (by Application)
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.
Global Sulfur-Based Battery Market (by Region)
The global sulfur-based battery market is expected to grow significantly in the forecast period. One of the primary drivers for the high growth rate of the market is the increased government initiatives and subsidies to promote awareness of battery energy storage systems. Thus, the sulfur-based battery market is expected to have a huge presence in the Asia-Pacific and North America regions.
Asia-Pacific region is expected to dominate the global sulfur-based battery market attributed to the high technological advancements with respect to EVs in the region, along with the presence of leading advanced battery manufacturers in the Asia-Pacific region, such as sodium-sulfur and lithium-sulfur.
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Competitive Landscape of the Global Sulfur-Based Battery Market
The global sulfur-based battery market has seen major development by key players operating in the market, such as acquisitions, business expansions, partnerships, agreements, and product launches. The most favored strategy for the companies has been agreements to strengthen their position in the sulfur-based battery market. For instance, 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 is aimed at enhancing the lithium-sulfur battery technology for commercial and national security use. This will expand the manufacturing and production capacity of the domestic battery prototype of the company.
Another strategy adopted by the players in the market is product launches. The companies have put in considerable effort to develop new strategies for increasing the availability of sulfur-based batteries.
