Sodium Ion Battery Market 2024 Growth Rate and Product Development Analysis 2033
According to Custom Market Insights (CMI), The Global Sodium-ion Battery Market size was estimated at USD 1120 Million in 2021 and is expected to hit around USD 2899 Million by 2030, poised to grow at a compound annual growth rate (CAGR) of 11.8% from 2022 to 2030.
The report examines the Sodium-ion Battery market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Sodium-ion Battery market.
Sodium-ion Battery Market: Overview
Since most sodium-ion batteries are prototypes or still in research and development, other batteries like lead-acid and lithium-ion batteries now dominate the market. The sodium-ion batteries market is anticipated to overgrow as new players enter the ecosystem in the upcoming years.
In response to increased public concern and regulatory constraints brought on by an increase in lithium-ion price and emissions, more research and development is being done to improve the energy density of sodium-ion batteries and create new electrolyte technologies. For example, scientists in Japan created sodium-ion storms in August 2022 using micro carbon lattices made with a cheap 3D printer.
The resulting anode permits quick transit of energy-producing ions and reduces the battery’s size and production costs.
Browse the full “Sodium-ion Battery Market Size, Trends, and Insights By Type (Sodium-Oxide Batteries, Sodium-Sulfur Batteries, Sodium-Salt Batteries), By Application (Grid-Level Applications, Transportation, Consumer Electronics, Industrial, Defense, Aerospace, Marine, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/sodium-ion-battery-market/
Growth Factors
As customer preference for sodium-ion batteries has increased, notably in the electronic and electrical industries, so has the market for those batteries globally. Manufacturers will find switching to sodium battery cells simpler if they can handle sodium-based compounds with the same equipment that takes lithium-ion components. In addition, the ubiquitous accessibility of sodium metal contributes to sodium-ion batteries’ long-term sustainability, helping satisfy the market’s rising need for a dependable power source.
While lithium-ion batteries have been in use for some time, sodium-ion batteries are a more recent addition to the commercial landscape. However, since sodium-ion batteries are not well suited for active use and because there needs to be a robust industrial supply chain, some market growth is restrained.
Segmental Overview
The global Sodium-ion Battery market is categorized into type and application. With a market share of over 40% in 2021, sodium-ion batteries were primarily used in consumer electronics and transportation applications. Numerous consumer electronic devices use sodium-ion batteries, including digital cameras and cell phones. They are rapidly replacing lithium-ion batteries due to their affordability and safety.
Electric cars are powered by sodium-ion batteries in the transportation and automotive industries. A sodium-ion battery transfers energy from one terminal to another when charged using a plug or solar panels. These batteries may withstand heavy loads and deep discharges, making them more practical for continually operating vehicles. These variables are accelerating the expansion of this market sector for sodium-ion batteries.
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Regional Overview
Most businesses utilizing battery technology for commercial purposes are based in Europe, so the region is predicted to dominate the industry. Furthermore, the area is anticipated to lead the market throughout the forecast period due to the increased production of renewable energy sources, such as wind and solar.
Due to continued research, expanding deployment of battery energy storage systems, and the popularity of electric vehicles, Europe holds the top spot in the sodium-ion battery industry.
The new EU-funded initiative NAIMA, which stands for “Na Ion materials as fundamental components to create durable battery cells for non-automotive applications,” got underway in France in January 2020. This project received a nearly EUR 8 million grant from the Horizon2020 program of the European Commission. The program’s 36-month length began in December 2019 and is anticipated to expire in December 2022.
Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Sodium ion Battery market. Our analysts overview each player’s financial statements, product benchmarking, and SWOT analysis. In addition, the competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of globally mentioned competitors.
Prominent Players
- Aquion Energy
- Zhejiang Lvming Energy (Durathon)
- Faradion Limited
- Panasonic Corporation
- HiNa Battery Technology
- Qintang New Energy
- Liaoning Hongcheng
- Nrgtek Inc.
- AGM Batteries Ltd.
- NGK
- NEI Corporation
Table of Contents: https://www.custommarketinsights.com/report/sodium-ion-battery-market/#table-of-contents
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