IMARC Group has recently released a new research study “Sodium Ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of The Sodium Ion Battery Industry?
The global sodium ion battery market size reached US$ 253.44 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 577.41 Million by 2027, exhibiting a growth rate (CAGR) of 13.50% during 2022-2027.
What Is A Sodium Ion Battery?
Sodium ion batteries reserve power by fusing chemical and electrical energy into each other. They rely on the reversible movement between two electrodes through electrolytes for efficient operation. Sodium ion batteries offer various benefits, such as enhanced safety, superior environmental credentials, and better raw material costs compared to lithium-ion (Li-ion) batteries. In addition, they are made from materials that are non-flammable, energy-dense, and operate well in colder temperatures. As a result, sodium ion batteries find widespread applications across several sectors, including transportation, defense, aerospace, marine, energy, etc.
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What Are The Key Factors Driving The Global Sodium Ion Battery Market?
The escalating product utilization to store electricity generated through solar or wind energy, on account of the rising greenhouse gas emissions, is among the primary factors driving the sodium ion battery market. Besides this, the inflating number of investments by the leading players for the introduction of enhanced stationary energy storage is further augmenting the market growth. Moreover, the increasing awareness among individuals towards the benefits of sodium ion batteries, such as low charging time and high energy density, is also catalyzing the global market. Apart from this, the launch of various policies by the government bodies to promote the production of renewable energy to provide fuel diversification and reliable power supplies, which enhance power security, is acting as another significant growth-inducing factor. Furthermore, the elevating demand for electric vehicles (EVs), owing to the zero tailpipe emissions of air pollutants, including nitrogen oxides (NOx) and particles, is anticipated to propel the sodium ion battery market over the forecasted period.
Who Are The Key Players/Companies In The Global Sodium Ion Battery Market?
Altris AB, AMTE Power plc, Aquion Energy, Faradion Limited, HiNa Battery Technology Co. Ltd., Natron Energy Inc., NEI Corporation, NGK Insulators Ltd. and Tiamat Energy.
Breakup by Type:
- Sodium-Sulphur Battery
- Sodium-Salt Battery
- Sodium-Air Battery
Breakup by Application:
- Stationary Energy Storage
- Transportation
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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