Sodium-Ion Battery Market 2030 By Type (Sodium Sulfur Battery, Sodium Salt Battery, Sodium Air Battery), Application (Automotive, Consumer Electronics, Energy Storage, Industrial, Others), and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Energy & Power | Pages : 189 Pages | Published On : Feb 2024
Sodium-Ion Battery Market was valued USD 324.84 Million in 2023 and projected to reach USD 896.14 Million by 2030, growing at a CAGR of 15.6% during the forecast period of 2023-2030.
Major vendors in the global sodium-ion battery market : Altris AB AMTE Power PLC, CATL, Contemporary Amperex Technology Co. Limited, Faradion Limited, HiNa Battery Technology Co. Ltd, Kishida Chemical, Mitsubishi Corporation, Natrium Energy, Natron Energy Inc, NGK Insulators Ltd, Panasonic Corporation, Ronbay Technology, TIAMAT SAS, Zoolnasm and Others
Sodium-ion batteries have established a global presence as a cost-effective and large-scale alternative to lithium-ion batteries. The larger ionic radius of sodium metal in sodium-ion batteries, in comparison to lithium metal in lithium-ion batteries, results in fewer material changes during electrochemical cycling, contributing to enhanced stability. These batteries boast excellent attributes, including low cost, energy densities, and power storage comparable to other alternatives, as well as increased safety with improved thermal stability and impressive cycle life. While sodium-ion batteries are well-suited for stationary applications, their characteristics make them less suitable for mobile applications. Their widespread adoption is driven by their ability to provide an economically viable and robust solution for various energy storage needs.
Rising demand for energy storage solutions
The rising demand for energy storage solutions has emerged as a key driver for the sodium-ion battery market. As the world transitions towards renewable energy sources such as solar and wind, the intermittent nature of these sources necessitates efficient energy storage systems to ensure a stable and reliable power supply. Sodium-ion batteries have gained attention due to their potential to provide a cost-effective and environmentally friendly solution for large-scale energy storage. With abundant and inexpensive raw materials, sodium-ion batteries offer a compelling alternative to traditional lithium-ion batteries, making them particularly attractive for grid-level energy storage applications. Their scalability, high energy density, and the ability to handle frequent charge-discharge cycles position sodium-ion batteries as a promising technology to meet the escalating global demand for effective and sustainable energy storage solutions, contributing to the growth of the sodium-ion battery market.
- Cost-effectiveness of sodium-ion battery manufacturing
- Increasing demand for electric vehicles
- Growing momentum in sodium-ion battery R&D and commercialization efforts
- Growing Grid-scale energy storage
- Rise in demand for novel battery energy storage technologies
- Increasing development and deployment of large-scale battery storage
Increasing Energy storage for renewable energy
The sodium-ion battery market is witnessing a notable trend driven by the increasing focus on energy storage for renewable sources. As the world endeavors to transition to a more sustainable energy landscape, the intermittency of renewable sources such as solar and wind poses a challenge to maintaining a consistent power supply. Sodium-ion batteries have garnered attention for their potential to address this challenge effectively. Their compatibility with renewable energy sources stems from their ability to store and release energy efficiently, facilitating the integration of intermittent power generation into the grid. Moreover, sodium-ion batteries offer a cost-effective alternative to lithium-ion batteries, making them particularly attractive for large-scale energy storage projects associated with renewable energy installations. The trend towards utilizing sodium-ion batteries in tandem with renewable energy underscores their pivotal role in enhancing the reliability and stability of clean energy systems, driving the growth of the sodium-ion battery market in the context of renewable energy storage.
The market for the Sodium-Ion Battery Market is dominated by Asia Pacific.
Asia Pacific has emerged as a dominant force in the sodium-ion battery market due to several key factors. Firstly, the region has witnessed robust growth in the demand for energy storage solutions and electric vehicles, driven by rapid urbanization, industrialization, and a surge in population. Secondly, many countries in Asia Pacific, particularly China and Japan, have made substantial investments in research and development, fostering innovation and advancements in sodium-ion battery technology. Thirdly, the abundant availability of sodium resources in the region contributes to the cost-effectiveness of sodium-ion batteries compared to traditional lithium-ion counterparts. Moreover, supportive government policies and incentives for clean energy and electric mobility initiatives further propel the adoption of sodium-ion batteries.
