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Sodium-ion Batteries Market: Overview

Sodium-ion batteries have been identified as the most captivating alternative form of energy storage systems. Easy availability and accessibility of sodium have boosted the demand for sodium-ion batteries. These batteries are favorable options for application, wherein the degree of compactness is of least importance. The energy is stored in the form of chemical bonds at the anode. 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.

Sodium-ion battery is an ideal replacement for lithium-ion (Li-ion) battery. Li-ion battery materials are expensive as compared to sodium-ion battery materials. Besides, cathode and electrolyte costs can be around 50 % of total cell cost, thereby resulting in significant overall cost reduction. The battery market is highly dependent on the availability of conducting materials. This has encouraged manufacturers to opt for the sodium-ion technology to develop batteries that are power efficient and considerably cheaper. Manufacturers have realized the potential of sodium in the battery business owing to the increase in concerns about availability of raw materials and higher cost of lithium-ion batteries. The global battery market is detecting a shift from the development of lithium-ion batteries to sodium-ion batteries. Need to develop a more sustainable and stable power solution is boosting the sodium-ion batteries market.

Sodium-ion Batteries Market: Key Segments

Based on type, the global sodium-ion batteries market can be segmented into sodium-sulfur batteries, sodium-salt batteries (zebra batteries), and sodium-oxygen (sodium air) batteries. A sodium-sulfur battery is a type of molten-salt battery assembled from sulfur and liquid sodium. Such type of battery has high energy density, high efficiency of charge/discharge, and long lifecycle. It is made of economical materials. The sodium-salt battery utilizes a concentrated saline solution as its electrolyte. These batteries can be easily recycled and are nonflammable than batteries that employ toxic or flammable materials. The research on sodium-oxygen batteries has gained momentum of late. With high theoretical specific energy of 1600 W h kg−1 and an equilibrium discharge potential of 2.3 V, the rechargeable sodium-oxygen battery incorporates an attractive new metal-air battery platform for applications in transportation.

In terms of end-user, the sodium-ion batteries market can be segregated into portable electronic devices (mobile phones, laptop and tablets, cameras, portable medical devices, portable electronic devices, toys, drones and remote access devices), automobile applications (electric vehicle and fossil fuel-based vehicles), residential power backup, commercial power backup, grid-level applications, industrial, military and space applications.

Sodium-ion Batteries Market: Regional Outlook

Based on the region, the sodium-ion batteries market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America is expected to hold significant share of the global sodium-ion batteries market during the forecast period. The sodium-ion batteries market in Asia Pacific is likely to expand at a rapid pace during the forecast period, due to rise in demand, growth in the electronic devices market and stringent Government Regulation to Control Rising Environmental Pollution in the region especially in India and China.

Sodium-ion Batteries Market: Key Players

Key players operating in the global sodium-ion batteries market are AGM Batteries Ltd., Faradion Limited, Panasonic Corporation, Nrgtek Inc., and Aquion Energy.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Sodium Ion Batteries Market

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