Sodium-ion Batteries Market To Reach USD 1,472.4 Million By 2032, Says DataHorizzon Research

The sodium-ion batteries market size was valued at USD 337.7 Million in 2023 and is expected to have a market size of USD 1,472.4 Million by 2032 with a CAGR of 17.8%.

Fort Collins, Colorado, May 03, 2024 (GLOBE NEWSWIRE) —

Sodium-ion batteries have proliferated in the consumer electronics sector as a power source.

Sodium-ion batteries are power sources for various consumer electronics, including smartphones, tablets, and cameras. Moreover, in the energy sector, particularly in applications such as solar and wind energy storage for the power grid, sodium-ion batteries, notably sodium sulfur batteries, are gaining prominence. Government initiatives further bolster the development and adoption of sodium-ion batteries. For instance, the European Union has invested in Project SIMBA, which aims to develop cost-effective solid-state sodium-ion batteries for energy storage applications.

The increasing emphasis on green energy sources emerges as a key driver propelling market growth. Heightened awareness regarding green energy and concerns regarding the scarcity of lithium for meeting future energy demands have spurred interest in sodium-ion batteries, notably among research institutions and manufacturers of mobile energy supply devices. The growing adoption of battery-powered equipment in the automotive and consumer electronics sectors is closely linked to advancing green energy technologies, offering abundant growth opportunities.

According to the International Energy Agency, the sodium-ion battery industry is poised for expansion, with an estimated 30 manufacturing plants either operational, planned, or under construction, boasting a total capacity of 100 GWh. Anticipated demand drivers include new product innovations and a growing emphasis on green energy sources, particularly as concerns surrounding the prolonged use of lithium as a primary energy source mount. As a result, sodium-ion batteries are expected to witness increasing adoption, driven by their innovative features and the imperative to transition towards sustainable energy solutions. 

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Segmentation Overview:

The sodium-ion batteries market has been segmented into technology, application, and region.

The sodium sulfur segment dominated in 2023.

  • Based on technology, the sodium-ion batteries market segmentation comprises sodium sulfur, sodium salt, and sodium air. The sodium sulfur battery segment held the largest market share in 2023. These batteries have sulfur electrodes as the positive electrode and sodium electrodes as negative electrodes, sulfur electrodes as positive electrodes, and sodium electrodes as negative electrodes.

The energy segment accounted for a significant market share in 2023.

  • Based on application, the sodium-ion batteries market is segmented into consumer electronics, automotive, energy, and others. The energy segment held the major market share in 2023. Sodium-ion batteries, particularly sodium sulfur batteries, are used for energy storage in peak shaving and renewable energy stabilization applications. 

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Sodium-ion Batteries Market Report Highlights:

  • The sodium-ion batteries market growth is anticipated at a CAGR of 17.8% by 2032.
  • Sodium-ion batteries power consumer electronics such as smartphones, tablets, and cameras. Sodium-ion batteries, particularly sodium sulfur batteries, are used in the energy segment to store power from solar and wind energy sources for use on the power grid.
  • Asia Pacific is expected to witness remarkable growth during the forecast period. Consumer electronic proliferation and a significant rise in electric vehicle adoption may spur demand over the next few years.
  • Some prominent players in the sodium-ion batteries market report include Aquion Energy, HiNa Battery Technology Co., Ltd, Faradion Limited, Natron Energy, Inc., Jiangsu Zhongna Energy Technology Co., Ltd,  Ben’an Energy Technology (Shanghai) Co., Ltd, AMTE Power plc, Contemporary Amperex Technology Co. Limited, BLUETTI Power Inc., Altris AB and NEI Corporation. 

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About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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Ph: +1-970-672-0390

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CONTACT: Mail: sales@datahorizzonresearch.com Ph: +1-970-672-0390 Website: https://www.datahorizzonresearch.com 

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