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According to the estimates by IMARC Group, the global sodium sulfur battery market is expected to grow at a CAGR of 14.4% during 2022-2027.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nations resulting in temporary closure of numerous end-use industries for sodium sulfur battery.
Numerous companies from different industry verticals are entering into joint development agreements (JDA) to develop innovative products, thereby representing one of the key trends in the global sodium sulfur battery market.
The growing adoption of NaS batteries in the industrial sector to stabilize electricity and emergency power supplyrepresentsone of the key drivers for the global sodium sulfur battery market.
On the basis of the product, the market has been bifurcated into private portable and industrial. Currently, industrial holds the majority of the total market share.
On the basis of the application, the market has been divided into ancillary services, load leveling, renewable energy stabilization, and others. Among these, renewable energy stabilization represents the largest segment.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global sodium sulfur battery market are BASF SE, EaglePicher Technologies, FIAMM Energy Technology S.p.A. (SHOWA DENKO K.K.), GE Energy Storage, Kemet Corporation (Yageo Corporation), NGK Insulators Ltd., POSCO, Sieyuan Electric Co. Ltd. and Tokyo Electric Power Company Holdings Inc.
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