Sodium Ion Battery Market – Global Industry Analysis and Forecast (2022-2029)

Sodium Ion Battery Market was valued at US$ 994.7 Mn. in 2021. Global Sodium Ion Battery Market size is expected to grow at a CAGR of 11.7 % through the forecast period.
Sodium Ion Battery Market Overview:
Sodium-ion batteries have been recognized as the most promising alternative kind of energy storage devices. Sodium’s easy accessibility and availability have increased the demand for sodium-ion batteries. These batteries are suitable for applications where compactness is of secondary consequence. At the anode, energy is found in the form of chemical bonds. When the battery is charged, sodium ions de-intercalate from the cathode and travel to the anode.

The sodium-ion battery has established itself as a large-scale and low-cost substitute for lithium-ion batteries all over the world. The sodium metal in sodium-ion batteries has a larger ionic radius than lithium metal in lithium-ion batteries, resulting in reduced alterations in the material properties during electrochemical cycling and thus more stability than the lithium-ion battery. Sodium-ion batteries have excellent characteristics such as low cost, similar energy densities, and power storage to their counterparts, improved thermal stability, and long cycle life, among others. In comparison to mobile applications, sodium-ion batteries are better suited for stationary applications.To know about the Research Methodology :- Request Free Sample Report
Sodium Ion Battery Market Dynamics:
Market Drivers:

Increased demand of electric vehicles: Increased demand for an electric vehicle is the main driver of the Sodium Ion Battery Market. In recent years, there has been a significant drive to electrify transport to lower carbon emissions from fuel use. As climate change continues to endanger our planet’s natural resources, governments have responded by lowering dependency on fossil fuels through efforts such as pushing sales of Electric Vehicles or implementing stronger environmental rules related to alternative energy sources. The growing emphasis on renewable energy solutions will surely result in an increase in sodium-ion batteries which is a technology that has the potential to give far greater capacities than typical lithium-ion cells while being more ecologically friendly.

More preferred by Telecom Companies and Data Centres: Fuel expenses account for around 30% of telecom tower running costs, thus companies are actively searching for energy-efficient alternatives. The telecom sector is being affected by rising fuel prices. In terms of data design and operation centres, recent advances in battery chemistry are opening up new opportunities. They have a low internal resistance, a high cycle rate, a high peak energy potential, are non-flammable, and do not have any thermal chambers by design. Because of these characteristics, sodium-ion batteries are more preferred by telecom and data centres. This factor is driving the Sodium Ion Battery Market.

Cheaper than Lithium-ion batteries: Lithium-ion batteries are costly to manufacture, and lithium is becoming increasingly rare. While a sodium-ion battery can store the same amount of energy as a lithium-ion battery, it has the potential to be cheaper and produced in greater quantity. Because of the availability of sodium in all scientific communities, Sodium-ion battery technology has now gained public attention as a potential and eco-friendly substitute for Lithium-ion batteries. This benefit of sodium ion batteries is driving the growth of Sodium Ion Battery Market.

Market Restraints:

Lack of strong industrial supply chain: The lack of a solid industrial supply chain does not support the active use of sodium-ion batteries and restrains the growth of Sodium Ion Battery Market.

More weight as compared to Lithium-Ion Batteries: When compared to lithium metal, sodium metal has a higher weight. As a result, sodium batteries have limitations in terms of their use in electric vehicles. This factor is restraining the growth of Sodium Ion Battery Market.

In March 2022, Blackstone Resources, a Swiss commodities company, claimed that its German battery subsidiary, Blackstone Technology, might put 3D-printed sodium-ion batteries to market as early as 2025.
In July 2021, Contemporary Amperex Technology Co. Ltd (CATL) announced the release of its first-generation sodium-ion battery, as well as its AB battery pack solution, which can combine sodium-ion and lithium-ion cells into a single pack.
Sodium Ion Battery Market Segment Analysis:
Based on Type, the sodium-Sulphur batteries segment dominated the market with a 46% share in 2021. Sodium-Sulphur (NAS) batteries are a subtype of sodium-ion batteries with a lithium sulphide cathode and a sodium anode. A Sodium-Sulphur battery is a molten-salt battery with a high energy density, excellent discharge and charge efficiency, and a long lifespan. These factors are responsible for the growth of the Sodium-Sulphur batteries segment in Sodium Ion Battery Market.

