Sodium-Ion Battery Market Estimated to Reach $1.2 billion by 2028 Globally, at a CAGR of 21.5%, says MarketsandMarkets™

Tuesday, June 18, 2024 at 1:30am UTC

Chicago, June 17, 2024 (GLOBE NEWSWIRE) -- The Global Sodium-ion Battery Market is projected to grow from USD 0.5 billion in 2023 to USD 1.2 billion by 2028, at a CAGR of 21.5% during the forecast period, as per the recent study by MarketsandMarkets™. Technological advancements are propelling market growth, with ongoing research enhancing the performance and efficiency of sodium-ion batteries. Government support and policies, including incentives and regulations, further boost the market by promoting the use of sodium-ion batteries. Additionally, the expansion of the electric vehicle market and the increasing adoption of sodium-ion batteries in various industries like telecommunications, aerospace, and healthcare are contributing to drive the sodium-ion battery market. 

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100- Market Data Tables

41- Figures

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List of Key Players in Sodium-Ion Battery Market:

  1. Faradion (UK)
  2. Contemporary Amperex Technology Co., Ltd. (China)
  3. Tiamet Energy (France)
  4. HiNa Battery Technology Co., Ltd. (China)
  5. Jiangsu Zoolnasm Energy Technology Co Ltd (China)
  6. NGK Insulators Ltd (Japan)
  7. Li-FUN Technology Corporation Limited (China)
  8. Zhejiang Natrium Energy Co., Ltd. (China)
  9. Natron Energy, Inc. (US)
  10. Jiangsu Transimage Sodium-lon Battery Technology Co., Ltd. (China)
  11. Others.

Drivers, Restraints, Opportunities and Challenges in Sodium-Ion Battery Market:

  1. Drivers: Cost effective when compared to lithium-ion batteries
  2. Restraints: Lower energy density as compared to the lithium-ion battery
  3. Opportunity: Abundant availability of sodium unlike lithium forms a strong supply chain
  4. Challenge: Availability of high-performance materials for sodium ion batteries

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Key Findings of the Study:

  1. The automotive sodium-ion battery market, by end-use, is expected to be the fastest market during the forecast period.
  2. The non-aqueous technology segment is projected to lead the global Sodium-Ion Battery market during the forecast period.
  3. Asia Pacific in the sodium-ion battery market is projected to grow at the largest region.

Based on end-use, the energy storage end-use segment is accounted as the largest in the sodium-ion battery market, in terms of value during the forecast period. As the renewable energy source is increased, such as solar and wind, into the grid has made efficient energy storage solutions to manage the intermittent nature of these sources. Sodium-ion batteries are well-suited for this purpose as it has ability to store large amounts of energy and discharge it when needed. The growth in electric vehicle market is driving the demand for energy storage solutions. Sodium-ion batteries are being increasingly used in EVs as they offer a eco-friendly and cost-effective alternative to lithium-ion batteries. Additionally, sodium-ion batteries have a higher energy density compared to other types of batteries, making them ideal for use in EVs. 

Based on technology, the non-aqueous is accounted for the largest share, in terms of value, during the forecast period. Non-aqueous sodium-ion batteries use non-aqueous electrolytes, which offer higher energy densities and longer cycle lives compared to aqueous electrolytes. This makes them ideal for applications where high energy density and long-term reliability are crucial, such as in grid energy storage systems and electric vehicles. Additionally, non-aqueous sodium-ion batteries can operate over a wider range of temperatures, which makes them more versatile in different environments. They also have a lower risk of dendrite formation, which can improve the safety and longevity of the battery. These advantages have driven the adoption of non-aqueous sodium-ion batteries in a wide range of applications, and this factor will further boost the sodium-ion battery market.  

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Based on region, Asia Pacific is the largest market for sodium-ion batteries, in terms of value, during the forecast period. Driven by factor the region's rapid industrialization and urbanization have resulted in a growing demand for energy storage solutions, particularly in countries like China, Japan, and South Korea. Sodium-ion batteries are seen as a cost-effective and environmentally friendly option for energy storage, further driving their adoption in the region. Moreover, government initiatives and policies promoting the use of EVs and renewable energy sources have boosted the demand for sodium-ion batteries in Asia-Pacific. Incentives, subsidies, and regulations aimed at reducing carbon emissions have encouraged the adoption of sodium-ion batteries as a sustainable energy storage solution, such factors are contributing to the continued growth of this region for the sodium-ion battery market.

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