NEW
YORK, May 15, 2024 /PRNewswire/ -- The
global sodium ion battery market size is
estimated to grow by USD 414.4 mn
from 2024-2028, according to Technavio. The market is estimated to
grow at a CAGR of 17.33% during the forecast
period.
For more insights on the forecast market size and
historic data (2018 - 2022) - Download
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application
(Industrial, Commercial, and Residential), End-user (Stationary
energy storge and Transportation), and Geography (APAC, Europe,
North America, South America, and Middle East and
Africa)
|
Region
Covered
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Key companies
profiled
|
Altris AB, AMTE Power
plc, Aquion Energy, Contemporary Amperex Technology Co. Ltd.,
Faradion Ltd, HiNa Battery Technology Co. Ltd., Natron Energy Inc.,
NEI Corp., NGK Insulators Ltd., and Tiamat
|
Key Market Trends Fueling Growth
The sodium-ion battery market is experiencing significant growth
due to the increasing demand for high-capacity and lightweight
batteries in consumer applications, particularly in transportation,
consumer electronics, and renewable energy sectors. Sodium-ions
batteries offer advantages such as high energy density,
nonflammability, and potential for lower production costs compared
to lithium-ion batteries. These batteries can be sourced from the
earth's crust and seawater, making sodium an abundant and
eco-friendly alternative to lithium. The energy storage segment,
including electric vehicles and energy efficiency applications, is
expected to drive market growth during the forecast period.
Additionally, sodium-ion batteries have potential applications in
energy storage services, LED flashlights, and second-life
applications. However, challenges such as supply disruptions and
higher R&D costs remain.
Market Challenges
- Sodium-ion batteries, derived from abundant resources in the
Earth's crust and seawater, offer cost advantages in the energy
storage market. However, their shorter life cycles limit their
suitability for long-term applications, such as grid energy storage
and renewable energy integration. This challenge arises from the
requirement for extended battery life in high-cycle industries like
electric vehicles and industrial sectors. Despite the cost
benefits, frequent battery replacements lead to higher long-term
costs and reduced economic attractiveness. Sodium-ion batteries are
currently used in niche applications, such as LED flashlights, but
face competition from energy-dense lithium-ion batteries. The
production cost of sodium-ion batteries and potential supply
disruptions are other factors affecting their market
penetration.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
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Segment Overview
This sodium ion battery market report extensively covers market
segmentation by
- Application
- 1.1 Industrial
- 1.2 Commercial
- 1.3 Residential
- End-user
- 2.1 Stationary energy storge
- 2.2 Transportation
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Industrial- Sodium-ion batteries, an
emerging alternative to lithium-ion batteries, are gaining traction
in various industries, particularly in the Transportation sector
for electric cars, and the Solar and Wind sectors for energy
storage. These batteries offer energy efficiency and potentially
lower manufacturing costs, making them a viable Lithium-ion battery
substitute. Sodium, abundant in the Earth's crust and even in
seawater, is the primary component of Sodium-ion batteries. The
Energy storage segment, including electric vehicles and stationary
energy storage, is expected to drive the market growth. Sodium-ion
batteries can be employed in End use products such as LED
flashlights and backup power systems for critical infrastructure,
telecommunications, and remote areas. In the Electric car sector,
they could contribute to energy density and energy storage
services, addressing electricity demand and smart grid
requirements. The market ecosystem includes Battery OEMs, raw
material suppliers, and recycling companies. Production cost
advantages, coupled with the batteries' nonflammability and ability
to perform in colder temperatures, make Sodium-ion batteries an
attractive option for energy storage applications. However,
challenges such as supply disruptions and the need for battery
recycling and second-life applications remain.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Sodium Ion Battery market represents an emerging trend in
the energy storage segment, particularly for applications in
transportation, such as electric vehicles. Sodium ion batteries
offer several advantages over Lithium-ion batteries, including
lower cost, greater abundance of sodium resources, and improved
safety. These batteries have gained significant attention due to
their potential to enhance the energy storage capabilities of
renewable energy systems. The energy density of Sodium Ion
Batteries may not match that of Lithium-ion batteries, but their
environmental friendliness and cost-effectiveness make them a
promising alternative. The market for Sodium Ion Batteries is
expected to grow as research and development efforts continue to
improve their performance and efficiency.
Market Research Overview
The Sodium Ion Battery market refers to the industry that
produces and supplies sodium-ion batteries for various
applications. These batteries offer several advantages over
lithium-ion batteries, including a lower cost, higher energy
density, and greater safety. The market for sodium-ion batteries is
expected to grow significantly in the coming years due to the
increasing demand for renewable energy storage solutions and the
need for more sustainable and cost-effective energy storage
technologies. The technology behind sodium-ion batteries is based
on the use of sodium ions instead of lithium ions, which allows for
the use of abundant and low-cost sodium resources. The market for
sodium-ion batteries is also driven by the growing demand for
electric vehicles and grid-scale energy storage systems. The market
is expected to face challenges such as the need for further
research and development to improve the performance and efficiency
of sodium-ion batteries. The market is also expected to be
influenced by regulatory policies and government initiatives aimed
at promoting the adoption of renewable energy and sustainable
energy storage solutions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Industrial
- Commercial
- Residential
- End-user
-
- Stationary Energy Storge
- Transportation
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio