Sodium-Ion Battery Market projected to reach USD 896.14 Million by 2030, growing at a CAGR of 15.6% during the forecast period of 2023-2030 – claims by MarketDigits in its recent study

The Global 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

Richmond, Nov. 29, 2023 (GLOBE NEWSWIRE) — According to a research report Sodium-Ion Battery Market, By Type (Sodium Sulfur Battery, Sodium Salt Battery, Sodium Air Battery), Application (Automotive, Consumer Electronics, Energy Storage, Industrial, Others), and Region.

Global Sodium-Ion Battery Market Report Scope:

Report Details
Market size value in 2023 USD 324.84 Million
Market size value in 2030 USD 896.14 Million
CAGR (2023-2030) 15.6%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Type, Application and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • Kishida Chemical
 
  • Mitsubishi Corporation
Sample of Companies Covered
  • Natrium Energy
 
  • Natron Energy Inc
 
  • NGK Insulators Ltd

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TOC Covers in Depth & Breath on Sodium-Ion Battery Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

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.

Major Vendors in the Global Sodium-Ion Battery Market:

  • Altris AB
  • AMTE Power PLC
  • CATL
  • 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

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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.

Market Dynamics

Drivers:

  • Cost-effectiveness of sodium-ion battery manufacturing
  • Increasing demand for electric vehicles
  • Growing momentum in sodium-ion battery R&D and commercialization efforts

Opportunities:

  • 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.

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