Overview and Scope
Sodium-ion batteries (SIBs) are rechargeable batteries that rely on sodium ions as the carriers of charge, akin to lithium-ion batteries (LIBs), but substitute lithium with sodium as the intercalating ion. Due to their eco-friendliness, safety features, and capacity to operate in cold conditions, sodium-ion batteries are a promising alternative to lithium-ion batteries for specific applications.
Sizing and Forecast
The sodium-ion battery market size has grown rapidly in recent years. It will grow from $0.67 billion in 2023 to $0.80 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The growth in the historic period can be attributed to growing demand for energy storage, resource availability and cost, environmental concerns, applications in renewable energy, and potential for grid-level storage.
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Segmentation & Regional Insights
The sodium-ion battery market covered in this report is segmented –
1) By Type: Sodium-Sulfur Batteries, Sodium-Salt Batteries (Zebra Batteries), Sodium-oxygen (Sodium Air) Batteries
2) By Technology: Aqueous, Non-aqueous
3) By Application: Energy Storage and Grid Integration, Electric Vehicles (EVs), Residential Energy Storage, Emergency Backup And UPS, Other Applications
Europe was the largest region in the sodium-ion battery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sodium-ion battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for electric vehicles is expected to propel the growth of the sodium-ion battery market going forward. An electric vehicle (EV) is a vehicle that uses one or more electric motors for propulsion, powered by a battery that can be charged from an external power source. The surge in demand for electric vehicles can be attributed to various factors, including concerns over environmental sustainability, government incentives, advancements in battery technology leading to improved range and performance, and a shift in consumer preferences towards cleaner and greener transportation options. Sodium-ion batteries can be used with minimal modifications in existing electric vehicle designs, providing a more straightforward transition from lithium-ion technology. For instance, in April 2023, according to the International Energy Agency, a France-based intergovernmental organization, in 2022, the global stock of fuel cell electric vehicles (FCEVs) grew by 40% compared to 2021, exceeding 72,000 vehicles. Therefore, increasing demand for electric vehicles is driving the growth of the sodium-ion battery market.
Key Industry Players
Major companies operating in the sodium-ion battery market are Mitsubishi Corporation, Toyota Tsusho Corporation, Panasonic Corporation, Contemporary Amperex Technology Co. Limited, Blackstone Technology GmbH, Jiangsu Zhongna Energy Technology Co., Ltd., NGK Insulators Ltd, Kishida Chemical, Ionic Materials, Natron Energy Inc., AMTE Power plc, Aquion Energy, Phostech Lithium, Altris AB, BLUETTI Power Inc., HiNa Battery Technology Co. Ltd, Li-FUN Technology Corporation Limited, NEI Corporation, Tiamat Energy, Indigenous Energy Storage Technologies Pvt. Ltd., Moixa Energy Holdings Ltd., Natrium Energy, Ronbay Technology, Zoolnasm Energy
The sodium-ion battery market report table of contents includes:
1. Executive Summary
- Sodium-Ion Battery Market Characteristics
- Sodium-Ion Battery Market Trends And Strategies
- Sodium-Ion Battery Market – Macro Economic Scenario
- Global Sodium-Ion Battery Market Size and Growth
.
32. Global Sodium-Ion Battery Market Competitive Benchmarking - Global Sodium-Ion Battery Market Competitive Dashboard
- Key Mergers And Acquisitions In The Sodium-Ion Battery Market
- Sodium-Ion Battery Market Future Outlook and Potential Analysis
- Appendix
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