Lucintel Forecasts Sodium-Ion Battery Market to Reach $2.6 Billion by 2028

Category: Business

According to the recent study the sodium-ion battery market is projected to reach an estimated $2.6 billion by 2028 from $1.2 billion in 2023, at a CAGR of 16.2% from 2023 to 2028. Growth in this market is primarily driven by rising interest in sodium-ion batteries as a replacement for lithium-ion batteries and expanding usage of these batteries as an intermittent energy source like wind and solar, and growing trend low-speed electric cars across the globe. A more than 150 – page report is developed to understand trends, opportunities and forecast in sodium-ion battery market by technology (sodium sulphur battery, sodium salt battery, and sodium air battery), end use industry (automotive, consumer electronics, energy storage, industrial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World). “Sodium sulphur battery market is expected to remain the largest segment during the forecast period.” Based on technology, the sodium-ion battery market is segmented into sodium sulphur battery, sodium salt battery, and sodium air battery. Lucintel forecasts that the sodium sulphur battery market is expected to remain the largest segment due to owing to its characteristic, such as high charge of discharge efficiency, good energy density and longer lifespan. “Within the sodium-ion battery market, the energy storage segment is expected to remain the largest end use” Based on end use the energy storage segment is expected to witness the highest growth over the forecast period due to the increasing consumption rate of electricity in developing countries and expanding use of smart grids necessitates the use of battery energy storage systems to control voltage and frequency deviations. “Asia pacific will dominate the sodium-ion battery market in near future” APAC will remain the largest region due to the growing popularity for e-vehicles, and increasing investments in energy storage technologies in the region. Major players of sodium-ion battery market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Faradion, Contemporary Amperex Technology (CATL), NGK Insulators, TIAMAT SAS, and HiNa Battery Technology are among the major sodium-ion battery providers. This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com