With the emergence and long-term Impact of COVID-19, the Global Sodium Ion Battery Market is to reach USD 1.14 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Sodium Ion Battery Market is poised to raise up to USD 1.14 Billion by 2030. Sodium ion batteries are a practical choice for power storage because sodium ions are a highly active and effective charge carrier. The sodium-ion battery is distinguished by its reversibility, good electrochemical characteristics, quick response time, and other characteristics. Additionally, the usage of sodium ion batteries for power storage applications is expanding quickly across a range of end-use industries, from automotive and industrial to household electrical and electronics.
Also, the rising demand for electric vehicles is anticipated to support the market growth. Moreover, the growing demand for consumer electronics is indeed supporting the growth of the Sodium Ion Battery (NIB) market. Consumer electronics such as smartphones, tablets, laptops, and wearables require lightweight and high-performance batteries to meet the increasing power demands of these devices. Sodium-ion batteries have the potential to offer a viable alternative to traditional lithium-ion batteries due to their comparable energy density and lower cost. As a result, the demand for sodium-ion batteries in consumer electronics is expected to rise.
According to Statista, in 2022, the consumer electronic market was valued USD 987.16 billion and it is anticipated to reach USD 1,118.22 billion by 2027. As a result, the growing consumer electronic industry is anticipated to support the market growth. Additionally, energy storage devices in renewable power plants and increasing demand for electric vehicles provide ample opportunities for the development of the market during the forecast period. However, the high cost of R&D operations of Sodium Ion Battery stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Sodium Ion Battery Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Europe dominated the market in 2022 owing due to rising energy storage demand, environmental considerations, supportive government initiatives and regulations, and rising industrial applications. North America is expected to grow significantly during the forecast period, owing to the Increasing demand for energy storage, environmental concerns and sustainability, supportive government initiatives and policies and technological advancements.
The global Sodium Ion Battery Market is highly competitive owing to the presence of several key manufacturers such as Contemporary Amperex Technology Co., Ltd., Faradion limited, Natron Energy Pvt. Ltd., Panasonic Corporation India Pvt. Ltd., Mitsubishi Corporation, Kishida Chemical Co., Ltd., and others.
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Key findings of the study suggest:
- Global Sodium Ion Battery Market is anticipated to grow with a healthy growth rate of more than 1.5% over the forecast period 2023-2030.
- In the end use segment, stationary energy storage emerged as the leading market segment in 2022.
- Europe is anticipated to drive regional growth owing to the growing need for energy storage.
- North America is expected to grow at a high CAGR followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Application:
- Residential
- Commercial
- Industrial
By End Use:
- Stationary Energy Storage
- Transportation
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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