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| Sodium-Ion Battery Market |
Sodium-ion batteries are a type of rechargeable battery that uses sodium ions as charge carriers shuttling between the cathode and anode. One of the key advantages of sodium-ion batteries over lithium-ion batteries is that sodium is more abundant and less expensive than lithium, making sodium ion batteries a sustainable and cost-effective alternative. Sodium-ion batteries have a high storage capacity and are less susceptible to catching fire. The global 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 key trends:
One of the primary drivers propelling the growth of the sodium-ion battery
market is the increasing R&D activities by key players such as Natron
Energy Inc. Natron Energy recently raised $30 million in Series B funding to
further develop its low cost sodium-ion battery technology and increase
production capacity. Compared to lithium-ion batteries, Natron Energy's battery
technology is regarded as a safer and lower-cost option, as it uses abundant
and inexpensive sodium instead of lithium. The growing investment by Natron
Energy in developing advanced sodium-ion batteries through extensive research
and development is expected to accelerate market growth over the forecast
period.
Segment Analysis
The global sodium-ion battery market is dominated by the industrial energy
storage segment. Sodium-ion batteries are suited for industrial applications
owing to their high energy density and long cycle life. They provide backup
power during grid failures and help stabilize the grid during peak load periods
by absorbing excess energy from renewable sources. The adoption of sodium-ion
batteries is growing in industrial energy storages as they provide a lower-cost
alternative to lithium-ion batteries.
Key Takeaways
The global sodium-ion battery market is expected to witness high growth during
the forecast period of 2023-2030. The market size was valued at US$ 354.78 Bn
in 2023 and is projected to reach over US$ 1.83 Tn by 2030, expanding at a CAGR
of around 15%.
Regional analysis: The Asia Pacific region currently dominates the global
sodium-ion battery market and is expected to maintain its leading position
during the forecast period as well. Countries like China, Japan, and South
Korea are major contributors to the growth of sodium-ion battery market in the
region. This can be attributed to the extensive research and development
activities focused on developing sodium-ion batteries.
Key players: Key players operating in the sodium-ion battery market are Natron
Energy Inc., Faradion Limited, Altris AB, AMTE Power PLC, Contemporary Amperex
Technology Co. Limited, NGK Insulators Ltd., and TIAMAT SAS. Natron Energy Inc.
And Faradion Limited are recognized as technology leaders in sodium-ion
batteries.
For more insights, read- https://www.ukwebwire.com/sodium-ion-battery-market-trends-size-and-share-analysis/
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