According to a new report published by UnivDatos Markets Insights, the Sodium Ion Battery Market is expected to grow at a CAGR of around 25% from 2022-2028. The analysis has been segmented into Type (Sodium-Sulfur Battery, Sodium-Air Battery, and Sodium Salt Battery); End-Use (Utility, Residential, Commercial, Transportation, Industrial, and Other); Region/Country.
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The sodium ion battery market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the sodium ion battery market. The sodium ion battery market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the sodium ion battery market at the global and regional levels.
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Market Overview
Sodium-ion batteries are energy storage device which is based on electrochemical charging & discharging reactions between the cathode and anode. The cathode electrode is generally made up of sodium-containing layered material. In recent times, sodium-ion batteries witnessed significant demand owing to their thermal stability, higher energy storage capacity, and lower cost. Also, sodium-ion batteries have a similar battery life cycle and energy density compared to Li-ion batteries and their other counterparts and are more suitable for static applications. Additionally, the growing demand for energy & electricity along with the increasing adoption of renewable energy and the incorporation of sodium-ion batteries in solar PV panels and wind energy technology is expected to propel the market for sodium-ion batteries in the coming time.
Factors such as technological advancement coupled with the growing number of industries and manufacturing units along with the new product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include AMTE Power Plc., NGK Insulators, HiNa Battery Technology, Aquion Energy, NEI Corporation, Nanode Battery Technologies, Contemporary Amperex Technology Co., Limited, Reliance Industries, Altris AB, and Natron Energy Inc.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the manufacturing industry along with supply chain disruption, regulatory and policy changes, labor reliance, working capital management, and liquidity & solvency management. The sodium ion battery market has been significantly affected during these times owing to the gap between supply and demand.
The global sodium ion battery market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the type, the market is segmented into the sodium-sulfur battery, sodium-air battery, and sodium salt battery. The sodium-sulfur segment is expected to witness significant market growth during the forecast period owing to its increasing adoption in the electric vehicle segment. Additionally, sodium sulfur batteries can work at higher temperature ranges (300-3500 C) and provide added advantages over their counterpart batteries. They are widely adopted in distributed grid support, wind power integration, and high-value application on the island.
· Based on end-use, the market is segmented into utility, residential, commercial, transportation, industrial, and others. The utility segment is expected to register a significant CAGR during the forecast period due to technological advancement attributed to energy storage. Additionally, the adoption of renewable energy and its application for load, thermal stability, and power generation, along with rising energy demand, are likely to drive the market's expansion. Additionally, the market for sodium-ion batteries for utility applications will be driven by rigorous government regulations to minimize the carbon impact and rising consumer awareness of cleaner fuel.
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Sodium Ion Battery Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. This is due to the increasing adoption of renewable energy including wind power, and solar energy, along with growing investment for the upgradation of grid infrastructure. Also, the government in the region planning for capacity addition in renewable energy and is expected to propel the market demand for sodium-ion batteries during the forecast period. For instance, according to the IEA total installed capacity for solar and wind energy was 61 GW and 132 GW respectively for the year 2021 and is expected to reach 106 GW for solar and 148 GW for wind energy by 2023. Additionally, supportive government policies in the region are expected to support market growth. For instance, in December 2021, the US Department of Energy launched ARPA-E through the SCALEDUP program to support the mass production of sodium ion batteries.
The major players targeting the market include
· AMTE Power Plc.
· Contemporary Amperex Technology Co., Limited
· Nanode Battery Technologies
· NGK Insulators
· HiNa Battery Technology
· Aquion Energy
· NEI Corporation
· Natron Energy Inc.
· Reliance Industries
· Altris AB
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the sodium ion battery market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the sodium ion battery market?
• Which factors are influencing the sodium ion battery market over the forecast period?
• What are the global challenges, threats, and risks in the sodium ion battery market?
• Which factors are propelling and restraining the sodium ion battery market?
• What are the demanding global regions of the sodium ion battery market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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Table of Content:-
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THE SODIUM ION BATTERY MARKET
6 SODIUM ION BATTERY MARKET REVENUE (USD BN), 2020-2028F
7 MARKET INSIGHTS BY TYPE
8 MARKET INSIGHTS BY END-USE
9 MARKET INSIGHTS BY REGION
10 SODIUM ION BATTERY MARKET DYNAMICS
11 SODIUM ION BATTERY MARKET OPPORTUNITIES
12 SODIUM ION BATTERY MARKET TRENDS
13 DEMAND AND SUPPLY-SIDE ANALYSIS
14 VALUE CHAIN ANALYSIS
15 COMPETITIVE SCENARIO
16 COMPANY PROFILED
17 DISCLAIMER
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