USD 1120 million
Report ID: SQSG55E2002 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 92 | Figures: 76
Global Sodium-Ion Battery Market size was valued at USD 1120 million in 2021 and is poised to grow from USD 1317 million in 2022 to USD 2899 million by 2030, growing at a CAGR of 11.8% in the forecast period (2023-2030).
The sodium-ion battery (NIB or SIB) is a form of rechargeable battery similar to the lithium-ion battery, except it uses sodium ions (Na+) as charge carriers instead of lithium ions (Li+). Its operating principle and cell construction are nearly equivalent to those of commercially available lithium-ion battery types, except that sodium compounds are employed instead of lithium compounds.
The sodium-ion battery has had a global impact as a large-scale and low-cost alternative to lithium-ion batteries. The sodium metal in sodium-ion batteries has a larger ionic radius than lithium metal in lithium-ion batteries, which results in fewer changes in the materials during electrochemical cycling, offering higher stability than the lithium-ion battery. Sodium-ion batteries have outstanding characteristics such as low cost, comparable energy densities and power storage to other counterparts, increased safety with improved thermal stability, and exceptional cycle life, among others. In general, sodium-ion batteries are more suited for stationary applications than mobile applications.
US Sodium-ion Battery Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1120 million
Stationary Energy Storage
Stationary Energy Storage
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The global Sodium-ion Battery market is segmented based on technology, application, end-use and region. Based on technology, the market is segmented into Sodium Sulfur Battery, Sodium Salt Battery, Sodium Air Battery. Based on application, the Sodium-ion Battery market is segmented into Stationary Energy Storage, Transportation. Based on end-use, the Sodium-ion Battery market is segmented into residential, Utility, Commercial, Industrial, Transport Sector, Others. Based on region, the Sodium-ion Battery market is categorized into North America, Europe, Asia-Pacific, and MEA.
Sodium-ion Battery market Analysis by application
In 2021, stationary energy storage dominated the global Sodium-ion Battery market and it is likely to maintain its dominance throughout the forecast period. The amount of energy provided by renewable sources, such as solar and wind, is increasing, and energy storage is critical to ensuring energy supply continuity. When energy is required, the stationary energy storage system can store it and then release it as electricity. A stationary energy storage system frequently includes an array of batteries, an electronic control system, an inverter, and a thermal management system. Although volumetric energy density criteria are less stringent than for other uses, life cycle costs for stationary storage applications such as grid-scale load shifting of intermittent renewable energy or behind-the-meter home storage must be as low as possible.
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In 2021, Europe dominated the global sodium-ion battery market, owing to owing to ongoing research and increasing deployment of battery energy storage systems and electric vehicles. Quarterly PEV sales rose in the second quarter of 2020, fueled by increased environmental awareness as a result of the COVID-19 epidemic. This increase in new e-vehicle registration resulted in the displacement of 3.8 billion liters of gasoline in Europe, creating a dent in the region's motor fuel consumption. Germany led the fleet electrification movement, with over 681,400 electric vehicle sales in 2021, and Norway, with battery-electric and plug-in hybrid electric vehicles accounting for more than 86 percent of new vehicle sales in 2021. Tesla, Renault, and Volkswagen were among the top-selling brands in the region for completely electric vehicles—the Tesla Model 3, Renault Zoe, and Volkswagen ID.3 were the most popular models in the European Union in 2021.
NAIADES, a European Union-funded program in France, demonstrated the potential of the Na-ion battery. The project's main purpose was to develop a sodium-ion battery technology for long-term Electric Energy Storage (EES) that would dramatically reduce the cost of lithium-ion technology while ensuring long-term safety, cycle life, and energy density.
Furthermore, North America is estimated to register highest CAGR over the forecast period due to the increasing usage of electric vehicles and solar and wind power projects in this region. Wind power is one of the most rapidly growing renewable energy technologies.
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Sodium-ion Battery market Driver
The rising demand for electric vehicles is anticipated to drive sodium-ion battery market. EV sales are estimated to reach 15 million in 2025 and over 25 million vehicles in 2030, representing respectively 10% and 15% of all road vehicle sales. While lithium-ion batteries are in high demand, sodium-ion batteries are rapidly gaining popularity as their benefits over lithium-ion batteries become more apparent. The Nagoya Institute of Technology discovered that sodium-ion batteries are extremely advantageous to sustainability for a variety of reasons. For example, sodium is a readily available material since it is abundant in the earth's crust and seawater. This would provide consistent supply of the element with minimal price swings, providing it a considerable edge over lithium, which is not widely available. As a result, the cost of lithium is projected to skyrocket in the near future, as demand for the element is expected to increase by 1500% by 2030, exceeding supply, according to Bloomberg NEF forecasts. Finally, sodium-ion batteries charge faster than lithium-ion batteries, making them an excellent replacement.
Sodium-ion Battery market Challenge
Low production capacity is a challenge in sodium-ion battery market. As many companies transition from the start-up phase to production, volumes remain constrained.
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The market for sodium-ion batteries is moderately consolidated. Faradion Limited, Contemporary Amperex Technology Co. Limited, NGK Insulators Ltd, TIAMAT SAS, HiNa Battery Technology Co. Ltd, Altris AB, and Natron Energy Inc. are among the market's leading players.
Sodium-ion Battery market Top Players Company Profiles
Sodium-ion Battery market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, in comparison to the widespread use of Li-ion cells in energy storage sectors, portable electronics, EVs, and large-scale energy storage, Na-ion cells are still being developed for pilot plant-scale production. However, things will change due to the invocation of next-generation technologies and cost reduction.
Sodium-ion batteries are predicted to replace some of the LFP shares in passenger EVs and energy storage, reaching 20 GWh by 2030. The cost savings are incredible: producing 1 GWh Na-ion cells will save 41% of the material cost when compared to LFP cells.
|Market size value in 2021||USD 1120 million|
|Market size value in 2030||USD 1317 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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KEY COMPANY PROFILES
For the Global Sodium-ion Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sodium-ion Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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