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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Market Share by Application
Throughout the forecast period, the sodium ion battery market is likely to be dominated by the stationary energy storage segment. Energy storage is crucial to ensuring a consistent supply of electricity, particularly for renewable energy sources like solar and wind that produce more energy. When not in use, the stationary energy storage device can store energy and release it as electricity when required. In stationary energy storage systems, an electronic control system, an array of batteries, an inverter, and a thermal management system are frequently present.
Even if volumetric energy density restrictions are less stringent than for other uses, the life cycle costs for stationary storage applications like grid-scale load shifting of fluctuating renewable energy or behind-the-meter home storage must be as low as practically possible. Therefore, the market is anticipated to be driven by the rapid increase in renewable energy generation and the rising number of research and development activities and investments in sodium ion batteries for stationary energy storage over the forecast period.
Market Share by Region
Due to continuous research, growing deployment of battery energy storage systems, and the popularity of electric vehicles, Europe is one of the leading regions in the sodium ion battery market. The European Union is putting an emphasis on the conversion to renewable energy sources and helping local governments build infrastructure for electric vehicles. Rising sales of electric vehicles and the expansion of the region's renewable energy sector are further predicted to drive the sodium ion battery industry over the forecast period.
Meanwhile, North America is anticipated to have significant growth during the forecast period due to the region's growing use of electric vehicles and solar and wind power projects.
The Asia Pacific region appears to be a strong and swiftly expanding market for renewable energy. The region's renewable energy industry is growing primarily as a result of capacity expansions in countries such as China, Japan, and India. The expansion of the renewable energy sector is anticipated to accelerate the growth of sodium ion battery market in Asia Pacific over the forecast period.
Sodium Ion Battery Market Report Snapshots
Sodium Ion Battery Market Size
Sodium Ion Battery Market Analysis
Sodium Ion Battery Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 387.07 million.
The sodium ion battery market is projected to grow at a CAGR of 14.50% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 1,312.70 million by 2032.
The major drivers of the market include the growing demand for cleaner energy, increasing consumer demand for electronics, including smartphones and computers, easy availability of sodium ion batteries, growing deployment of battery energy storage systems, and growing number of solar and wind power projects.
The rising demand for electric vehicles and the increased focus on renewable energy sources are the key industry trends propelling the growth of the market.
The major players in the industry are Contemporary Amperex Technology Co., Ltd. (CATL), Faradion Limited, Natron Energy, Inc., HiNa Battery Technology Co., Ltd., Aquion Energy, SAS TIAMAT, and AMTE Power plc., among others.
Since sodium ion batteries are non-flammable and more resistant to temperature changes than lithium-ion batteries, they are safer and more effective than lithium-ion batteries.
Sodium batteries have high-power density, high efficiency of up to 90%, and a lengthy battery life of often over 10 years, making them highly durable.
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