Sodium-Ion Battery Market - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

 

Sodium-Ion Battery Market

As a widespread and affordable replacement for lithium-ion batteries, sodium-ion batteries have made their mark all over the world. Compared to lithium metal in lithium-ion batteries, sodium metal in sodium-ion batteries has a larger ionic radius, which results in fewer changes in the materials during electrochemical cycling and better stability than the lithium-ion battery. Excellent characteristics of sodium-ion batteries include low cost, energy densities, and power storage that are comparable to those of their competitors, safety due to better thermal stability, and exceptional cycle life. Typically, stationary applications are a better fit for sodium-ion batteries than mobile ones.

The Sodium-Ion Battery Market was valued at USD 275.1 million in 2021, and from 2022 to 2030, it is projected to increase at a compound annual growth rate (CAGR) of 15.3%. The market for sodium-ion batteries is propelled by a number of factors, such as the expanding need for reliable supply and the rising demand for power. The growth of sustainable energy projects is also being fueled by the increase in demand for energy storage. The market for sodium-ion batteries is expanding due to rising demand for solar energy as well as for electric vehicles.

Geographically, North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa make up the worldwide Sodium-Ion Battery Market.

Due to rising demand from large-scale energy storage applications and the widespread commercialization of Sodium-Ion Battery technology in the region, North America is predicted to lead all other regions in the global Sodium-Ion Battery Market during the projected period. For instance, in May 2022, Natron Energy and Clarios agreed to work together to produce sodium-ion batteries. The largest sodium-ion battery manufacturing facility in the world is anticipated to be Clarios' production facility in Meadowbrook, Michigan.

In addition, during the course of the projection period, the Sodium-Ion Battery Market is expected to expand significantly in Asia Pacific. This is because energy storage technologies, such as lead-acid batteries, lithium-ion batteries, flow batteries, and high-temperature sodium batteries, are being developed, funded, and used more frequently. For instance, in April 2022, Huawei Hubble announced an investment in Zhongkehai Sodium's 1GWh sodium-ion battery production plant, which aims to be the largest sodium-ion battery production line ever constructed.

Some of the key players in the global sodium-ion battery market are Natron Energy Inc., Faradion Limited, Altris AB, AMTE Power PLC, Contemporary Amperex Technology Co. Limited, NGK Insulators Ltd., and TIAMAT SAS.

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