Sodium metal chloride (SMC) batteries, also known as molten salt batteries, are made up of a molten sodium anode and a metal-based cathode that are housed in a steel casing and divided by a ceramic membrane that lets the electrons travel through an external electrical circuit during charging or discharging but prevents the ions from passing through. Salt batteries are made up of several cells that are filled with a variety of substances other than salt, such as alumina, iron, sodium, or other derivatives such nickel chloride, sodium tetra chloroaluminate, ferrous chloride and sulphide, etc. Molten salt batteries are superior to their solid-state counterparts in a number of ways. The batteries have a higher current density, a longer cycle life, and a simpler manufacturing process because some of the components are liquid.
Global Molten Salt Battery Market Driving Factors and Challenges
Due to their low cost and superior efficiency compared to their conventional equivalents, molten salt batteries are predicted to have strong growth in the years to come. Molten salt batteries find use in electric vehicles, and in the near future, it is anticipated that the rise in the sales of electric vehicles will propel the demand for molten storage batteries. The factors driving the market's expansion include the growing need for grid stability solutions, the integration of renewable energy, favourable government policies, subsidies that promote the use of renewable energy, and increased investments in renewable energy projects worldwide. The need for efficient energy storage devices to offset the sporadic nature of renewable energy sources is another factor propelling the market expansion.
Only a few producers in the market produce the molten storage batteries. Due to their limited availability, molten salt batteries cause growth to occur at comparatively slower rates in certain areas. The market is limited by two problems, high initial investment costs and a lack of information about molten salt battery technology. The expansion of the market may be hampered by challenges in raising output to meet the rising demand. A further factor preventing the market's growth should be worries regarding the environmental impact of materials used in molten salt batteries.
Impact of COVID-19 on Global Molten Salt Battery Market
The market for molten salt batteries was affected by the Covid-19 epidemic in many ways. Although the market's growth was first hampered by supply chain interruptions and construction-related activities, chances for expansion were later presented by the market's recovery and the increased emphasis placed on renewable energy in plans for economic recovery.
Global Molten Salt Battery Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Ambri Inc., Energy Storage System Inc., EnergyNest AS, Enevate Corporation, Enphase Energy, Inc., FZSoNick, Halotechnics, Inc., NGK Insulators, Ltd., SolarReserve, LLC, Sumitomo Electric Industries, Ltd. and others.
Global Molten Salt Battery Market Segmentation:
By Application: Based on the Application, Global Molten Salt Battery Market is segmented as; Concentrated Solar Power, Electric Vehicles, Grid Storage
By Type: Based on the Type, Global Molten Salt Battery Market is segmented as; Lithium-based, Potassium-based, Sodium-based
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.