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Sodium-ion Battery Market Advances at 15.5% CAGR to Cross US$ 4.22 Billion by 2033, States Fact.MR

by GlobeNewswire
October 25, 2023
in Top News
Reading Time: 5 mins read

Government Subsidies and Rising Electric Vehicle Adoption Driving Demand for Sodium-ion Batteries

Rockville , Oct. 25, 2023 (GLOBE NEWSWIRE) — A new report from Fact.MR, a market research and competitive intelligence provider, reveals that the global Sodium-ion Battery Market is on an upward trajectory and is projected to record a CAGR of 15.5% over the forecast period (2023 to 2033). The market is expected to reach a valuation of US$ 4.22 billion by 2033-end.

The global energy environment is undergoing a massive revolution toward sustainability, and sodium-ion batteries are at the vanguard of this transformation. In recent years, the sodium-ion battery market has gained significant traction, presenting an eco-friendly, cost-effective alternative to existing energy storage technologies. These batteries are used in a variety of industries, including energy storage, consumer electronics, and electric cars, with energy storage accounting for the leading market share. The rising need for renewable energy systems is a major motivator in this regard.

For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=9008

Key Segments of Sodium-ion Battery Industry Research Report

By ProductBy ApplicationBy TechnologyBy End Use
  • Sodium Sulfur Batteries
  • Sodium Salt Batteries
  • Sodium Air Batteries
  • Stationary Energy Storage
  • Transportation
  • Aqueous
  • Non-aqueous
  • Consumer Electronic Devices
  • Automobile & Transportation
  • Power Backup
  • Grid-Level Applications
  • Industrial
  • Aerospace & Defense
  • Marine
  • Others

North America and Europe are the leading regions in the sodium-ion battery market, owing to rising electric car usage, strict environmental laws, and government subsidies. However, due to its expanding renewable energy industry and expanding electric car market, the Asia Pacific market is expected to grow substantially. The market faces hurdles such as safety issues and the relatively higher production cost of sodium-ion batteries. These challenges, however, are spurring innovation, providing opportunities for companies to produce safer, more efficient batteries at a reduced cost.

Key Takeaways from Market Study

  • The global market for sodium-ion batteries is estimated at US$ 997.9 million in 2023.
  • Worldwide sales of sodium-ion batteries are projected to surge at 15.5% CAGR between 2023 and 2033.
  • The market is expected to reach a value of US$ 4.22 billion by the end of 2033.
  • North America accounted for a global market share of 21% in 2022.
  • Europe held 40% share of the global market in 2022.

“Sodium-ion batteries are emerging as the game-changer as we stand on the verge of a sustainable energy revolution. These batteries carry the promise of powering a cleaner and more sustainable future, serving as a critical option for efficiently storing renewable energy and powering electric vehicles. Their role in the transition to a cleaner and more sustainable energy future cannot be overstated, and the market is set to grow significantly in the coming years. As the demand for renewable energy and electric vehicles surges, sodium-ion batteries are positioned to be a vital player in the shift towards a greener, more sustainable world,” says a Fact.MR analyst.

Increasing Adoption of Cleaner Transportation Modes

The electric vehicle (EV) revolution is an important turning point in the automobile industry, as well as a vital component of the larger effort to combat climate change and cut greenhouse gas emissions. As public concerns about air quality and carbon footprints grow, electric vehicles have emerged as an appealing answer, with usage steadily increasing.

Electric automobiles, unlike typical internal combustion engine vehicles, emit no tailpipe emissions, lowering air pollution and mitigating the negative health impacts associated with vehicular exhaust. As EVs become more common, there is a greater need for high-performance, low-cost battery options. Sodium-ion batteries are an appealing alternative to lithium-ion batteries.

Electric vehicles are also becoming more affordable and useful for consumers as a result of the quick improvement in battery technology. Lithium-ion batteries in particular have become more efficient and cost-effective, allowing for longer driving ranges and faster charging periods.

Another significant driver of the EV revolution is the expansion of charging infrastructure. Drivers are more confident in their abilities to find convenient sites to refuel their vehicles as more charging stations become accessible. Furthermore, novel solutions such as fast-charging stations and at-home chargers are improving the user experience and meeting the needs of current consumers who seek convenience and efficiency.

Report AttributeDetails
Value Projection (2033)USD 4.22 Billion
Growth Rate (2023-2033)15.5% CAGR
No. of pages170 Pages 
No. of Tables80 Tables
No. of Figures219 Figures 


Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=9008

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the sodium-ion battery market for 2018 to 2022 and forecast statistics for 2023 to 2033.

The study divulges essential insights into the market based on product (sodium sulfur batteries, sodium salt batteries, sodium air batteries), technology (aqueous, non-aqueous), application (stationary energy storage, transportation), and end use (consumer electronic devices, automobile & transportation, power backup, grid-level applications, industrial, aerospace & defense, marine, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Checkout More Related Studies Published by Fact.MR Research:

Fire Alarm Battery Market: Global fire alarm battery sales are currently valued at around US$ 302.3 million and are anticipated to increase at a CAGR of 3.6% to reach a market valuation of US$ 430.6 million by 2032.

Industrial Battery Chargers Market: The global industrial battery chargers market is valued at US$ 2.3 billion in 2023 and is forecasted to reach US$ 4.5 billion by 2033-end. Global demand for industrial battery chargers is predicted to rise rapidly at a CAGR of 7% from 2023 to 2033.

Forklift Battery Market: The global forklift battery market is valued at US$ 23.5 billion in 2022 and is anticipated to reach to a market valuation of US$ 44.7 billion by the end of 2032. Worldwide sales of forklift batteries are predicted to increase at a high-value CAGR of 6.6% over the next ten years.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team : sales@factmr.com
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GlobeNewswire,is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
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