December 03, 2024
Boston: According to the latest study from BCC Research, the demand for Sodium-ion Batteries: Materials, Technologies and Global Markets to 2029is projected to increase from $318.0 million in 2023 to $838.5 million by the end of 2029, at a compound annual growth rate (CAGR) of 18.6% from 2024 through 2029.
The report looks at the different types of sodium-ion batteries (SIBs), such as sodium-sulfur, sodium-salt (zebra), and sodium-oxygen (sodium-air) batteries. It discusses the components used in making these batteries, including electrodes (anodes and cathodes), electrolytes, packaging materials, and separators. Anodes can be made from materials such as hard carbon or metals, while cathodes may include various inorganic and organic compounds.
The study also explores the use of these batteries in different applications, such as energy storage for the grid, electric vehicles (EVs), and commercial and industrial backup power, as well as residential, military, and portable applications.
Additionally, the report analyzes market trends, new technologies, the competitive landscape, and patents related to SIBs. It includes information related to environmental, social and governance (ESG) initiatives and profiles of leading companies in the market. The report’s regional analysis covers North America, Europe, Asia-Pacific, South America, the Middle East, and Africa.
The report uses 2023 as the base year and provides estimates for 2024, and forecasts through 2029, all expressed in millions of dollars.
Interesting and surprising facts:
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Factors contributing to this market’s growth include:
1. Need for Cost-Effective Alternative to Lithium-ion Batteries.: There is a growing demand for cost-effective alternatives to lithium-ion batteries (LIBs) because they are expensive and rely on limited natural resources. Finding lower-cost and more sustainable battery options such as SIBs, is essential for making clean energy accessible to everyone.
2. Safer Alternatives to Conventional Batteries.: SIBs are safer than traditional batteries. Because the materials they are less prone to fire and chemical hazards.
3. Grid-Level Use of SIBs Interfaces with Renewable Sources of Energy.: SIBs are increasingly being used at the grid level to store energy from renewable sources such as wind and solar. They help balance supply and demand by storing excess energy when production is high and releasing it when needed. This makes the energy system more stable and efficient, supporting the transition to cleaner energy sources.
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Report Synopsis
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Report Metric |
Details |
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Base year considered |
2023 |
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Forecast period considered |
2024-2029 |
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Base year market size |
$318.0 million |
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Market Size forecast |
$838.5 million |
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Growth rate |
CAGR of 18.6% for the forecast period of 2024-2029 |
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Segments covered |
Product, Component, End-Use |
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Regions covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Countries covered |
U.S., Canada, Mexico, U.K., Germany, Italy, France, Norway, Spain, Poland, Japan, China, India, South Korea, Australia, Thailand, Indonesia, Saudi Arabia, UAE, Egypt, Brazil, Argentina, South Africa, Algeria, Nigeria |
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Market drivers |
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This report addresses the following questions:
1. What is the projected market size?
2. What factors are driving the growth of the market?
3. Which market segments are covered in the report?
4. Which product segment will dominate the SIB market by the end of 2029?
5. Which region has the highest market share?
Leading companies in the market include:
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Global Electrical Vehicle Battery Market: This market is growing rapidly as more people choose EVs for their eco-friendliness. It explores the different types of batteries, such as lithium-ion, and focuses on advances, and demand, trends in various regions.
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Sodium-ion Batteries: Materials, Technologies and Global Markets to 2029( FCB041B )
Publish Date: Sep 2024
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.