Global Sodium Ion Battery Market Size To Grow At A CAGR Of 14.50% In The Forecast Period Of 2023-2028
The ‘Global Sodium Ion Battery Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global sodium ion battery market, assessing the market based on its segments like types, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Sodium Ion Battery Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Over USD 295.24 Million
• Forecast CAGR (2023-2028): 14.50%
A sodium ion battery refers to a rechargeable battery which is similar to the ubiquitous lithium-ion battery, however, it utilises sodium ions (Na+) as its carriers of power instead of lithium ions (Li+). Although the working standards and cell construction of a sodium ion battery are practically equal to lithium-ion batteries, sodium composites are utilised as substitutes for lithium combinations.
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Sodium-ion batteries are evolving as a prospective substitute for existing lithium-ion batteries owing to their lower cost, greater accessibility, and low environmental impact. As sodium-ion batteries utilise low-cost and extensively available materials like sodium and aluminium instead of lithium and copper, they are increasingly used in diverse applications.
With the growing concerns regarding rising lithium-ion costs and emissions, there are growing attempts to enhance the energy intensity of sodium-ion batteries and develop innovative electrolyte technologies.
The rising use of sodium-ion batteries in the electronic and electrical sectors and the increasing penetration of new companies are bolstering the sodium ion battery market growth.
Sodium Ion Battery Industry Definition and Major Segments
Sodium ion battery or SIB can be defined as a rechargeable battery that utilises sodium ions (Na+) as the carriers of charge. The existing working principle and cell structure of sodium-ion batteries are practically equal to lithium-ion battery forms.
These batteries are a prospective substitute for lithium-based batteries, due to their lower price and extensive availability to sodium. As SIBs utilise plentiful and inexpensive materials, they are economical as compared to lithium-based batteries.
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Based on types, the global sodium ion battery market can be segmented into:
• Sodium-Sulphur Battery
• Sodium-Salt Battery
• Sodium-Air Battery
On the basis of applications, the market is classified into:
• Stationary Energy Storage
• Transportation
The major regions in the market include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Sodium Ion Battery Market Trends
Due to the increasing demand for electric vehicles, the sodium ion battery market is witnessing huge expansion. The electrification of the transportation sector by governments to bring down their dependency on fossil fuels is also fuelling the demand for sodium ion battery.
Government initiatives aimed at promoting the purchase of electric vehicles, increasing the deployment of renewable energy sources, and facilitating the implementation of stronger ecological guidelines relating to the use of alternative energy sources are likely to drive the market for sodium ion battery in the coming years.
The growing solar and wind energy sectors, surging concerns regarding greenhouse gas emissions, and the rising clean energy demand are creating significant opportunities for the sodium ion battery market expansion.
The rising demand for electronics, such as smartphones, computers, electronic toys, remote access devices, cameras, and other tools, is augmenting the sodium ion battery market. Besides, as sodium ion batteries are environmental-friendly alternatives to lithium-ion batteries, their growing availability is likely to surge their applications in the forecast period.
Europe is one of the leading regions in the market for sodium ion battery, due to surging research activities, the increasing usage of battery energy storage systems, and the rising purchase rate of electric vehicles. On the other hand, North America is likely to have substantial development in the upcoming years owing to the increasing utilisation of electric vehicles and the rising installations of solar and wind power plants.
Key Market Players
The major players in the global sodium ion battery market are:
• Contemporary Amperex Technology Co., Ltd. (CATL)
• Faradion Limited
• Natron Energy, Inc.
• HiNa Battery Technology Co., Ltd.
• Aquion Energy
• SAS TIAMAT
• AMTE Power plc.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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