Market Size of Sodium-ion Battery Industry
| Study Period | 2020-2029 |
| Market Size (2024) | USD 166.54 Million |
| Market Size (2029) | USD 236.65 Million |
| CAGR (2024 - 2029) | 7.28 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sodium Ion Battery Market Analysis
The Sodium-ion Battery Market size in terms of Equal-7.28 is expected to grow from USD 166.54 million in 2024 to USD 236.65 million by 2029, at a CAGR of 7.28% during the forecast period (2024-2029).
- Over the medium period, the primary driver of the market is the increasing demand for cleaner energy, with rising greenhouse gas emissions around the world. Additionally, using sodium-ion batteries for electricity storage, generated through solar or wind, is likely to drive the market.
- On the other hand, the non-matured technology of the storm is expected to hinder market growth during the forecast period.
- Nevertheless, wind and solar PV power are expected to drive strong growth in renewable energy, while hydro is likely to remain a key source. By 2030, solar and wind are expected to produce more than 50% of the total generation in Australia, Germany, Mexico, and the United Kingdom. By 2050, solar PV, wind, and hydro are estimated to produce approximately 80% of the global electricity generation. As sodium-ion batteries are an alternative with additional benefits, storing the energy of solar and wind, they are expected to have an opportunity in the growing solar and wind energy market.
- Europe is expected to dominate the market, with the majority of companies commercializing the battery technology being located in the region. Moreover, with the rising renewable energy generation, such as wind and solar, the region is expected to dominate the market during the forecast period.
