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Sodium-ion Battery Market was at US$ 1120 Million in 2021 and is growing to approx US$ 2899 Million by 2030, with a CAGR growth of 26% between 2022 and 2030.

SANDY, UTAH, UNITED STATES, November 16, 2022 /EINPresswire.com/ -- According to the study, The Global Sodium-ion Battery Market was estimated at USD 1120 Million in 2021 and is anticipated to reach around USD 2899 Million by 2030, growing at a CAGR of roughly 26% between 2022 and 2030.

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Sodium-ion Battery Market: Overview

Since most sodium-ion batteries are prototypes or still in research and development, other batteries like lead-acid and lithium-ion batteries now dominate the market. The sodium-ion batteries market is anticipated to overgrow as new players enter the ecosystem in the upcoming years.

In response to increased public concern and regulatory constraints brought on by an increase in lithium-ion price and emissions, more research and development is being done to improve the energy density of sodium-ion batteries and create new electrolyte technologies. For example, scientists in Japan created sodium-ion storms in August 2022 using micro carbon lattices made with a cheap 3D printer.

The resulting anode permits quick transit of energy-producing ions and reduces the battery’s size and production costs.

Sodium-ion Battery Market: Growth Drivers

As customer preference for sodium-ion batteries has increased, notably in the electronic and electrical industries, so has the market for those batteries globally. Manufacturers will find switching to sodium battery cells simpler if they can handle sodium-based compounds with the same equipment that takes lithium-ion components. In addition, the ubiquitous accessibility of sodium metal contributes to sodium-ion batteries’ long-term sustainability, helping satisfy the market’s rising need for a dependable power source.

While lithium-ion batteries have been in use for some time, sodium-ion batteries are a more recent addition to the commercial landscape. However, since sodium-ion batteries are not well suited for active use and because there needs to be a robust industrial supply chain, some market growth is restrained.

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Key Insights:

A) As per the analysis shared by our research analyst, the Sodium-ion Battery market is estimated to grow annually at a CAGR of around 26% over the forecast period (2022-2030).
B) In terms of revenue, the Sodium-ion Battery market was valued at around USD 1120 Million in 2021 and is projected to reach USD 2899 Million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The Sodium-ion Battery market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
D) The study includes data on the significant market drivers, challenges, and opportunities and their effects.
E) The study elaborates on the SWOT analysis and Porter’s Five Forces model.
F) The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.

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Regional Landscape

Most businesses utilizing battery technology for commercial purposes are based in Europe, so the region is predicted to dominate the industry. Furthermore, the area is anticipated to lead the market throughout the forecast period due to the increased production of renewable energy sources, such as wind and solar.

Due to continued research, expanding deployment of battery energy storage systems, and the popularity of electric vehicles, Europe holds the top spot in the sodium-ion battery industry.

The new EU-funded initiative NAIMA, which stands for “Na Ion materials as fundamental components to create durable battery cells for non-automotive applications,” got underway in France in January 2020. This project received a nearly EUR 8 million grant from the Horizon2020 program of the European Commission. The program’s 36-month length began in December 2019 and is anticipated to expire in December 2022.

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Key Players

Aquion Energy
Zhejiang Lvming Energy (Durathon)
Faradion Limited
Panasonic Corporation
HiNa Battery Technology
Qintang New Energy
Liaoning Hongcheng
Nrgtek Inc.
AGM Batteries Ltd.
NGK
NEI Corporation

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The Sodium-ion Battery Market is segmented as follows:

By Type

Sodium-Oxide Batteries
Sodium-Sulfur Batteries
Sodium-Salt Batteries

By Application

Grid-Level Applications
Transportation
Consumer Electronics
Industrial
Defense
Aerospace
Marine
Others

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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