Sodium Ion Battery Market by Application (Residential, Commercial, Industrial), by End Use (Stationary Energy Storage, Transportation): Global Opportunity Analysis and Industry Forecast, 2021-2031

According to CXO perspective, the global sodium ion battery market is expected to witness increased demand during the forecast period. The surge in investment to develop solar and wind power generation infrastructure has led to increasing demand for energy storage devices, which has a positive impact on market growth.

Sodium ion batteries (SIB) are rechargeable batteries in which the charge carriers are sodium ions. Since sodium ions are good charge carriers, sodium ion batteries are a good energy storage option to lithium-ion batteries.

The sodium ion batteries are used in energy storage applications in solar and wind renewable energy plants. It is used for powering electric vehicles such as electric bikes and e-scooters. It is used for storing energy in grids and powering electric vehicles. It is considered to be an efficient replacement for lithium-ion batteries. The abundant availability of sodium compared to that of lithium, and the reduction in the cost of manufacturing the sodium ion battery. Owing to the above-mentioned factors, the sodium ion battery market is expected to grow at a significant rate in the forecast period.

The global sodium ion battery market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among the analyzed regions, Asia-Pacific is likely to account for the fastest-growing market throughout the forecast period, followed by LAMEA, North America, and Europe. Asia-Pacific hosts some of the fastest developing countries such as China and India. The presence of a huge population and rapid industrialization in these countries have increased the demand for electricity from renewable resources. The presence of demand for renewable energy in this region, government initiatives, and investment to develop electric buses, which are powered by sodium ion batteries in this region have led to the presence of significant importance of the sodium ion battery market.