Global Sodium-Ion Battery Market has valued at USD 275 million in 2021 and is expected to grow at a CAGR of 14.6% through 2023-2028, owing to promising specifications for the energy storage systems market, predicts Mordor Intelligence.
Source- Mordor Intelligence
Hyderabad, Jan. 24, 2023 (GLOBE NEWSWIRE) -- As the modern economy is pushing the demand for affordable and eco-friendly energy storage systems, sodium-ion batteries have been recognized as the most promising alternative kind of energy storage devices. The sodium-ion battery has been established as a large-scale, safe, and low-cost (approx. 30% cheaper) substitute for lithium-ion batteries all over the globe. The environmental side effects of peer battery technologies and more abundance of sodium (2.3% of the Earth’s Crust) for manufacturing sodium-ion batteries have significantly impacted the urgency of the commercialization, as lithium (0.0017% of Earth's crust) is a comparatively rare element. Besides, sodium-ion batteries have excellent characteristics such as similar energy densities, power storage to their counterparts, improved thermal stability, and long cycle life.
Besides, in 2021, stationary energy storage was the largest segment by application type, contributing to ~83% market share, while transportation accounted for only ~17% of the market share. As the sodium-ion battery is compatible with stationary energy storage systems, the demand for the sodium-ion battery will boost in the coming years.
In 2021, Europe accounted for the largest market share with 41.66%, followed by Asia-Pacific with 34.06% of the global sodium-ion Battery market share. The US, the UK (United Kingdom), France, China, Germany, and Japan constitute the largest sodium-ion battery markets. Developing countries such as India, Africa, ASEAN Countries, etc. owing to increasing power demand, limited power generation sources, and integration with renewable power generation will lead to huge demand surge for the market, predicts Mordor Intelligence.
Moreover, sodium-ion batteries are safer and cheap compared to lithium alternatives, and several institutions and major players are investing in the development of advanced commercial energy storage systems coupled with renewable power plants. For instance, in December 2022, Natron Energy announced that the company is likely to supply sodium-ion battery storage to a novel ‘integrated hybrid generator’ project in Queensland, Australia. Besides, in 2022, scientists at IIT Kharagpur developed a sodium-ion battery for E-cycles. Therefore, along with sodium-ion batteries and energy storage, the electric vehicles market is all set to go, with sodium-ion battery technology becoming easily available and commercial across the globe.
Furthermore, sodium-ion batteries (SIBs) have been considered the most promising candidate for large-scale energy storage systems owing to their economic efficiency overall, with increased R&D activities and increased spending, the commercialization of sodium-ion batteries is expected to provide a significant opportunity for the market players in the future.
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Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Global Sodium-Ion Battery Market Report or ask for a more customised report.
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