Global sodium-ion battery market expected to reach $2.6 billion by 2028

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A new report by Reportlinker.com expects the global sodium-ion battery market to reach around $2.6 billion by 2028, growing annually at 16.2% from 2023 to 2028.

The report stated the sodium-ion battery market will be driven by a rising interest in these batteries as a lithium-ion battery replacement for storage of wind and solar power. The growing trend towards low-speed electric cars across the globe will also increase the demand for sodium-ion batteries.

Energy storage will remain the largest application segment due to the increasing consumption of electricity in developing countries and smart grids necessitating the use of battery energy storage systems to control voltage and frequency deviations, stated the report.

The analyst forecasts that among different sodium-ion battery chemistries, sodium-sulfur batteries will remain the largest segment over the forecast period owing to their high charge-discharge efficiency, good energy density, and longer lifespan.

Asia Pacific will remain the largest market due to the growing popularity of e-vehicles and increasing investments in energy storage technologies in the region.

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