Sodium Ion Battery Market (2024-2032): Size, Top Manufacturers, Growing Demand, Forecast

IMARC Group, a leading market research company, has recently releases report titled "Sodium Ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" The global sodium ion battery market size reached US$ 328.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 922.3 Million by 2032, exhibiting a growth rate (CAGR) of 11.9% during 2024-2032.

A sodium ion battery is a rechargeable energy storage device that utilizes sodium ions as the charge carriers within its electrochemical cell. It comprises a cathode, anode, and electrolyte, wherein sodium ions move between the cathode and anode during charge and discharge cycles. It is cost-effective and sustainable energy storage as compared to lithium-ion batteries. It is designed to be compatible with existing infrastructure, which makes it easier to integrate it into various applications without significant modifications and is suitable for companies looking to scale up energy storage capabilities. It can quickly discharge or charge energy to help maintain a stable electrical grid, especially during fluctuations or the intermittent nature of renewable energy sources. It is a preferred choice for grid energy storage, balancing renewable energy sources, and ensuring a stable power supply. It assists in providing an alternative to lithium-ion batteries, diversifying the available battery technologies, and reducing dependence on a single battery, which can be beneficial for energy security. Besides this, it aids in ensuring a consistent power supply and offering a long cycle life. As it is beneficial in reducing environmental impact and maintaining sustainability, the demand for sodium ion battery is increasing across the globe.

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Sodium ion battery Market Trends:

At present, the rising demand for sodium ion batteries to collect excess energy for later use represents one of the key factors supporting the growth of the market. Besides this, the increasing employment of sodium ion batteries in powering portable electronic devices, such as smartphones, laptops, and tablets, is strengthening the market growth. Additionally, the rising focus on reducing greenhouse gas (GHG) emissions, coupled with the increasing employment of sodium ion batteries for grid stabilization and frequency regulation to ensure a consistent power supply even with intermittent renewable energy sources, is propelling the market growth. Moreover, the escalating demand for sodium ion batteries to store electricity generated from renewable energy sources, such as solar panels and wind turbines, along with the rising utilization of renewable energy sources to maintain environmental sustainability, is positively influencing the market. In line with this, improvements in sodium ion battery technologies to enhance their performance and safety are contributing to the market growth. Furthermore, the increasing number of large-scale energy storage projects, such as grid-scale battery installations, worldwide is offering lucrative growth opportunities to industry investors. Apart from this, the rising usage of eco-friendly batteries with lower carbon footprint is bolstering the market growth. In addition, there is an increase in the demand for sodium ion batteries in electric vehicles (EVs) to provide a power source for propulsion and enable vehicles to operate with reduced environmental impact. This coupled with the growing preferences for EVs among the masses around the world, is offering a positive market outlook.

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Who are The Key Players Operating in the Industry?

• ALTRIS AB
• Amtec Inc. Power plc
• Aquion Energy
• Faradion Limited
• HiNa Battery Technology Co. Ltd.,
• Natron Energy Inc.
• NEI Corporation
• NGK Insulators Ltd.
• Tiamat Energy.

Breakup by Type:

• Sodium-Sulphur Battery
• Sodium-Salt Battery
• Sodium-Air Battery

Breakup by Application:

• Stationary Energy Storage
• Transportation

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.