Press release
Saltwater Batteries Global Market Anticipated to Grow by 20.5% CAGR, Expected to Exceed $29.54 Billion by 2028 | BYD Company Ltd., MANLY Battery, AMTE Power Plc, Exide Industries, Altris Group
Saltwater Batteries Market
As per the report, the saltwater batteries market size has grown exponentially in recent years. It will grow from $11.64 billion in 2023 to $14.01 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The saltwater batteries market size is expected to see exponential growth in the next few years. It will grow to $29.54 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%.
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Rising Energy Storage Demand Fuels Growth In Saltwater Batteries Market
The rising demand for energy storage is expected to propel the growth of the saltwater batteries market going forward. Energy storage is the process of capturing energy produced at one time for use at a later time to reduce imbalances between energy demand and energy production. The demand for energy storage is rising due to falling costs, increasing adoption of renewable energy, the need for grid reliability and resilience, and policy support such as tax credits. Saltwater batteries offer a safe, eco-friendly option for energy storage, utilizing abundant materials and posing a minimal environmental risk. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, total grid-scale battery storage capacity reached nearly 28 GW by the end of 2022. This marked a significant increase from the previous year, with installations growing by over 75%, adding approximately 11 GW of storage capacity. Therefore, the rising demand for energy storage is driving the growth of the saltwater batteries market.
Technological Advancements In Eco-Friendly Saltwater Batteries
Major companies operating in the saltwater batteries market are focusing on developing technologically advanced products, such as eco-friendly saltwater batteries, to gain a competitive edge. An eco-friendly saltwater battery is an energy storage device that uses a saline solution as the electrolyte instead of toxic chemicals, making it environmentally safe. For instance, in January 2024, Salgenx, a US-based provider of energy storage solutions, introduced an innovative saltwater battery for residential energy storage. This innovative battery utilizes sodium chloride (NaCl) for charging and recombination, providing a safe and environmentally friendly alternative to traditional batteries. Unlike conventional batteries, this redox flow energy storage system operates without a membrane and uses non-flammable saltwater, ensuring exceptional safety. Its modular design, constructed using shipping containers, allows for installation in a variety of settings, including garages, underground facilities, or integration into building foundations and walls. With a storage capacity of 126 kWh, the Salgenx battery can be expanded with additional electrolyte liquid and cathode materials, achieving an impressive 91% efficiency and a 20 kW power output.
The saltwater batteries market covered in this report is segmented -
1) By Type: 12 Volt, 24 Volt, 48 Volt
2) By Component: Cathode, Anode, Electrolytes
3) By Capacity: Low, Medium, High
4) By Battery Chemistry: Sodium-ion, Magnesium-ion, Other Battery Chemistry
5) By Application: Residential, Industrial, Commercial, Government, Enterprise
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Major companies operating in the saltwater batteries market are General Electric Company, BYD Company Ltd., Panasonic Corporation, MANLY Battery, Contemporary Ampe*rex Technology Co. Limited (CATL), Toshiba Corporation, LG Energy Solution Ltd., SAMSUNG SDI Co. Ltd., Fuji Electric Co. Ltd., EVE Energy, AMTE Power Plc, Exide Industries, Altris Group, Gotion High-Tech Co. Ltd., SVOLT Energy Technology, Sainik Industries, EnergySage, Su-Kam Power Systems, Altech Batteries Ltd, Aquion Energy, Faradion Limited, BlueSky Energy, BroadBit Batteries Oy, Greenrock Capital LLC, HiNa Battery Technology Co. Ltd, Tiamat Energy
Contents of the report:
1. Executive Summary
2. Saltwater Batteries Market Report Structure
3. Saltwater Batteries Market Trends And Strategies
4. Saltwater Batteries Market - Macro Economic Scenario
5. Saltwater Batteries Market Size And Growth
…..
27. Saltwater Batteries Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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