Europe stands as the leading region in the sodium-ion battery market, driven by ongoing research efforts and the increased adoption of battery energy storage systems and electric vehicles. An illustrative example is the EU-funded NAIMA project, "Na Ion Materials as Essential Components to Manufacture Robust Battery Cells for non-automotive applications," initiated in France in January 2020. This project, backed by a nearly EUR 8 million grant from the European Commission's Horizon2020 program, spans 36 months from December 2019 to December 2022. NAIMA aims to showcase the viability of two novel generations of highly competitive and safe sodium-ion cells as robust and cost-effective alternatives to existing and future lithium-based technologies for storage applications. The project involves a consortium of 15 partners from eight European countries, encompassing R&D organizations, SMEs, and large companies covering the entire battery value chain. Led by the French company TIAMAT, specializing in sodium-ion battery cell design and development, the project focuses on fast charging and high discharge current applications in mobility and stationary storage sectors.
Sodium Sulfur Battery Segment is anticipated to hold the Largest Market Share during the Forecast Period
Based on Type segment is categorized into sodium sulfur battery, sodium salt battery, and sodium air battery. The sodium sulfur battery segment holds a significant share of the sodium-ion battery market due sodium sulfur batteries utilize high-temperature molten sulfur as the positive electrode and molten sodium as the negative electrode, making them particularly suited for grid-level energy storage. These batteries have demonstrated excellent energy density and long cycle life, making them reliable for applications requiring frequent charge-discharge cycles. The Sodium Sulfur Battery's success can be attributed to its ability to effectively address the demand for stable and efficient energy storage, especially in scenarios where grid stabilization and renewable energy integration are crucial. Additionally, ongoing advancements and innovations in sodium-sulfur battery technology contribute to its continued dominance in this specific segment of the sodium-ion battery market.
Global Sodium-Ion Battery Market Report Scope:
Market size value in 2023
USD 324.84 Million
Market size value in 2030
USD 896.14 Million
Value (USD Million/USD Billion)
Type, Application, and Region
North America, Europe, Asia Pacific, and RoW
Segmentations Analysis of Sodium-Ion Battery Market: -
- By Type
- Sodium Sulfur Battery
- Sodium Salt Battery
- Sodium Air Battery
- By Application
- Consumer Electronics
- Energy Storage
- By Region
- North America
- Latin America
- Rest of Latin America
- CIS & Russia
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
Answers to Following Key Questions:
- What will be the Sodium-Ion Battery Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of Sodium-Ion Battery Market?
- What are the main forces behind worldwide Sodium-Ion Battery Market? Which companies dominate Sodium-Ion Battery Market?
- Which companies dominate Sodium-Ion Battery Market? Which business possibilities, dangers, and tactics did they embrace in the market?
- What are the global Insight Engines industry's suppliers' opportunities and dangers in Sodium-Ion Battery Market?
- What is the Insight Engines industry's regional sales, income, and pricing analysis? In the Sodium-Ion Battery Market, who are the distributors, traders, and resellers?
- What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Sodium-Ion Battery Market?
- What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Sodium-Ion Battery Market?
- What are the dominant revenue-generating regions for Sodium-Ion Battery Market, as well as regional growth trends?
- By the end of the forecast period, what will the market size and growth rate be?
- What are the main Sodium-Ion Battery Market trends that are influencing the market's expansion?
- Which key product categories dominate Sodium-Ion Battery Market? What is Sodium-Ion Battery Market’s main applications?
- In the coming years, which Sodium-Ion Battery Market technology will dominate the market?
Reason to purchase this Sodium-Ion Battery Market Report:
- Determine prospective investment areas based on a detailed trend analysis of the global Sodium-Ion Battery Market over the next years.
- Gain an in-depth understanding of the underlying factors driving demand for different Sodium-Ion Battery Market segments in the top spending countries across the world and identify the opportunities each offers.
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
- Identify the major channels that are driving the global Sodium-Ion Battery Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
- Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Sodium-Ion Battery Market.
- Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Sodium-Ion Battery Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.
Table and Figures
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Company Market Share
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