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### Market Is Booming: 10 Key Developments Factors

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By Author: Dhananjay Changle
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The Global Demand for Global Sodium Ion Battery Market In Terms Of Revenue Was Worth of USD 70.29 Million in 2020 and is expected to reach USD 141.16 Million in 2027, growing at a CAGR of 11.34% from 2021 to 2027.
Scope of Sodium Ion Battery Market:
Sodium-ion batteries (SIB) are a type of rechargeable metal-ion battery that uses sodium ions as charge carriers. Sodium ions are profoundly active and good carrier of charge, which makes the sodium ion batteries an efficient power storage alternative. These batteries have been identified as the most captivating alternative form of energy storage systems. Easy availability and accessibility of sodium are also supplementing the demand for sodium-ion batteries. These batteries are favorable options for those applications, wherein the degree of compactness is of least importance. Charging the battery forces sodium-ions to de-intercalate from the cathode and migrate toward the anode. Sodium-ion batteries have eminent electrochemical quality in terms of charge-discharge, reversibility, and high specific discharge capacity. These batteries have recently gained commercialization ...
... status. Thus, the sodium-ion batteries market is expected to expand significantly in the near future.
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Factors such as increasing demand for cleaner energy with rising greenhouse gas emissions around the world is contributing to the global sodium ion battery market growth. For instance; According to the International Energy Agency (IEA) report, In Q1 2020, the global use of renewable energy was 1.5% higher than in Q1 2019. The increase was driven by a rise of about 3% in renewable electricity generation after more than 100 GW of solar PV and about 60 GW of wind power projects were completed in 2019. By 2050, solar PV, wind, and hydro, together, are estimated to produce approximately 80% of the global electricity generation. In 2019, renewable electricity generation rose 6%, with wind and solar PV technologies together accounting for 64% of this increase. Although the share of renewable in global electricity generation reached almost 27% in 2019, renewable power as a whole still needs to expand significantly to meet the SDS share of almost half of generation by 2030. This requires the rate of annual capacity additions to accelerate. Additionally, according to the Centre for Climate and Energy Solutions Carbon dioxide emissions report; primarily the combustion of fossil fuels, have risen dramatically since the start of the industrial revolution. Most recently in 2019, global carbon dioxide emissions reached a record high of 36 Million metric tons. Greenhouse gases such as carbon dioxide trap heat within Earth’s atmosphere by absorbing energy and preventing heat from escaping into space. As the sodium-ion battery is an alternative with additional benefits, storing the energy of solar and wind, thus it is expected to have an opportunity with the growing solar and wind energy market.
Global Sodium Ion Battery Market Segmentation Analysis:
Global Sodium Ion Battery Market: By Product Type
• Sodium-sulfur batteries
• Sodium-salt batteries
• Sodium-oxygen
Global Sodium Ion Battery Market: By End use
• Residential
• Utility
• Commercial
• Industrial
• Transport
Global Sodium Ion Battery Market: Market Player Analysis
• Faradion Limited
• AGM Batteries Ltd
• NGK Insulators Ltd
• HiNa Battery Technology Co. Ltd
• Altris AB
• Natron Energy Inc.
• Others
Some of the recent and potential applications of Sodium ion batteries are as follows:
Clean Energy: Thus, companies are using high-efficiency lithium-ion batteries with renewable energy like solar at many sites. The increase in solar energy is expected to increase the use of lithium-ion batteries for energy storage. Sodium-ion battery technology, which is claimed to hold as much energy as a lithium-ion battery, bears much potential to be cheaper and can be produced in substantial quantity too. Additionally, Sodium-ion battery technology has recently created great interest in all scientific communities as a valid and more environmentally friendly alternative to Li-ion due to the abundance of sodium in all scientific communities. For example, The Smart Sodium Storage System project is a USD10.6M project which aims to develop and demonstrate novel sodium-ion battery technologies for use in renewable energy storage applications.
Telecom Industry and Data Centers: In the telecom sector, telecom tower companies are constantly moving towards energy-efficient solutions, as fuel costs are approximately 30% of the operating costs of telecom towers. An increase in diesel prices is negatively impacting the telecom industry. Recent advance chemistry in batteries is opening up new horizons in terms of data design and operation centers and other critical facilities. Thus, a sodium-ion battery uses the Prussian blue analogs for cathode and anode. They offer extremely low internal resistance; there is a high cycle-rate, high peak-energy potential, not flammable and do not exhibit any thermal runners features by design.
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