Sodium-ion Battery Market Size, Share, Growth Analysis, By Technology(Sodium Sulfur Battery, Sodium Salt Battery), By Application(Stationary Energy Storage, Transportation), By End-Use(Residential, Utility) - Industry Forecast 2024-2031

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.