Sodium-Ion Battery Market size worth $ 2503 Million, Globally, by 2028 at 11.07% CAGR: Verified Market Research®

Primary factors driving the Sodium-Ion Battery Market is the increasing preference towards sodium ion batteries in electrical and electronics industries, large availability of sodium metal, low-cost electrical energy storage and other factors.

JERSEY CITY, N.J., March 22, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Sodium-Ion Battery Market" By Application (Stationary Energy Storage, Transportation), and By Geography. According to Verified Market Research, the Global Sodium-Ion Battery Market size was valued at USD 923 Million in 2020 and is projected to reach USD 2503 Million by 2028, growing at a CAGR of 11.07 % from 2021 to 2028.

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Global Sodium-Ion Battery Market Overview

The most enticing alternative form of energy storage technology has been discovered as sodium-ion batteries. Due to the easy availability and accessibility of sodium, the demand for sodium-ion batteries has risen. These batteries are ideal for applications where compactness is less of a concern. Chemical bonds are used to store energy at the anode. Sodium ions de-intercalate from the cathode and migrate toward the anode as the battery is charged. Sodium-ion batteries have higher electrochemical quality in terms of charge-discharge and high specific discharge capacity. As a result, the Sodium-Ion Battery Market is expanded. Sodium-ion (Si-ion) battery is an excellent substitute for a lithium-ion (Li-ion) battery. Li-ion battery compounds are more costly than sodium-ion battery materials.

Furthermore, cathode and electrolyte expenses can account for up to half of total cell costs, resulting in significant overall cost savings. The availability of conducting materials is critical to the market. This has encouraged manufacturers to use sodium-ion technology to make more energy-efficient and less expensive batteries. Because of increased concerns about the supply of raw materials and the rising cost of lithium-ion batteries, manufacturers have recognized the potential of sodium in the battery market. Since lithium-ion batteries have a higher energy density than sodium-ion batteries, a smaller lithium-ion battery will last longer between charges. The energy density of sodium ions is nearly half that of lithium this factor may limit the growth of the market.

Key Developments

• On Jun 2020, Infraprime Logistics has established a new collaboration with Faradion Ltd., the world leader in sodium-ion battery technology.
• On Dec 2021, Reliance New Energy Solar Ltd stated that it has entered definitive agreements to purchase a 100 percent stake in Faradion Limited (Faradion) for GBP 100 million.

Key Players

The major players in the market are Faradion Limited, AGM Batteries Ltd, NGK Insulators Ltd, TIAMAT SAS, HiNa Battery Technology Co. Ltd, Altris AB, and Natron Energy Inc.

Verified Market Research has segmented the Global Sodium-Ion Battery Market On the basis of Application, and Geography.

• ·  Sodium-Ion Battery Market, By Application
• Stationary Energy Storage
• Transportation
• ·  Sodium-Ion Battery Market by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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Top 7 Sodium-Ion Battery Manufacturers that enhances thermal stability and safety

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