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Sodium Ion Battery Market Size

Report ID: GMI11710
Published Date: Oct 2024
Report Format: PDF

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Sodium Ion Battery Market Size

The global sodium ion battery market was valued at USD 215.5 million in 2023 and is anticipated to grow at a CAGR of 26.9% from 2024 to 2032. It is a type of rechargeable battery that utilizes sodium ions as the charge carriers during electrochemical reactions within the battery cell. The fundamental operation is similar to lithium-ion batteries, where energy is stored and released through the movement of ions between the anode and cathode during charging and discharging cycles.

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Rising demand for cost effective sustainable solutions with reduced supply chain risk is set to boost the product adoption. Growing adoption of environmentally friendly alternatives that align with growing global concerns about sustainability and the environmental impact of battery production will foster the product penetration. Furthermore, rising advancements in SIB technology to improve their energy density and cycling stability, making them suitable for various applications, including stationary energy storage and electric vehicles will complement the business statistics.

Sodium Ion Battery Market Report Attributes
Report Attribute	Details
Base Year:	2023
Sodium Ion Battery Market Size in 2023:	USD 215.5 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	26.9%
2032 Value Projection:	USD 1.81 Billion
Historical Data for:	2021 to 2023
No. of Pages:	70
Tables, Charts & Figures:	25
Segments covered:	End Use, Technology, and Region
Growth Drivers:	Reduced environmental impact Rising research and development activities
Pitfalls & Challenges:	Presence of alternatives

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Growing demand for safe batteries from electric vehicles and grid storage that are less prone to thermal runaway compared to other batteries will drive the market growth. Additionally, the batteries are particularly well suited for stationary energy storage systems, which can help balance intermittent renewable energy sources including the solar and wind. Their ability to operate efficiently in various temperatures and conditions makes them versatile for diverse applications is set to foster the industry landscape.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of sodium ion battery was surpassed USD 215.5 million in 2023 and is projected to grow at a CAGR of over 26.9% from 2024 to 2032, propelled by the increasing demand for cost-effective and sustainable solutions that mitigate supply chain risks.

The energy storage segment is expected to exceed USD 1.56 billion by 2032. This surge is attributed to the cost-effectiveness of sodium ion batteries, especially for utilities and renewable energy projects aiming to maximize their investments.

The aqueous technology segment is poised to expand at a CAGR of over 28% through 2032. This growth is due to their superior safety features, significantly lowering the risks of fire or explosion, even in extreme scenarios like overcharging, short circuits, or physical damage.

The Asia Pacific sodium-ion battery market is expected to reach USD 998 million by 2032, driven by the region's ample sodium resources, reducing reliance on imported lithium and cobalt.

Key players in the sodium ion battery market include Altris, Broadbit Batteries, CATL, China BAK Battery, Farasis Energy, Faradion Limited, HiNa Battery Technology, Li-FUN Technology, Natron Energy, SVOLT, and Tiamat.