Sodium Ion Battery Market to Reach $1.2 Bn, Globally, by 2031 at 15.9% CAGR: Allied Market Research

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Determinants of growth-

Increase in use of sodium ion batteries for power storage applications in an array of end-use sectors drives the growth of the global sodium ion battery market. On the other hand, high import tariffs on electric car batteries restrain the growth to some extent. At the same time, development of high-end electrolyte and electrode materials has paved the way for lucrative opportunities in the industry.

Covid-19 scenario-

The industrial segment to rule the roost-

By application, the industrial segment held nearly half of the global sodium ion battery market revenue in 2021, accounting for the major market share. This is owing to the fact that increase in temperature due to global warming led major developed and developing countries to phase out thermal power plants and invest in renewable energy sources. The residential segment, on the other hand, would cite the fastest CAGR of 16.4% from 2022 to 2031. Rise in awareness among people regarding the utilization of energy storage devices in residential buildings for backup power during emergencies fuels the segment growth.

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The stationary energy storage segment to maintain the highest share-

By end-use, the stationary energy storage segment accounted for the major share in 2021, contributing to nearly three-fourths of the global sodium ion battery market revenue. This is because battery storage systems are essential for ensuring a constant and reliable power source. It is also becoming one of the most essential options for properly integrating large amounts of solar and wind renewables into power grids across the world. The transportation segment, however, would showcase the fastest CAGR of 16.3% during the forecast period. Rapid growth in the development of electric vehicles from 2010 to the present and the gradual decline in the production of fuel-based vehicles are the main factors propelling the segment growth.

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Europe grabbed the lion's share-

By region, the market across Europe garnered the major share in 2021, holding more than two-fifths of the global sodium ion battery market revenue, and is expected to rule the roost by 2031. The rapid increase in sales of high-end cars promoted the growth of advanced electric vehicles in Europe. Asia-Pacific, simultaneously, would generate the fastest CAGR of 16.5% during the forecast period. This is owing to a large number of key players and the availability of manufacturing facilities across the region.

Key players in the industry-

The report analyzes these key players in the global sodium ion battery market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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