Sodium-ion Battery Market Size to Grow USD 40550 Million by 2029 at a CAGR of 118.4% | Valuates Reports
BANGALORE, India, Jan. 16, 2024 /PRNewswire/ -- Sodium-ion Battery Market is Segmented by Type (Layered Oxide, Prussian, Polyanionic Compound), by Application (Power Battery, Energy Storage System).
The Global Sodium-ion Battery Market is projected to grow from USD 373.6 Million in 2023 to USD 40550 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 118.4% during the forecast period.
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Major Factors Driving the Growth of Sodium-ion Battery Market
Because of their layered structure, which facilitates sodium ion mobility inside the material and results in high power output and good rate capability, sodium-ion batteries with layered oxide cathodes are becoming more and more popular for energy storage.
Because sodium supplies are plentiful and reasonably priced, sodium-ion batteries provide a strong option for large-scale energy storage requirements. The adoption of sodium-ion technology is also fueled by its potential to supplement or replace current lithium-ion batteries, particularly in situations where resource availability and cost are important factors.
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TRENDS INFLUENCING THE GROWTH OF SODIUM-ION BATTERY MARKET
Sodium-ion batteries with layered oxide cathodes are propelling the market expansion. Usually made of layered transition metal oxides, these cathodes provide a stable platform for the intercalation and deintercalation of sodium ions during the charging and discharging cycles. The layered construction improves the battery's overall performance by facilitating effective ion diffusion. An important step towards improving the viability and sustainability of sodium-ion battery technology is the creation of layered oxide cathodes, which also help to diversify energy storage options.
Because sodium is more plentiful and less expensive than lithium, sodium-ion batteries provide a financially viable alternative. Manufacturers looking for cost-effective options in the energy storage industry find sodium-ion batteries to be an appealing option due to the consistent production and scalability guaranteed by the availability of raw materials, especially sodium.
The market for sodium-ion batteries is expanding due in large part to the rising need for effective energy storage solutions brought on by the increase of renewable energy installations and the electrification of various sectors. These batteries meet the growing demand for dependable energy storage infrastructure with their enhanced capacity and performance features.
The need for improved battery technologies is driven by the rise of energy storage projects worldwide, including decentralized systems and grid-scale applications. Due to their developing capacities, sodium-ion batteries are being used in more and more energy storage projects globally, which is fueling the expansion of the energy storage industry as a whole.
The sodium-ion battery industry is mostly driven by government initiatives and supporting regulations that are intended to promote sustainable energy solutions and reduce carbon emissions. The market's growth is greatly aided by subsidies, incentives, and regulatory frameworks that promote the use of sodium-ion batteries and provide an atmosphere that is conducive to investment and development. One of the main reasons sodium-ion batteries are becoming more and more popular is their stability and safety. Sodium-ion batteries are a dependable and secure choice for a variety of applications, from consumer devices to large-scale energy storage projects, thanks to advancements in battery chemistry and engineering that have increased safety features.
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SODIUM-ION BATTERY MARKET SHARE ANALYSIS
Aquion Energy, Natron Energy, Reliance Industries, AMTE Power, and HiNa Battery Technology are a few of the major sodium-ion battery manufacturers in the world. About 65% of income was shared by the top five players in the world. With a market share of almost 70%, North America leads the industry, followed by Europe and China, with respective shares of 5% and 22%.
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Key Players:
- Aquion Energy
- HiNa Battery Technology
- Natron Energy
- CATL
- Li-FUN Technology
- Great Power
- DFD
- Farasis Energy
- Natrium
- VEKEN
- Reliance Industries (Faradion)
- AMTE Power
- Tiamat Energy
- Jiangsu ZOOLNASH
- Ben'an Energy
- Shanxi Huayang
- Transimage
- CEC Great Wall
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