Europe drives sodium-ion battery market to reach $2.6bn by 2030

Europe drives sodium-ion battery market to reach $2.6bn by 2030

Market news |
By Nick Flaherty

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The global sodium-ion battery market is set to reach $2.665bn by 2030, according to a new report by Straits Research.

The CAGR annual growth of 11.2% is driven by the lower cost with comparable energy densities, comparable power storage and increased safety due to excellent thermal stability, and exceptional cycle life compared to lithium ion cells.

Sodium-ion batteries are typically more appropriate for stationary applications, says the report, but the primary driver of the sodium ion battery industry is the rising demand for electric vehicles.

Europe was the market’s dominant region over the predicted period. Because of the rise in the number of companies developing and marketing sodium-ion batteries. Faradion in the IK created the world’s first sodium-ion battery-powered car in collaboration with Williams Advanced Engineering and Oxford University. In January 2021, the business focused on the Innovate UK-funded Low-Cost Storage of Renewable Energy project to demonstrate Na-ion technology for solar energy storage.

The promise of the Na-ion battery was confirmed by Naiades, a French effort supported by the European Union. The project’s primary objective was to develop a battery technology for long-term Electric Energy Storage (EES) based on sodium-ion technology that would drastically reduce the cost of lithium-ion technology while ensuring long-term safety, cycle life, and energy density.

 The North American region is the second largest and is expected to grow at a CAGR of 9.6% during the forecast period. North America is anticipated to grow considerably during the projected period due to the region’s increasing adoption of electric vehicles and solar and wind power projects. Wind power is one of the most rapidly expanding renewable energy technologies.

The North American sodium-ion battery market is anticipated to see lucrative opportunities in the following years due to plans for significant capacity additions of solar and wind energy and rising sales of electric vehicles.

The Asia-Pacific region is the third largest. To reduce emissions, the market for sodium-ion batteries will increase in the power generation and transportation sectors, particularly in India, China, and other Southeast Asian countries, including Japan, Korea, Indonesia, and Malaysia.

The report covers Sodium-Sulfur Batteries, Sodium-Salt Batteries (Zebra Batteries) and Sodium-Oxygen (Sodium Air) Batteries use din Consumer Electronic Devices, Automobile & Transportation, Power Backup, Grid-Level Applications, Industrial, Aerospace & Defense, Marine.

This covers Faradion, AGM Batteries, NEI, Natron Energy, Haldor Topsoe, Hina Battery Technology, Aquion, Sumitomo Chemica, Naiades and Tiamat Energy.

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