Since sodium ions are an extremely effective and active charge carrier, sodium ion batteries are a feasible choice for power storage. Sodium-ion batteries are distinguished by their reversibility, good electrochemical characteristics, quick reactivity, and other features. The main raw materials utilized in sodium-ion batteries include electrolyte material, barrier material, encapsulating material, separators, and other materials. Electronics end users frequently utilize sodium ion batteries in LED torches. Moreover, the utilization of sodium ion batteries for power storage purposes is expanding quickly across diverse end-use industries, including home electronics and electrical as well as industrial and automotive.
According to SPER market research, ‘Sodium-ion Battery Market Size - By Product, By Technology, By Application, By Industry Vertical - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Sodium-ion Battery Market is predicted to reach USD 5.74 billion by 2033 with a CAGR of 19.5%.
Energy storage services have expanded as a result of the growing need for renewable energy sources. The need for inexpensive batteries has increased due to the fast growing market share of renewable energy in the power generation sector. Reforms in the field of renewable energy and regulations promoting the construction of renewable power plants have been brought about by the pandemic. The main industrialized and developing nations have set a number of goals to achieve carbon neutrality by 2050, which should support the growth of the wind, solar, and electric vehicle industries. Furthermore, the sodium-ion battery business has developed thanks to the growing construction of offshore wind generation installations worldwide. Moreover, the rapid global increase in renewable energy output has strained power distribution and increased demand for sodium ion batteries.
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The production of sodium ion batteries for electric vehicles requires a substantial upfront investment in addition to expensive ongoing research and development, which restricts the entry of new businesses into the market. The global automotive sodium ion battery market is expected to suffer as a result. Governments have set strict guidelines for making batteries for electric vehicles, which is predicted to hurt the worldwide market. Moreover, high import taxes on batteries for electric cars and the unpredictability of raw material prices are expected to hinder the automotive sodium ion battery sector.
Impact of COVID-19 on Global Sodium-ion Battery Market
Since most people were working from home during the pandemic, there was a significant need for stationary energy storage devices. This led to a need for UPS systems, which in turn created a huge demand for the sodium-ion battery market. The demand for stationary energy storage devices made with sodium-ion batteries during the COVID-19 epidemic has decreased as a result of delays in the development of solar and wind power plant facilities caused by the shutdown of industrial facilities across the world. The need for energy resources derived from fossil fuels has declined considerably, whilst the need for energy resources derived from renewable sources has increased dramatically. Large-capacity energy storage systems are necessary for renewable energy sources despite their many benefits in areas like carbon emissions because of the strong correlation between air exchange and efficiency. Energy storage systems are impacted greatly by changes in the demand for renewable energy.
Key Players & Regions:-
The Asia Pacific region has excellent market growth prospects, specifically, China, Indian, Japan, and Indonesia. Additionally, the key market players are Altris AB, AMTE Power plc, Aquion Energy, Blackstone Technology GmbH, BLUETTI Power Inc., Faradion Limited, HiNa Battery Technology Co. Ltd., Jiangsu Zhonga Energy Technology Co., Li-FUN Technology Corporation Limtied, and others.
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Sodium-ion Battery Market Future Outlook
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