The global Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 Bn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sodium-ion batteries store energy through the movement of sodium ions between the anode and cathode during the charge and discharge processes. Sodium-ion batteries are more environmentally friendly than lithium-ion batteries and provide higher energy density than conventional battery technologies.
Market key trends:
One of the major trends in the sodium-ion battery market is its increasing adoption in 5G technology. Smartphones and other consumer electronic devices that support 5G networks require batteries with higher energy density to power more computation and data processing. Sodium-ion batteries meet this demand well and several market players are developing sodium-ion batteries specifically targeting 5G applications. As 5G adoption grows globally in the coming years, it will be a key driver of the sodium-ion battery market.
Segment Analysis
The global sodium-ion battery market is segmented based on component, application, and region. Based on component, the sodium-ion battery market is segmented into cathode, anode, electrolyte, and others. Among these, the cathode segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Cathodes play an important role in sodium-ion batteries as they govern the storage capacity and voltage produced.
Key Takeaways
Global Sodium-Ion Battery Market Size is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing demand for cost-effective energy storage solutions.
Regional analysis
Asia Pacific dominated the global sodium-ion battery market in 2022 and is expected to remain the fastest growing as well as the dominating regional market during the forecast period. This is attributed to the presence of emerging economies such as China and India which are heavily investing in renewable power generation and adopting green technologies to reduce carbon emissions.
Key players
Key players operating in the sodium-ion battery market are Natron Energy Inc., Faradion Limited, Altris AB, AMTE Power PLC, Contemporary Amperex Technology Co. Limited, NGK Insulators Ltd., and TIAMAT SAS. Natron Energy Inc. and Faradion Limited are prominent players focussed on developing advanced sodium-ion batteries for transportation and grid applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it