The report “Sodium-Ion Battery Market by Battery Type (Sodium-Sulfur, and Sodium-Salt), Technology Type (Aqueous and Non-Aqueous), End-Use (Energy Storage, Automotive, and Industrial), and Region (Asia Pacific, Europe, and North America) – Global Forecast to 2028″, is projected to grow from USD 0.5 billion in 2023 to USD 1.2 billion by 2028, at a CAGR of 21.5% during the forecast period. The market is expected to grow, fueled by their affordability compared to lithium-ion batteries. This makes them perfect for large-scale energy storage, especially with renewables like wind and solar needing solutions for fluctuating power. Their reliance on common sodium positions them as a more sustainable option, pushing the market forward due to the global focus on reducing our environmental impact.
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- 100 Market data Tables
- 41 Figures
- 143 Pages and in-depth TOC on “Sodium-Ion Battery Market – Global Forecast to 2028”
Some of the prominent key players are:
- Faradion (UK)
- Contemporary Amperex Technology Co., Ltd. (China)
- Tiamet Energy (France)
- HiNa Battery Technology Co., Ltd. (China)
- Jiangsu Zoolnasm Energy Technology Co Ltd (China)
Driver: Cost effective when compared to lithium-ion batteries
Sodium-ion batteries are a relatively cost-effective solution when compared to lithium-ion batteries. They offer significant advantages across various aspects of energy storage. Sodium-ion batteries are relatively cheaper, due to the abundance and lower cost of sodium resources. This consequently reduces the overall price of sodium-ion batteries and contributes to their affordability.
This cost-effectiveness of sodium-ion batteries thus leads to reduced production costs, which further escalates their attractiveness for energy storage applications. This aspect therefore acts as an advantage for large-scale projects such as grid storage, where cost considerations play a critical role in decision-making. Additionally, the lower price of sodium-ion batteries has a ripple effect on the electronics industry, reducing the overall cost of electronic gadgets compared to those powered by lithium-ion batteries. This cost reduction makes sodium-ion batteries not only economically appealing but also fosters their wider adoption across various consumer electronics and industrial applications, driving the shift towards more sustainable energy solutions.
