Sodium Ion Battery Market Size to reach US$ 651.1 Million by 2028
The global sodium ion battery market size reached US$ 290.4 Million in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 651.1 Million by 2028, exhibiting a growth rate (CAGR) of 13.2% during 2023-2028.
Sodium ion batteries reserve power by fusing chemical and electrical energy into each other. They rely on the reversible movement between two electrodes through electrolytes for efficient operation. Sodium ion batteries offer various benefits, such as enhanced safety, superior environmental credentials, and better raw material costs compared to lithium-ion (Li-ion) batteries. In addition, they are made from materials that are non-flammable, energy-dense, and operate well in colder temperatures. As a result, sodium ion batteries find widespread applications across several sectors, including transportation, defense, aerospace, marine, energy, etc.
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Industry Trends & Drivers
The escalating product utilization to store electricity generated through solar or wind energy, on account of the rising greenhouse gas emissions, is among the primary factors driving the sodium ion battery market. Besides this, the inflating number of investments by the leading players for the introduction of enhanced stationary energy storage is further augmenting the market growth. Moreover, the increasing awareness among individuals towards the benefits of sodium ion batteries, such as low charging time and high energy density, is also catalyzing the global market. Apart from this, the launch of various policies by the government bodies to promote the production of renewable energy to provide fuel diversification and reliable power supplies, which enhance power security, is acting as another significant growth-inducing factor. Furthermore, the elevating demand for electric vehicles (EVs), owing to the zero tailpipe emissions of air pollutants, including nitrogen oxides (NOx) and particles, is anticipated to propel the sodium ion battery market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Altris AB, AMTE Power plc, Aquion Energy, Faradion Limited, HiNa Battery Technology Co. Ltd., Natron Energy Inc., NEI Corporation, NGK Insulators Ltd. and Tiamat Energy.
Breakup by Type:
- Sodium-Sulphur Battery
- Sodium-Salt Battery
- Sodium-Air Battery
Breakup by Application:
- Stationary Energy Storage
- Transportation
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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