The Sodium Ion Battery Market is expected to grow at a steady rate of around 25% during the forecast period (2022-2028) owing to the increasing adoption of renewable energy and growing demand for the electric vehicle coupled with the technological advancement in battery technology.
Sodium-ion batteries are energy storage device which is based on electrochemical charging & discharging reactions between the cathode and anode. The cathode electrode is generally made up of sodium-containing layered material. Due to their greater energy storage capacity, reduced price, and increased thermal stability, sodium-ion batteries have recently experienced substantial demand. In addition, sodium-ion batteries are more suited for static applications than Li-ion batteries since they have a similar battery life cycle and energy density. Additionally, the market for sodium-ion batteries is expected to rise in the future due to the rising need for energy and electricity, the increased use of renewable energy sources, and the incorporation of sodium-ion batteries in solar PV panels and wind energy technology.
Major market companies focus on providing sodium-ion batteries with technologically advanced features along with product launches, collaboration, and mergers & acquisitions. For instance, in April 2022 AMTE Power Plc collaborated with Eltrium & Sprint Power to accelerate the development of next-generation battery technologies to meet the needs of the electric vehicle market.
According to UnivDatos Market Insights (UMI)’ research report “Global Sodium Ion Battery Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing demand for second-life batteries and increasing investment in research & development activity.
Based on type, the market is segmented into the sodium-sulfur battery, sodium-air battery, and sodium salt battery. The sodium-sulfur segment is expected to witness significant market growth during the forecast period owing to its increasing adoption in the electric vehicle segment. Additionally, sodium sulfur batteries can work at higher temperature ranges (300-3500 C) and provide added advantages over their counterpart batteries. They are widely adopted in distributed grid support, wind power integration, and high-value application on the island.
Based on the end-use, the market is segmented into utility, residential, commercial, transportation, industrial, and other. The utility segment is expected to register a significant CAGR during the forecast period due to technological advancement attributed to energy storage. Additionally, the adoption of renewable energy and its application for load, thermal stability, and power generation, along with rising energy demand, are likely to drive the market's expansion. Additionally, the market for sodium-ion batteries for utility applications will be driven by rigorous government regulations to minimize the carbon impact and rising consumer awareness of cleaner fuel.
North America to witness extensive growth
For a better understanding of the market adoption of the sodium ion battery industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the increasing adoption of renewable energy including wind power, and solar energy, along with growing investment for the upgradation of grid infrastructure. Additionally, during the forecast period, the regional government's plans to increase renewable energy capacity are expected to stimulate market demand for sodium-ion batteries. For instance, according to the IEA total installed capacity for solar and wind energy was 61 GW and 132 GW respectively for the year 2021 and is expected to reach 106 GW for solar and 148 GW for wind energy by 2023.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the sodium ion battery market are AMTE Power Plc., NGK Insulators, HiNa Battery Technology, Aquion Energy, NEI Corporation, Nanode Battery Technologies, Contemporary Amperex Technology Co., Limited, Reliance Industries, Altris AB, and Natron Energy Inc.
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“Global Sodium Ion Battery Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Type (Sodium-Sulfur Battery, Sodium-Air Battery, and Sodium Salt Battery)
2. By End-Use (Utility, Residential, Commercial, Transportation, Industrial, and Others)
3. By Region (North America, Europe, Asia-Pacific, Rest of the World)
4. By Company (AMTE Power Plc., NGK Insulators, HiNa Battery Technology, Aquion Energy, NEI Corporation, Nanode Battery Technologies, Contemporary Amperex Technology Co., Limited, Reliance Industries, Altris AB, and Natron Energy Inc.)
Key questions answered in the study:
1. What are the current and future trends of the sodium-salt global sodium ion battery industry?
2. How the industry has been evolving in terms of type and end-use?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global sodium ion battery industry?
5. What is the customer orientation, purchase behavior, and expectations from the global sodium ion battery suppliers across various region and countries?
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