Sodium Ion Battery Market is projected to reach $1.2 billion by 2031, growing at a CAGR of 15.9% from 2022 to 2031. The market size was valued at $0.3 billion in 2021.
Sodium Ion Batteries
Sodium ion batteries offer high electrochemical quality. They are now being used in electric automobiles as a great replacement for Lithium-ion batteries. Sodium ion batteries are gaining appeal due to their easy availability and accessibility.
Consumer demand for sodium ion batteries, notably in the automotive, electronics, and electrical industries, has led to market growth. Sodium ion batteries are more likely to be long-lasting, which helps meet the growing need for a dependable power source.
Benefits and Challenges
Sodium ion batteries provide sustainability, affordability, and greater safety. However, they have a lower energy density compared to Lithium-ion batteries. Technological advancements are expected to resolve this issue.
Key players in the Sodium Ion Battery market include Kishida Chemical, Panasonic Corporation, Faradion Limited, Natron Energy, HiNa BATTERY, Zoolnasm, CATL, Natrium Energy, Mitsubishi Corporation, and Ronbay Technology.
The market is segmented on the basis of application, end-use, and region. Europe accounts for the largest Sodium Ion Battery market share.
Europe holds a dominant position in 2021 and is expected to maintain the lead. The industrial segment was the leading segment in 2021. The stationary energy storage segment accounted for the largest market share in 2021.
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