Based on the End-user, Transportation applications and consumer electronic devices segment operated by sodium-ion batteries dominated the sodium ion battery market with a 39% share in 2021. Consumer electronic equipment, such as digital cameras and mobile phones, mostly employ sodium-ion batteries. Because of their cost-effectiveness and safety, they are gradually replacing lithium-ion batteries. In the transportation and automobile industries, sodium-ion batteries are utilised to power electric vehicles. When a sodium-ion battery is charged through an outlet or solar panels, energy moves from one terminal of the battery to the other. These batteries may be constructed for extensive use and deep discharges, making them more useful in vehicles that operate continuously. These factors are increasing the growth of this segment in the Sodium Ion Battery Market.
Sodium Ion Battery Market Regional Insights:
The Europe region dominated the market with a 39 % share in 2021. Because of more companies were involved in producing and commercialising sodium-ion batteries. In partnership with Williams Advanced Engineering and Oxford University, Faradion, an English business, produced the world’s first sodium-ion battery-powered vehicle. In January 2021, the company focused on the Low-Cost Storage of Renewable Energy project, which was financed by Innovate UK, to showcase Na-ion technology for solar energy storage.

The potential of the Na-ion battery was shown by NAIADES, a European Union-funded initiative in France. The basic goal of the project was to create a battery technology based on sodium-ion technology for long-term Electric Energy Storage (EES) that would significantly reduce the cost of lithium-ion technology while assuring long-term safety, cycle life, and energy density.

The North America region is expected to witness significant growth at a CAGR of 9.4% through the forecast period. Due to the rising adoption of electric cars and solar and wind power projects in this area, North America is expected to see significant growth during the forecast period. One of the fastest-growing renewable energy technologies is wind power.

The objective of the report is to present a comprehensive analysis of the global Sodium Ion Battery Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Sodium Ion Battery Market dynamic, structure by analyzing the market segments and projecting the Sodium Ion Battery Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Sodium Ion Battery Market make the report investor’s guide.
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Global Sodium Ion Battery Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 994.7 Mn.


Forecast Period 2022 to 2029 CAGR:
11.7%
Market Size in 2029:
US $ 2410.55 Mn.


 Segments Covered:
by Type
• Sodium-Sulphur Battery
• Sodium-Salt Battery
• Sodium-Air Battery


by Application
• Residential
• Commercial
• Industrial


by End-user
• Consumer Electronic Devices
• Automobile & Transportation
• Power Backup
• Industrial
• Aerospace & defence
• Marine



Sodium Ion Battery Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Sodium Ion Battery Market, Key Players
• AGM Batteries Ltd
• Faradion Ltd
• CormSquare
• TIAMAT SAS
• NGK Insulators
• Storage Publishing Ltd (ESPL)
• Panasonic Corporation
• Nrgtek Inc
• Zhejiang Lvming Energy
• HiNa Battery Technology
• Quintang New Energy
• CleanTechnica
• Aquion Energy

Frequently Asked Questions:

1] What segments are covered in the Global Sodium Ion Battery Market report?
Ans. The segments covered in the Sodium Ion Battery Market report are based on Type, Application  and End User.

2] Which region is expected to hold the highest share in the Global Sodium Ion Battery Market?
Ans. The North America region is expected to hold the highest share in the Sodium Ion Battery Market.

3] What is the market size of the Global Sodium Ion Battery Market by 2029?
Ans. The market size of the Sodium Ion Battery Market by 2029 is expected to reach US$ 2410.55 Mn.

4] What is the forecast period for the Global Sodium Ion Battery Market?
Ans. The forecast period for the Sodium Ion Battery Market is 2022-2029.

5] What was the market size of the Global Sodium Ion Battery Market in 2021?
Ans. The market size of the Sodium Ion Battery Market in 2021 was valued at US$ 994.7 Mn.