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Sodium-ion battery has set its footprint across the globe as a large-scale and low-cost alternative for the lithium-ion batteries. The sodium metal in sodium-ion batteries exhibits a large ionic radius as compared to that of lithium metal in the lithium-ion batteries which provide fewer changes in the materials during electrochemical cycling thus providing more stability as compared to the lithium-ion battery.
Sodium-ion batteries exhibit excellent features such as low cost, similar energy densities and power storage similar to other counterparts, more safe with improved thermal stability, and remarkable cycle life among other features. Sodium-ion batteries are generally more suitable for stationary applications as compared to mobile applications.
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On the basis of technology, the sodium-ion battery market is segmented as the sodium-sulfur battery, sodium salt battery, and sodium air battery. The sodium-ion batteries are used in energy storage applications in the solar and wind renewable energy plants.
The sodium-ion batteries are also used for powering electric vehicles such as electric bikes and e-scooters. Based on end-user, the sodium-ion battery market is bifurcated based on the use of the sodium-ion batteries in residential, commercial, Utility, industrial and transport sectors, among others.
The sodium-ion battery is used for storing energy in the grids and powering the electric vehicles. The sodium-ion battery is considered to be an efficient replacement for lithium-ion batteries. The abundant availability of sodium as compared to that of lithium adds to the reduction in the cost of manufacturing the sodium-ion battery. Owing to this, the sodium-ion battery market is expected to grow at a considerable rate in the coming years.
The shell life of the sodium ion battery is approximately equal to that of a lithium-ion battery which would allow the consumers to have a better choice of battery in all terms such as cost, efficiency, and shell life.
This is expected to add to the growth of demand for sodium-ion batteries in the near future. The sodium-ion batteries have applications in the renewables energy grids. An increase in the grid capacities around the globe is forecast to augment the market growth of the sodium-ion battery market in the near future.
The weight of sodium is more as compared to that of the lithium metal. Owing to this the sodium-ion batteries have restrictions in their applications in the electric vehicles. Sodium-ion battery required to power a car is of very heavyweight, which is not feasible to use. This is expected to retard the growth of the sodium-ion battery market in the transport sector.
Some of the major companies that are present in the global sodium-ion battery market are Faradion, AGM Batteries Limited, NEI Corporation, Natron Energy, Haldor Topsoe A/S, HiNa Battery Technology Co., Ltd, Aquion, Sumitomo Chemical Co., Ltd., Naiades, and Tiamat Energy among others.
· Sodium Sulfur Battery
· Sodium Salt Battery
· Sodium Air Battery
· Transport Sector
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global sodium-ion battery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The sodium-ion battery market is expected to witness lucrative opportunities in the North America region owing to the plans for high capacity additions of solar and wind energy in the coming years and increasing electric vehicle sales in the region. Latin America region has a weak power distribution network in some countries such as Venezuela, Caribbean Islands, Chile, and Columbia among others. In order to cater to the increasing power demand in the region, the local governments are focused on adding solar capacities in the above countries along with Brazil and Uruguay. The increase in the solar capacities in the region is anticipated to augment the market growth of the sodium-ion battery market in the region. The Europe region is focused on shifting its power sources to renewables and is promoting local governments to adopt electric vehicle technology. Increasing sales of electric vehicles and the growth of the renewable industry in the region are expected to boost the sodium-ion battery market growth during the forecast period. The Middle East and Region have witnessed significant growth in renewable energy capacity. Installations in Saudi Arabia, South Africa, and the United Arab Emirates are among the key factors for the growth of renewable energy in the Middle East and Africa region. The increase in renewable energy capacities in the region is expected to drive the demand for the sodium-ion battery market over the forecast period. Asia Pacific region has a well-established and rapidly growing renewable energy industry. Capacity additions in China, Japan and India are among the key drivers for the growth of the renewable energy industry in the region. The growth of the renewable energy industry is expected to accelerate the sodium-ion sales growth in the Asia Pacific in the near future.
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