NEW YORK, US, April 07, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Sodium-ion Battery Market By Type (Sodium-Oxide Batteries, Sodium-Salt Batteries, and Sodium-Sulfur Batteries), By End-User (Transportation, Grid-Level Applications, Consumer Electronic Devices, Power Backup, Industrial, Defense, Aerospace, Marine, and Others), and By Region-Global and Regional Industry Outline, Market Insights, Inclusive Analysis, Statistical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global Sodium-ion Battery Market size & share was valued at USD 650 Million in 2021, and it is predicted to exceed USD 2500 Million by 2028, at a compound annual growth rate (CAGR) of about 11.2% during the forecast period 2022 to 2028.” The study investigates several elements and their consequences on the growth of the sodium-ion battery market.
What are sodium-ion batteries? How big is the Sodium-ion Battery Market?
Market Overview:
Sodium-ion batteries have been recognized as the most alluring alternative energy storage system. Sodium's easy availability and accessibility have increased the demand for sodium-ion batteries. These batteries are suitable for applications where compactness is of secondary importance. At the anode, energy is stored in the form of chemical bonds. When the battery is charged, sodium ions de-intercalate from the cathode and migrate to the anode.
In terms of charge discharge, reversibility, and specific discharge capacity, sodium-ion batteries have exceptional electrochemical quality. These batteries have only recently become commercially available. As a result, the global sodium-ion batteries market is expected to grow significantly in the near future.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
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- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 650 Million |
| Projected Market Size in 2028 | USD 2500 Million |
| CAGR Growth Rate | 11.2% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Aquion Energy, Faradion Limited, Zhejiang Lvming Energy (Durathon), Panasonic Corporation, HiNa Battery Technology, Nrgtek Inc., Qintang New Energy, AGM Batteries Ltd., NGK, and Liaoning Hongcheng., among others |
| Key Segment | By Type, End-User, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Global Sodium-ion Battery Market: Growth Dynamics
- Rising adoption of sodium-ion batteries to boost the market growth
The global sodium-ion battery market has grown as consumers' preference for sodium-ion batteries has grown, particularly in the electronic and electrical industries. Handling sodium-based compounds may be done with the same machines that handle lithium-ion components, making the shift to sodium battery cells easier for manufacturers. The widespread availability of sodium metal helps to ensure the long-term viability of sodium-ion batteries, which helps to meet the market's growing demand for a reliable power source.
Sodium-ion batteries, on the other hand, are a newer addition to the commercial landscape, whereas lithium-ion batteries have been around for a while. The current market conditions, as well as the lack of a strong industrial supply chain, do not favor the active use of sodium-ion batteries, thereby restraining market growth to a certain extent.
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Sodium-ion Battery Market: Segmentation Analysis
The global sodium-ion battery market is segregated on the basis of type, end-user, and region.
By type, the market is classified into sodium-oxide batteries, sodium-salts batteries, and sodium-sulfur batteries. A sodium-sulfur battery is a molten-salt battery composed of liquid sodium and sulfur that has a high energy density, a high discharge & charge efficiency, and a long lifecycle. This is propelling the growth of this market segment.
By end-user, the market is divided into transportation, grid-level applications, consumer electronic devices, power backup, industrial, defense, aerospace, marine, and others. Transportation applications and consumer electronic devices powered by sodium-ion batteries captured the largest market share in 2021 and are expected to remain the largest segment until 2028.
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Sodium-ion Battery Manufacturers:
Some of the main competitors dominating the global sodium-ion battery market include -
- Aquion Energy
- Faradion Limited
- Zhejiang Lvming Energy (Durathon)
- Panasonic Corporation
- HiNa Battery Technology
- Nrgtek Inc.
- Qintang New Energy
- AGM Batteries Ltd.
- NGK
- Liaoning Hongcheng
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Sodium-ion Battery market is estimated to grow at a CAGR of around 11.2% from 2022 to 2028.
- The Sodium-ion Battery market was valued at around US$ 650 million in 2021 and is projected to reach US$ 2500 million by 2028.
- By type, a sodium-sulfur battery is a molten-salt battery made of liquid sodium and sulphur that has a high power density, good discharge and charge efficiency, and a long lifecycle. This is boosting the growth of this market segment.
- By end-user, Transportation applications and consumer electronic devices fueled by sodium-ion batteries accounted for the biggest market share of 6% globally in 2021 and are predicted to continue to be the top segment until 2028.
- On the basis of region, the sodium-ion battery industry in North America is likely to be profitable in the future, due to plans for large-scale capacity expansions of wind and solar power, as well as increased sales of electric vehicles in the region.
Key questions answered in this report:
- What is the market size and growth rate forecast for the Sodium-ion Battery industry?
- What are the main driving factors propelling the Sodium-ion Battery Market forward?
- What are the leading companies in the Sodium-ion Battery Industry?
- What segments does the Sodium-ion Battery Market cover?
- How can I receive a free copy of the Sodium-ion Battery Market sample report and company profiles?
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COVID-19 Impact on Sodium-ion Battery Market:
The outbreak of the global pandemic has resulted in a significant decline in the global economy, resulting in a reduction in consumer disposable income. As a result, demand for electronics and appliances has decreased significantly, which has had a direct impact on market demand for sodium-ion batteries.
Furthermore, the government's nationwide lockdown has had an impact on manufacturing facilities around the world, which were already suffering from a labor shortage during the pandemic. This has had an even greater impact on the global sodium-ion battery market.
Regional Dominance:
- In North America, the sodium-ion battery market is expected to be lucrative
The sodium-ion battery market in North America is expected to be profitable in the future due to plans for large capacity extensions of wind and solar power, as well as rising electric vehicle revenues in the region.
Asia Pacific region seems to have a healthy and rapidly expanding renewable energy market. Capacity extensions in India, China, and Japan are among the primary drivers of the region's renewable energy market growth. The expansion of the renewables industry is anticipated to boost the growth of sodium-ion revenues in the Asia Pacific region in the future.
Recent Developments
- January 2022: Reliance Industries revealed that its affiliated Reliance New Energy Solar Limited has made an agreement with Faradion and its shareholders to obtain 100 percent of Faradion's equity shares via secondary transactions for a sum of GBP 94.45 million. Reliance will also use Faradion's cutting-edge technology at its suggested completely integrated storage technology giga-factory as a component of the Dhirubhai Ambani Green Energy Giga Complex venture in Jamnagar, according to the company.
- July 2021: Contemporary Amperex Technology Co., Ltd. released a new version of the first-ever sodium-ion battery as well as its AB backup battery solution, which can merge sodium-ion and lithium-ion cells into a single pack.
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The global sodium-ion battery market is segmented as follows:
By Type
- Sodium-Oxide Batteries
- Sodium-Salt Batteries
- Sodium-Sulfur Batteries
By End-User
- Transportation
- Grid-Level Applications
- Consumer Electronic Devices
- Power Backup
- Industrial
- Defense
- Aerospace
- Marine
- Others
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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