The Sustainable Energy Storage Approach Is Anticipated To Open Up The New Avenue For Sodium-Ion Battery Market
Sodium-Ion Battery Market |
The Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sodium-ion batteries are rechargeable batteries that use sodium ions as charge
carriers instead of lithium ions. They consist of a sodium-ion conducting
electrolyte and two electrodes - a sodium-containing metal oxide cathode and a
sodium-metal or carbon anode. Sodium-ion batteries have several advantages over
lithium-ion batteries such as low cost due to the abundance and low price of
sodium and thermally stable electrodes and electrolytes. They are being
targeted for grid energy storage and electric vehicles.
Market Dynamics:
Declining lithium resources and surging prices: Lithium resources are unevenly
distributed globally and constrained in supply. Its prices have increased
significantly over the past few years due to growing demand for lithium-ion
batteries. This is driving the need to develop alternative battery chemistries
such as sodium-ion batteries which use widely available and low-cost sodium.
Push for sustainable energy storage solutions: Governments and organizations
are supporting the development of sustainable and affordable energy storage
technologies to address climate change issues and meet renewable energy goals.
Sodium-ion batteries are considered more eco-friendly and sustainable than
lithium-ion batteries due to their abundant raw material supply and recycling
potential. This is boosting investments and research in sodium-ion batteries.
Segment
Analysis
The global sodium-ion battery market is dominated by the transportation
segment. This segment held around 60% share of the overall market in 2023 owing
to the increasing demand for electric vehicles across the globe. Sodium-ion
batteries are considered as suitable replacements for lithium-ion batteries
used in electric vehicles due to sodium's natural abundance and low-cost
characterstics.
PEST Analysis
Political: Various governments across the world are offering subsidies and tax
incentives to promote electric vehicles, which is positively impacting the
demand for sodium-ion batteries.
Economic: The low overall cost of sodium-ion batteries compared to lithium-ion
alternatives is a major attraction. This is expected to encourage mass adoption
especially in developing markets.
Social: Growing awareness about environmental pollution caused by gasoline
vehicles is driving the sales of clean energy vehicles. Sodium-ion batteries
can make such vehicles more affordable.
Technological: Continuous R&D is underway to improve energy density and
charging rates of sodium-ion batteries. This will help increase their
competitiveness against lithium-ion alternatives.
Key Takeaways
Global
Sodium-Ion Battery Market Size is expected to witness high growth,
exhibiting CAGR of 15.% over the
forecast period, due to increasing demand for affordable clean energy storage
solutions especially in electric vehicles. Asia Pacific is projected to be the
fastest growing as well as the largest market during the forecast period.
Comments
Post a Comment