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Global Sodium-ion Battery Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights
Sodium-ion Battery Market
The report examines the Sodium-ion Battery market's drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Sodium-ion Battery market.
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The Sodium-ion Battery Market: Overview
A type of energy storage technology known as sodium-ion batteries employ electrochemical cells with positive and negative electrodes. With an operating temperature range of -30°C to 60°C and higher operational safety than lithium-ion batteries, sodium-ion batteries offer more thermal endurance than other battery chemistries.
Additionally, sodium-ion batteries can be depleted to zero volts to minimize mishaps while in transit, which reduces shipping costs. Technologies for sodium batteries have gained traction in the industry and could one day compete with lithium-ion batteries. However, the commercialization and supply chain for sodium-ion batteries is still in their infancy in most nations.
The Sodium-ion Battery Market: Growth Factors
As customer preference for sodium-ion batteries has increased, notably in the electronic and electrical industries, so has the market for those batteries globally. Manufacturers will find switching to sodium battery cells simpler if they can handle sodium-based compounds with the same equipment that takes lithium-ion components.
In addition, the ubiquitous accessibility of sodium metal contributes to sodium-ion batteries' long-term sustainability, helping satisfy the market's rising need for a dependable power source.
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While lithium-ion batteries have been in use for some time, sodium-ion batteries are a more recent addition to the commercial landscape. However, since sodium-ion batteries are not well suited for active use and because there needs to be a robust industrial supply chain, some market growth is restrained.
The Sodium-ion Battery Market: Key Insights
A) As per the analysis shared by our research analyst, the Sodium-ion Battery market is estimated to grow annually at a CAGR of around 11.8% over the forecast period (2022-2030).
B) In terms of revenue, the Sodium-ion Battery market size was valued at around USD 1120 million in 2021 and is projected to reach USD 2899 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The Sodium-ion Battery market research offers a comprehensive analysis of the present market and projections through 2020-2030 to help find possibilities to profit from the existing market.
D) The study includes data on the significant market drivers, challenges, and opportunities and their effects.
E) The study elaborates on the SWOT analysis and Porter's Five Forces model.
F) The market study's value chain analysis gives a comprehensive picture of the stakeholder's responsibilities.
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The Sodium-ion Battery Market: Regional Landscape
With over 35% market share in 2021, Europe dominated the industry. The growth is attributed to the involvement of other businesses in the manufacturing and marketing of sodium-ion batteries.
The first vehicle powered by sodium-ion batteries was created by the English company Faradion in collaboration with Oxford University, Williams Advanced Engineering, and Williams Advanced Engineering. The business concentrated on the Low-Cost Storage of Renewable Energy project in January 2021 to demonstrate Na-ion technology for solar energy storage. This project was funded by Innovate UK.
The Sodium-ion Battery Market: Prominent Players
Aquion Energy
Zhejiang Lvming Energy (Durathon)
Faradion Limited
Panasonic Corporation
HiNa Battery Technology
Qintang New Energy
Liaoning Hongcheng
Nrgtek Inc.
AGM Batteries Ltd.
NGK
NEI Corporation
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The Sodium-ion Battery Market: Segmented
By Type
Sodium-Oxide Batteries
Sodium-Sulfur Batteries
Sodium-Salt Batteries
By Application
Grid-Level Applications
Transportation
Consumer Electronics
Industrial
Defense
Aerospace
Marine
Others
By Technology
Aqueous
Non-aqueous
The Sodium-ion Battery Market: Regions
North America
The U.S.
Canada
Mexico
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
The Middle East & Africa
Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
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Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.
Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
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