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Sodium Ion Battery Market Trends

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

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Sodium Ion Battery Market Trends

Increasing investment in battery research and development activities to enhance their performance and expand their potential applications will propel the product adoption. Furthermore, rising government initiatives to promote sustainable energy storage solutions will foster the industry growth. Growing global reliance on lithium and cobalt has created concerns about supply security, particularly as these resources are concentrated in specific regions prone to geopolitical instability will stimulate the product adoption due to their wide availability across multiple geographies, enhancing resource security and supply chain resilience.

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.