Sodium-Ion Battery Market
Sodium-ion batteries are considered one of the most promising energy storage solutions due to their high energy density, long battery life and low cost of production when compared to lithium-ion batteries. The growing electric vehicle market has boosted the demand for sustainable and durable battery technologies. Sodium-ion batteries can power electric vehicles for longer drive ranges while reducing dependency on rare-earth materials.
The global Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 Billion in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for long-lasting batteries is one of the key drivers propelling the growth of the sodium-ion battery market. Sodium-ion batteries have a longer battery life compared to lithium-ion batteries as sodium ions are larger than lithium and therefore diffuse slower inside cathode materials. This reduces capacity fade and allows the battery to retain over 90% of its capacity even after thousands of charge-discharge cycles. Consequently, sodium-ion batteries are increasingly being adopted for applications requiring long operational lives like electric vehicles, grid energy storage and portable consumer devices. The development of advanced sodium-ion battery technologies with better cycle life will further accelerate their adoption in the coming years.
Segment Analysis
The global sodium-ion battery market is dominated by the transportation segment. Batteries used in electric vehicles require high energy and power density along with fast charging capabilities. Sodium-ion batteries meet these requirements and can be a suitable alternative to lithium-ion batteries in EVs. Their relatively low cost of production also makes them attractive for mass-market EVs. The stationary energy storage segment is expected to witness increased demand as sodium-ion batteries can effectively store electricity from renewable energy sources and balance demand volatility.
Key Takeaways
The
Global Sodium-Ion Battery Market Demand is expected to witness high growth over the forecast period. The global Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis :
Asia Pacific holds the major share of the sodium-ion battery market currently due to the large presence of global battery manufacturers including key players in countries like China, South Korea, and Japan.
Key players :
Key players operating in the sodium-ion battery market are Masimo Corporation, Drägerwerk AG & Co. KgaA, Advanced Brain Monitoring Inc., Medtronic plc, Compumedics Limited, Siemens Healthcare GmbH, Koninklijke Philips N.V, Nihon Kohden Corporation, Natus Medical Incorporated, and General Electric Company (GE Healthcare). They are focused on developing advanced sodium-ion battery chemistries and production technologies to accelerate commercialization. Strategic collaborations between global automakers and battery manufacturers are expected to boost the adoption of sodium-ion batteries in electric vehicles.
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