Sodium-ion batteries have garnered significant attention as a safer alternative to conventional lithium-ion batteries due to their widespread availability, low cost, and similar electrochemical properties. These batteries utilize sodium salts instead of lithium in the electrolyte and electrodes. They provide high energy density, performance stability over hundreds of charge/discharge cycles, improved safety against short circuits, overheating and fires. Increasing demand for long-life batteries from various industries such as automotive, consumer electronics and energy storage is a major factor driving the development of sodium-ion technology.
The global Sodium-ion Battery Market is estimated to be valued at US$ 408.71 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Sustainable development and growing environmental concerns are pushing research into sodium-ion battery technology as it utilizes abundant and low-cost sodium metal. Researchers across the world are continuously exploring new sodium-based cathode and anode materials to improve energy density while lowering costs. Recent breakthroughs in developing high-performing sodium titanates and Prussian blue cathode materials have increased optimism about the commercial viability of these batteries in the near future. Further material advancements addressing issues around cycling stability are expected to accelerate the adoption of sodium-ion batteries for consumer and industrial energy storage applications.
Segment Analysis
The sodium-ion battery market can be segmented based on type, end-user, and region. Based on type, the market can be segmented into cylindrical sodium-ion battery and prismatic sodium-ion battery. Amongst these, cylindrical sodium-ion battery segment is estimated to account for the largest share of the market in 2024. The growth of this segment can be attributed to the high energy density and long lifespan of cylindrical sodium-ion batteries.
Key Takeaways
The Global Sodium-Ion Battery Market Size is expected to witness high growth over the forecast period.
Regional analysis: Asia Pacific region is expected to dominate the global sodium-ion battery market during the forecast period. The high growth of this region can be attributed to the presence of emerging economies like China and India and increasing investments in renewable energy sector by several countries in the region.
Key players: Key players operating in the sodium-ion battery market are Masimo Corporation, Drägerwerk AG & Co. KgaA, Advanced Brain Monitoring Inc., Medtronic plc, Compumedics Limited, Siemens Healthcare GmbH, Koninklijke Philips N.V, Nihon Kohden Corporation, Natus Medical Incorporated, and General Electric Company (GE Healthcare). Masimo Corporation is estimated to account for the largest market share in 2024 owing to its diverse product portfolio for sodium-ion based medical devices.
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