Sodium-Ion Battery Global Market Report 2024

The sodium-ion battery market size has grown rapidly in recent years. It will grow from $0.67 billion in 2023 to $0.8 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The growth observed in the historic period can be attributed to factors such as the increasing demand for energy storage, considerations related to resource availability and cost, environmental concerns, the application of sodium-ion batteries in renewable energy, and their potential for grid-level storage.

The sodium-ion battery market size is expected to see rapid growth in the next few years. It will grow to $1.49 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. In the forecast period, growth can be attributed to the scaling up of production facilities, the expansion of sodium-ion batteries into electric vehicles (EVs), integration with renewable energy systems, increasing demand for sustainable energy storage solutions, ongoing research and development investments, and supportive regulatory measures and incentives. Key trends expected in this period encompass a growing demand for energy storage solutions, technological advancements, progress in electrode materials, innovations in materials, and improvements in energy density.

The anticipated surge in electric vehicle (EV) demand is poised to drive the growth of the sodium-ion battery market. Electric vehicles, powered by one or more electric motors and rechargeable batteries, are gaining popularity due to concerns about environmental sustainability, government incentives, advancements in battery technology, and evolving consumer preferences for cleaner transportation options. Sodium-ion batteries are positioned to capitalize on this trend, as they can be seamlessly integrated into existing electric vehicle designs with minimal modifications, offering a straightforward transition from lithium-ion technology. The International Energy Agency reported a 40% growth in the global stock of fuel cell electric vehicles in 2022, surpassing 72,000 vehicles, underscoring the pivotal role of increasing electric vehicle demand in propelling the sodium-ion battery market.

Leading companies in the sodium-ion battery market are actively developing innovative products with advanced technologies, such as sodium-ion battery cabinets, to cater to various energy storage applications. Sodium-ion battery cabinets, exemplified by Natron Energy Inc.'s Blue Rack, leverage sodium-ion technology to provide energy storage solutions for industrial power scenarios and mission-critical applications such as data centers. Introduced in October 2022, the Blue Rack boasts impressive power density, rapid discharge and recharge rates, and enhanced safety due to its non-flammable nature. With a capacity to deliver 500 kW of backup power, the Blue Rack outperforms traditional lithium-ion technology, showcasing sodium-ion's superiority. The technology allows for a remarkably rapid recharge time of 15 minutes or less, demonstrating the potential of sodium-ion batteries in addressing energy storage challenges.

In December 2021, Reliance New Energy Solar Ltd., an India-based company involved in hydrocarbon exploration and refining services, acquired Faradion Limited for $126.19 million. This acquisition reinforces Reliance's foothold in the sodium-ion battery market and supports the global expansion of Faradion's technology. The integration of Faradion's cutting-edge sodium-ion battery technology into Reliance's proposed fully integrated energy storage gigafactory aligns with the company's commitment to advancing sustainable energy solutions. Faradion Limited, a UK-based sodium-ion battery technology company, specializes in developing batteries and materials for stationary storage and electric vehicles, contributing to Reliance's strategic objectives in the rapidly evolving energy sector.

Major companies operating in the sodium-ion battery market report 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.

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. The countries covered in the sodium-ion battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Sodium-ion batteries (SIBs) are rechargeable batteries that utilize sodium ions as the charge carriers, similar to lithium-ion batteries (LIBs), but with sodium replacing lithium as the intercalating ion. These batteries present a promising alternative to lithium-ion batteries for certain applications due to their eco-friendly nature, safety features, and ability to function effectively in cold conditions.

The primary types of sodium-ion batteries include sodium-sulfur batteries, sodium-salt batteries (zebra batteries), and sodium-oxygen (sodium-air) batteries. Sodium-sulfur (NaS) batteries are a specific type of high-temperature rechargeable battery employing sodium (Na) and sulfur (S) as the active materials. These batteries utilize both aqueous and non-aqueous technologies for various applications such as energy storage and grid integration, electric vehicles (EVs), residential energy storage, emergency backup, and uninterruptible power supply (UPS), among other uses.

The sodium-ion battery market research report is one of a series of new reports that provides sodium-ion battery market statistics, including sodium-ion battery industry global market size, regional shares, competitors with a sodium-ion battery market share, detailed sodium-ion battery market segments, market trends and opportunities, and any further data you may need to thrive in the sodium-ion battery industry. This sodium-ion battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The sodium-ion batteries market consists of sales of carbon-based sodium-ion batteries, transition metal oxide sodium-ion batteries, graphite anode sodium-ion battery, layered oxide cathode sodium-ion battery. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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