Sodium-ion Battery Market to Surpass 2899 Million by 2030 Drives Due to Rising Industrial Use
SkyQuest projects that the sodium-ion battery market will attain a USD 2899 million value by 2030, with a CAGR of 11.8% over the forecast period (2023-2030). The surging demand for electric vehicles (EVs) acts as a catalyst for the sodium-ion battery market. Anticipated EV sales of 15 million in 2025 and 25 million in 2030 drive sodium-ion battery adoption. Compared to lithium-ion batteries, sodium-ion alternatives are gaining traction due to their sustainability benefits.
Westford USA, Aug. 15, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, rising demand for cost-efficient energy storage options drives the sodium-ion battery market. Sodium-ion batteries utilize abundant sodium resources, lowering production costs. This affordability appeals to industries and regions seeking affordable yet efficient energy storage solutions.
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- Pages – 165
- Tables – 92
- Figures – 76
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Global sodium-ion battery market gains traction as the focus shifts towards eco-friendly energy storage solutions. Sodium-ion batteries offer a sustainable alternative to lithium-ion batteries, reducing environmental impacts and reliance on scarce resources.
Prominent Players in the Sodium-ion Battery Market
- Aquion Energy, Inc.
- Tiamat Energy
- Sion Power Corporation
- Faradion Ltd.
- NGK Insulators Ltd.
- AGM Batteries Ltd.
- Lithium Werks B.V.
- EnerVault Corporation
- Hitachi Chemical Co., Ltd.
- Nexeon Ltd.
- Oxis Energy Ltd.
- Pulead Technology Industry Co. Ltd.
- Bharat Power Solutions
- CATL
- HiNa Battery Technology Co., Ltd.
- Ionic Materials, Inc.
- Tokyo Chemical Industry Co., Ltd.
- Enovix Corporation
- 3DOM, Inc.
- Zi-ion GmbH
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Residential Segment is Expected to Grow the Market Due to the Increasing Adoption of Residential Solar Energy
Residential segment experiences rapid growth in the global sodium-ion battery market due to increasing residential solar energy adoption. Sodium-ion batteries offer cost-effective energy storage solutions, enhancing self-consumption and grid independence. This aligns with the rising demand for sustainable residential energy solutions, driving the segment’s expansion.
North America is the fastest-growing region in the sodium-ion battery market due to surging electric vehicle adoption, renewable energy integration, and sustainable energy policies. Robust EV sales projections and supportive regulations drive sodium-ion battery demand, making North America a dynamic growth hub in the market.
Stationary Energy Storage Segment is Expected to Dominate the Market Due to Pivotal Role in Grid Stability
Stationary energy storage segment asserts dominance in the global sodium-ion battery market due to its pivotal role in grid stability and renewable energy integration. Sodium-ion batteries offer reliable and cost-effective energy storage solutions, facilitating the seamless integration of intermittent renewable sources and ensuring consistent power supply, solidifying the segment’s prominence.
Europe is a dominant region in the sodium-ion battery market due to its strong emphasis on sustainability, renewable energy, and electric mobility. Stringent environmental regulations, growing electric vehicle adoption, and investments in renewable energy infrastructure position Europe as a leading market player, driving sodium-ion battery adoption.
A comprehensive analysis of the major players in the sodium-ion battery market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in the Sodium-ion Battery Market
- Natron Energy, Inc. and Clarios International Inc. unveiled a strategic partnership for sodium-ion battery production. The Meadowbrook facility by Clarios International Inc. is set to be the world’s largest and first mass-produced sodium-ion battery plant, commencing operations in 2023. This plant is projected to have an annual capacity of 600MW.
- In 2022, Reliance Industries revealed that its subsidiary, Reliance New Energy Solar Limited, has inked an agreement to acquire 100% equity shares of Faradion and its shareholders. The deal, valued at GBP 94.42 million, includes deploying Faradion’s advanced technology at Reliance’s planned integrated energy storage giga-factory within the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar.
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Key Questions Answered in Sodium-ion Battery Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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