Wilmington, Delaware, United States, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global sodium air battery market was estimated to have acquired US$ 1.3 million in 2021. It is anticipated to register a 6.1% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 2.3 million.
Innovations in battery manufacturing techniques can help scale up production and reduce costs, making sodium air batteries more competitive in the market. Collaborations between battery manufacturers, research institutions, and technology companies can accelerate the development and commercialization of sodium air battery technology.
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The need for advanced energy storage solutions will increase, as global energy demand continues to rise, creating opportunities for sodium air batteries to meet this demand.
Global Sodium Air Battery Market: Key Players
The following companies are well known participants in the global sodium air battery market:
- PolyPlus
- De Nora Tech Inc.
- Xinjiang Joinworld Co., Ltd.
- Phinergy
- Faradion
- Ev Dynamics (Holdings) Limited
- Natron Energy
- Fuji Pigment Co., Ltd.
Key Findings of the Market Report
- Improvements in the electrolyte chemistry are expected to enhance the overall performance and efficiency of sodium air batteries, making them more competitive with other energy storage technologies.
- Sodium air batteries can play a role in smart grid systems, supporting load balancing, demand response, and the integration of distributed energy resources.
- Developing safer sodium air battery designs and technologies will be crucial for market adoption, especially in applications where safety is a top concern, such as consumer electronics and transportation.
- Combining sodium air batteries with other energy storage technologies, such as lithium ion batteries or supercapacitors, in hybrid energy systems can offer advantages in terms of performance, energy management, and cost effectiveness.
Trends prevalent in the Sodium Air Battery Market
- The push for increased renewable energy generation, such as wind and solar, has created a need for advanced energy storage solutions. Sodium air batteries can potentially serve as a cost effective and efficient option for storing excess renewable energy.
- Sodium air batteries have the potential for high energy density, which means they can store a significant amount of energy in a relatively small space, which is a crucial factor for various applications, including electric vehicles and grid energy storage.
- Continuous research and development efforts to enhance the performance, longevity, and safety of sodium air batteries are expected to drive market growth. Advancements in materials and design will play a crucial role.
- Sodium air batteries can support peer to peer energy trading and microgrid applications, where surplus energy generated by one party can be stored and shared with others.
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Global Market for Sodium Air Battery: Regional Outlook
Various reasons are propelling the growth of the sodium air battery market in different regions. The regions include,
North America
- Many North American countries and states have set ambitious climate goals and targets for reducing greenhouse gas emissions. Sodium air batteries can play a role in achieving these goals by enabling the efficient use of renewable energy and reducing reliance on fossil fuels.
- Aging power infrastructure and the need for grid modernization are expected to create opportunities for energy storage technologies like sodium air batteries. Enhanced grid resilience and the ability to store and supply power during peak demand are critical in the North American context.
Asia Pacific
- The Asia Pacific region is home to a substantial industrial and manufacturing sector. Sodium air batteries are anticipated to provide energy storage solutions for energy intensive industries, supporting their sustainability goals.
- Sodium air batteries are expected to offer a more sustainable and longer lasting power source for these devices, as the Asia Pacific region is a significant consumer electronics market.
Some key developments by the players in this market are:
| Company name | Key Development |
| Reliance New Energy Solar Limited |
|
| Natron Energy |
|
| HiNa Battery Technology Co., Ltd. |
|
Global Sodium Air Battery Market Segmentation
Electrolyte
- Aqueous
- Non Aqueous
End Use
- Utility Energy Storage
- Automotive
- Defense
- Consumer Electronics
- Power
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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