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Sodium-Ion Battery Market Competitive And Growth Analysis 2024 | Mitsubishi Corporation, Toyota Tsusho Corporation, Panasonic Corporation
Sodium-Ion Battery Global Market Report 2024
Sodium-Ion Battery Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1.49 billion In 2028 At A CAGR Of 16.9% :
The sodium-ion battery market size has grown rapidly in recent years. It will grow from $0.67 billion in 2023 to $0.80 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The growth in the historic period can be attributed to growing demand for energy storage, resource availability and cost, environmental concerns, applications in renewable energy, and potential for grid-level storage.
The sodium-ion battery market size is expected to see rapid growth in the next few years. It will grow to $1.49 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to scale-up of production facilities, expansion into electric vehicles (EVs), integration with renewable energy systems, demand for sustainable energy storage, research and development investments, and regulatory support and incentives. Major trends in the forecast period include rising demand for energy storage solutions, technological advancements, advancements in electrode materials, materials innovation, and energy density improvement.
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Sodium-Ion Battery Market Major Segments
The sodium-ion battery market covered in this report is segmented -
1) By Type: Sodium-Sulfur Batteries, Sodium-Salt Batteries (Zebra Batteries), Sodium-oxygen (Sodium Air) Batteries
2) By Technology: Aqueous, Non-aqueous
3) By Application: Energy Storage and Grid Integration, Electric Vehicles (EVs), Residential Energy Storage, Emergency Backup And UPS, Other Applications
Key Driver - Electric Vehicle Demand Boosts Sodium-Ion Battery Market Growth
The increasing demand for electric vehicles is expected to propel the growth of the sodium-ion battery market going forward. An electric vehicle (EV) is a vehicle that uses one or more electric motors for propulsion, powered by a battery that can be charged from an external power source. The surge in demand for electric vehicles can be attributed to various factors, including concerns over environmental sustainability, government incentives, advancements in battery technology leading to improved range and performance, and a shift in consumer preferences towards cleaner and greener transportation options. Sodium-ion batteries can be used with minimal modifications in existing electric vehicle designs, providing a more straightforward transition from lithium-ion technology. For instance, in April 2023, according to the International Energy Agency, a France-based intergovernmental organization, in 2022, the global stock of fuel cell electric vehicles (FCEVs) grew by 40% compared to 2021, exceeding 72,000 vehicles. Therefore, increasing demand for electric vehicles is driving the growth of the sodium-ion battery market.
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Prominent Trend - The Rise of Sodium-Ion Battery Cabinets in Energy Storage
Major companies operating in the sodium-ion battery market are developing innovative products with advanced technologies, such as sodium-ion battery cabinets, to store energy for various applications. A sodium-ion battery cabinet is a type of battery cabinet that uses sodium-ion technology to store energy. For instance, in October 2022, Natron Energy Inc., a US-based sodium-ion battery manufacturer, introduced Blue Rack, the world's first sodium-ion battery cabinet. It is designed for industrial power scenarios, peak power shaving, and other mission-critical applications such as data centers. Harnessing sodium-ion technology, the Blue Rack offers impressive power density and rapid discharge or recharge rates, ensuring safety due to its non-flammable nature. The Blue Rack can be configured to deliver 500 kW of backup power, far surpassing the capabilities of lithium-ion technology, which only achieves 10W. Sodium-ion technology enables a significantly higher maximum sustained power per watt (40W/Wh). The Blue Rack battery cabinet can fully recharge in 15 minutes or less.
Sodium-Ion Battery Market Players
Major companies operating in the sodium-ion battery market are Mitsubishi Corporation, Toyota Tsusho Corporation, Panasonic Corporation, Blackstone Technology GmbH, Jiangsu Zhongna Energy Technology Co., Ltd., NGK Insulators Ltd, Kishida Chemical, Ionic Materials, Natron Energy Inc., AMTE Power plc, Aquion Energy, Phostech Lithium, Altris AB, BLUETTI Power Inc., HiNa Battery Technology Co. Ltd, Li-FUN Technology Corporation Limited, NEI Corporation, Tiamat Energy, Indigenous Energy Storage Technologies Pvt. Ltd., Moixa Energy Holdings Ltd., Natrium Energy, Ronbay Technology, Zoolnasm Energy
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the sodium-ion battery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sodium-ion battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Sodium-Ion Battery Market Report Structure
3. Sodium-Ion Battery Market Trends And Strategies
4. Sodium-Ion Battery Market - Macro Economic Scenario
5. Sodium-Ion Battery Market Size And Growth
…..
27. Sodium-Ion Battery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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