Global Sodium-Ion Batteries Market Size to Grow at a CAGR of 19.3% from 2021 to 2030

The global sodium-ion batteries market has been estimated to reach a value of USD 1.01 billion in 2021, and it is projected to grow at a CAGR of 19.3% during the forecast period from 2021-2030.

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Pune, India , June 30, 2021 (GLOBE NEWSWIRE) -- The global sodium-ion batteries market has been estimated to reach a value of USD 1.01 billion in 2021, and it is projected to grow at a CAGR of 19.3% during the forecast period from 2021-2030. Sodium-ion batteries (SIB) are rechargeable batteries in which the charge carriers are sodium ions. Since sodium ions are good charge carriers, sodium-ion batteries are a good energy storage option. Some of the most important qualities of sodium-ion batteries include reversibility, outstanding electrochemical properties, and high specific discharge capacity. Barrier materials, electrolyte materials, encapsulating materials & separators, and other raw materials are used to make sodium-ion batteries.

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Development of sodium-ion batteries (SIB) first took place in 1980, the same time when the innovation of lithium-ion batteries happened. However, the commercialization of SIB was slowed down due to the high market penetration of lithium-ion batteries. The demand for sodium-ion batteries is currently gaining momentum due to the large availability of sodium metal on earth, which is less expensive as compared to lithium. Nowadays, the demand for sodium-ion batteries is increasing with the increasing demand from large scale renewable energy storage applications, along with the growth of electric vehicles (EV) across various regions.

The number of end-use applications for sodium-ion batteries are increasing at a steady pace. The global sodium-ion sector has advanced due to the increased demand for mobile phones, computers, cameras, and other gadgets. Sodium-ion batteries are also gaining traction as power backup sources in aerospace and defense applications. Expansion of smart buildings, large-scale development projects such as smart cities and infrastructure, and development of electric cars will create new opportunities for the sodium-ion battery industry during the forecast period.

Global Sodium-Ion Batteries Market, By Product

Based on the product type, the global sodium-ion batteries market is segmented into sodium-sulfur batteries, sodium-salt batteries, and sodium oxygen batteries. A sodium-sulfur battery is a molten-salt battery made up of liquid sodium and sulfur, which has high energy density, high charge/discharge efficiency, and a long lifecycle. This is driving the growth of this segment.

Sodium-salt battery's electrolyte is a concentrated saline solution, which is easy to recycle and is less flammable than those made with toxic or flammable materials. The study of sodium-oxygen batteries has recently gained traction. The rechargeable sodium-oxygen battery incorporates an appealing new metal-air battery platform for applications in transportation, with a theoretical specific energy of 1600 W h kg1 and an equilibrium discharge potential of 2.3 Volt.

Global Sodium-Ion Batteries Market, By Application

Based on application, the global sodium-ion batteries market is segmented into consumer electronic devices, transportation, power backup, grid level applications, industrial, aerospace and defense, marine, and others. Consumer electronic devices and transportation applications of sodium-ion batteries have captured the largest market share of 06% cumulatively in 2021 and are anticipated to remain the largest segments till the forecast period 2030.

Rising popularity of sodium-ion batteries, particularly in the electrical and electronics industry, has fueled the global sodium-ion battery market. As sodium is an abundant metal in the earth's crust and is easily accessible, sodium-ion batteries are a better option than the more expensive lithium-ion batteries. Due to the abundant supply of sodium, the cost of the cathode and electrolyte has dropped to around half of the entire cost of the cell, thereby lowering the overall cost of the battery dramatically.

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Furthermore, the depletion of lithium resources, as well as greater costs involved with lithium mining and processing, has prompted battery manufacturers to switch to sodium-ion batteries. The processing of sodium-based compounds may be done with the same equipment used to process lithium-ion materials, making the switch to sodium-ion batteries easier for manufacturers. Increased availability of sodium contributes to the long-term viability of sodium-ion batteries, thereby meeting the market's growing demand for a reliable source of power.

Global Sodium-Ion Batteries Market, By Region

Based on region, the sodium-ion batteries market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. With a large number of firms participating in the development and commercialization of sodium-ion batteries, Europe is projected to dominate the market. Stationary energy storage demonstrations are now underway in a number of projects in the region and are expected to be completed soon.

The main difference between sodium-ion and lithium-ion batteries is the cathode, which makes it easier to employ sodium-ion batteries instead of lithium-ion batteries in applications such as transportation. In the coming years, sodium-ion batteries are projected to lower the cost of electric vehicles. Furthermore, NAIADES, a French EU-funded study, established the viability of Na-ion batteries. The project's overall goal was to create a battery technology based on sodium-ion technology for long-term Electric Energy Storage (EES), which would drastically reduce the cost of lithium-ion technology while also ensuring long-term sustainability and performance in terms of safety, cycle life, and energy density. Such developments will play a key role in the growth of the European market.

Some Recent Developments in the Global Sodium-Ion Batteries Market:

  • June 2020 - Washington State University (WSU) and Pacific Northwest National Laboratory (PNNL) researchers developed a sodium-ion battery that is capable of holding more energy and works somehow the same way as lithium-ion batteries. This development has led to a potentially viable battery technology based on cheap naturally abundant sodium material that can be used in various applications.
  • April 2020 – The sodium-ion battery manufacturer Faradino Limited, which is one of the leading players in sodium-ion cell technology, was exploring a manufacturing presence possibility in India that can be used in diversified sodium-ion battery applications.
  • January 2020 - In conjunction with Williams Advanced Engineering and Oxford University, Faradion, an English startup, displayed the world's first sodium-ion battery-powered car. Furthermore, the company has worked on the Low-Cost Storage of Renewable Energy project, which was sponsored by Innovate UK, to show the application of Na-ion technology for solar energy storage.
  • September 2018 - Researchers from the Institute of Physics, Chinese Academy of Sciences (IOP-CAS) developed a high-capacity carbon material for the sodium-ion battery. This innovation helped increase the energy density of sodium-ion batteries.

COVID-19 Impact on Global Sodium-Ion Batteries Market

The QMI team has closely monitored the impact of COVID-19 on the global sodium-ion batteries market, and it is observed that the demand for sodium-ion batteries has increased during the pandemic time. It is anticipated to grow at a healthy pace from third quarter of 2021. To control the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered all kinds of business activities and created a low demand for batteries across various end-use market applications.

Some Major Findings of the Global Sodium-Ion Batteries Market Include:

  • Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
  • An in-depth global sodium-ion batteries market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
  • Profiles of major market players operating in the global sodium-ion batteries market, which include AGM Batteries Ltd., Faradion Limited, Panasonic Corporation, Nrgtek Inc., Aquion Energy, Liaoning Hongcheng, Qintang New Energy, NGK, Zhejiang Lvming Energy (Durathon), and HiNa Battery Technology, among others.
  • Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years.
  • Key impact factor analysis across regions that include analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global market.
  • Impact of COVID-19 on the global sodium-ion batteries market.

Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, Sodium-Ion Batteries Market by Product Type {Sodium-Sulfur Batteries, Sodium-Salt Batteries (Zebra Batteries), Sodium-Oxygen (Sodium Air) Batteries}, Application (Consumer Electronic Devices, Transportation, Power Backup, Grid-Level Applications, Industrial, Aerospace & Defense, Marine, Others}, Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Industry Trends and Forecast to 2030” in-depth analysis along with the table of contents (ToC).

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