According to the latest report by IMARC Group, titled “Sodium Ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global sodium ion battery market forecast. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global sodium ion battery market reached a value of US$ 253.44 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 577.41 Million by 2027, exhibiting a CAGR of 13.50% during 2022-2027
Sodium ion battery represents rechargeable batteries that store energy by fusing chemical and electrical energy into each other. They are categorized into several types, such as sodium-sulfur batteries, sodium-salt batteries, and sodium-air batteries. Sodium ion battery variants rely on the reversible movement of ions between two electrodes using electrolytes for efficient operation. They offer multiple advantages, which include superior environmental credentials, improved safety, and affordable raw material costs as compared to lithium-ion (Li-ion) batteries. Sodium ion battery products are even non-flammable and perform excellently in colder temperatures. Consequently, they find extensive applications across numerous sectors, including defense, marine, transportation, aerospace, energy, etc.
Market Trends
The growing greenhouse gas emissions and the inflating demand for cleaner energy across the globe are among the key factors driving the sodium ion battery market. Besides this, the elevating utilization of the battery to store electricity generated through wind or solar energy is acting as another significant growth-inducing factor. Additionally, the increasing awareness among the masses about the benefits of sodium-ion batteries, such as high energy density and low charging time, is also positively influencing the global market.
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Moreover, the launch of various initiatives by government bodies across countries aimed at promoting the production of renewable energy to facilitate reliable power supplies and fuel diversification, which improve energy security, reduce the risk of fuel spills, and lower the need for imported fuels is, further stimulating the global market. Apart from this, the rising investments by leading market players in research and development (R&D) activities for introducing advanced stationary energy storage and the expanding demand for electric vehicles (EVs), owing to zero tailpipe emissions of air pollutants, are projected to bolster 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
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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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