(MENAFN- PR Newswire)
Sodium is more abundant than lithium and has an almost infinite supply, with far lower overall extraction and purification costs. Thus, sodium-ion-based batteries are becoming more popular as a potentially competitive technology to Li-ion batteries in certain applications.
FREMONT, Calif., Sept. 30, 2022 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled – A Global and Regional Analysis .
According to this study, the market size of the global sodium-ion batteries market was valued at $528 million in 2021 and is projected to reach $4.36 billion by 2031.
The following factors are responsible for the increase in demand for sodium-ion batteries:
- Rising renewable energy generation
- Increasing research and development activities on sodium-ion batteries
The detailed study is a compilation of 121 market data tables and 20 figures spread through 174 pages.
Check out the detailed table of content here à
Analyst's Take on the Market Projection
According to Sachin Singh, Lead Analyst, BIS Research , 'Sodium-ion batteries are a viable alternative to lead-acid and lithium-ion batteries. However, the market is still in its early stages, and the product needs to be improved in terms of size and energy density. Only a few companies are presently commercializing sodium-ion batteries, with the majority still in prototype or demonstration form. However, continued advancements in its features and the growing popularity of sodium-ion batteries are expected to entice a number of major players to enter the market. Furthermore, by 2030, sodium-ion batteries are expected to hold a significant global market share.'
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Existing Competitive Landscape
The companies that are profiled have been selected based on primary research inputs gathered from a network of industry experts and analyzing company coverage, product portfolio, and market penetration.
Some of the prominent established names in this market are Aquion Energy, Faradion Limited, HiNa Battery Technology Co., Ltd, Ben'an Energy Technology (Shanghai) Co., Ltd, AMTE Power plc, Natron Energy, Inc., Tiamat Energy, Jiangsu Zhongna Energy Technology Co., Ltd., Contemporary Amperex Technology Co. Limited (CATL), Li-FUN Technology Corporation Limited, BLUETTI Power Inc., Indigenous Energy Storage Technologies Pvt. Ltd. (Indi Energy), Altris AB, NEI Corporation, Blackstone Technology GmbH, and more.
Recent Developments in the Global Sodium-ion Batteries Market
- In April 2022, AMTE Power plc joined forces with Sprint Power and Eltrium to accelerate the development of next-generation battery technologies to meet the expanding and complex needs of the electric vehicle (EV) market.
- In June 2021, Altris AB, in collaboration with LiFeSiZE AB, developed a sodium-ion battery cell. The cell matches the performance, life cycle, and energy density of a lithium-ion battery.
- In March 2021, Infraprime Logistics Technologies (IPLTech) and Faradion Limited joined forces to offer high-energy sodium-ion batteries for commercial vehicles in India.
Large-Scale Stationary Energy Storage to be the Leading Application for the Sodium-ion Batteries Market
Sodium-ion batteries are appealing prospects for stationary storage applications where lifetime operational cost is the most important consideration.
In 2021, the large-scale stationary energy storage segment dominated the overall sodium-ion batteries market in terms of value and volume, and it is expected to continue dominating the market till 2031. This projected remarkable growth share is attributed to the consistent expansion of renewable energy capacity globally.
Since unconventional energy sources such as solar and wind demand extensive use of battery-operated devices and machinery, sodium-ion battery technology is expected to play a significant role in supporting the clean energy industry.
Why Should You Buy The Report?
This exclusive report on the global sodium-ion batteries market will help in the following ways:
- Share of key players and extensive competitive benchmarking of more than 15 players done to offer a holistic view of the sodium-ion batteries market landscape
- Market ranking analysis based on product portfolio, recent developments, and regional spread
- Investment landscape including product adoption scenario, funding, and patent analysis
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About BIS Research:
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