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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Sodium Ion Battery Market Size
The global sodium ion battery market size reached a value of USD 387.07 million in 2023. During the forecast period of between 2024 and 2032, the market is expected to grow at a CAGR of 14.50% to reach a value of around USD 1,312.70 million by 2032.
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Key Trends in the Market
Sodium ion batteries are an energy storage technique which uses electrochemical cells with positive and negative electrodes. Having an operating temperature range of -30°C to 60°C and a higher operational safety than lithium-ion batteries, sodium ion batteries offer a higher thermal endurance than other battery chemistries. Some of the key characteristics of sodium ion batteries are reversibility, exceptional electrochemical properties, and high specific discharge capacity.
- The sodium ion battery market is primarily being driven by the rising demand for electric vehicles. To reduce carbon emissions from fuel use, there has been a strong push towards electrifying transportation in recent years. As a result, governments worldwide are taking action to reduce their reliance on fossil fuels through initiatives like encouraging the purchase of electric vehicles or enforcing stricter environmental regulations pertaining to alternative energy sources. The increased focus on renewable energy sources will likely lead to an increase in sodium ion batteries, driving the market's expansion.
- Since sodium ion batteries are a key energy storage technology with added advantages, it is projected that the expanding solar and wind energy sectors will create considerable opportunities for the market for sodium ion batteries. Globally, the demand for cleaner energy is expanding due to an increase in greenhouse gas emissions. Along with this, the growing usage of sodium ion batteries to store electricity produced by solar or wind energy are positively impacting the market growth.
- Increasing consumer demand for electronics, including smartphones, computers, electronic toys, remote access devices, cameras, and other gadgets, has paved the way for the sodium ion battery market to expand globally. It is anticipated that the growth of smart infrastructure, smart buildings, and smart cities will help the global market for sodium ion batteries propel.
- Since sodium is widely used in scientific applications, there has been a recent increase in public awareness of sodium ion batteries as a potential and ecologically friendly substitute for lithium-ion batteries. Sodium ion batteries are more widely available and less expensive than lithium-ion batteries, thus helping the industry growth.
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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