India, Pune, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The Sodium-ion Battery Market was considered to be in its early stages of development, with ongoing research and development efforts focused on improving the technology's performance, energy density, and cycle life. Sodium-ion battery technology is slated to play a definitive role in facilitating a smooth transition to clean energy as unconventional energy sources such as solar and wind require large-scale utilization of battery-operated devices and machines. This factor, therefore, is anticipated to lead the sodium-ion market trends during the forecast period.
Key industry developments include:
September 2019: Natron Energy and Virtual Power Systems (VPS) teamed up to integrate Natron’s sodium-ion technology and VPS’s ICE Platform to meet the demands for flexible power distribution, thus expanding VPS’s Software Defined Power (SDP) ecosystem.
May 2019: Labour Party Senator for Victoria, Kim Carr, approved a grant worth USD 2 million for research into developing sodium-ion batteries along with sanctioning USD 30 million for R&D into electric vehicles.
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The sodium-ion battery market is expected to witness significant growth and demand in the coming years due to several factors, including:
Increasing Demand for Eco-friendly and Cost-effective Energy Storage Solutions:
Sodium-ion batteries are considered a promising alternative to lithium-ion batteries due to their lower cost and abundant availability of sodium. They also have a longer lifespan and are more stable, making them a suitable option for various energy storage applications.
Growing Demand for Renewable Energy Sources:
As the demand for renewable energy sources such as wind and solar power continues to grow, the need for efficient energy storage solutions also increases. Sodium-ion batteries offer a viable solution for grid-scale energy storage, helping to stabilize the power supply and reduce reliance on fossil fuels.
Sodium-Ion Battery Market Driving Factors:
Resource Availability: Sodium is more abundant and widely distributed compared to lithium, which could potentially make sodium-ion batteries a more sustainable and cost-effective alternative, especially as concerns about the availability of lithium resources grow.
Cost Advantage: The abundant availability of sodium could lead to lower production costs compared to lithium-ion batteries, especially if new and efficient manufacturing processes are developed.
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Environmental Concerns: As the world becomes more environmentally conscious, the demand for cleaner energy storage solutions increases. Sodium-ion batteries have the potential to be more environmentally friendly due to the lower impact of sodium extraction and production compared to lithium.
Compatibility with Existing Infrastructure: Sodium-ion batteries could potentially use similar manufacturing processes and infrastructure as lithium-ion batteries, making it easier for existing battery manufacturers to transition or diversify into sodium-ion production.
Applications in Grid Storage: Sodium-ion batteries might find a strong market in stationary energy storage systems, helping to integrate renewable energy sources into the grid by storing excess energy during periods of high production for use during periods of high demand.
Diversity in Battery Chemistry: A diversified market is often seen as a positive aspect, as it reduces the risk of supply chain disruptions. Having sodium-ion batteries as an alternative to lithium-ion batteries could help in stabilizing the energy storage market.
Research and Development: Investment in research and development is crucial for advancing sodium-ion battery technology. As more research is conducted and breakthroughs are achieved, the performance, energy density, and cycle life of sodium-ion batteries could improve, making them more attractive for various applications.
Government Support and Policies: Government policies and incentives promoting the development and adoption of alternative energy storage technologies can play a significant role in driving the sodium-ion battery market forward.
Emerging Markets: In regions where access to lithium resources might be limited, sodium-ion batteries could offer a viable alternative, driving demand in those markets.
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Growing Preference for Sodium-Ion Batteries Over Lithium-Ion to Propel the Market
While lithium-ion batteries are highly demanded, sodium-ion batteries are slowly gaining popularity as their advantages over lithium-ion batteries are gradually coming to the fore. Research conducted by the Nagoya Institute of Technology found that sodium-ion batteries are highly beneficial for sustainability for numerous reasons. For instance, sodium is an abundantly available material as it can be found in large quantities in the earth’s crust and in seawater.
This would ensure regular supply of the element without too many price fluctuations, giving it a distinct advantage over lithium which is not that commonly found. As a result, the cost of lithium is bound to rise astronomically in the near future as demand for the element is expected to rise by 1500% by 2030, exceeding its supply, as per Bloomberg NEF estimates. Lastly, sodium-ion batteries have faster charging time, making them the ideal substitute to lithium-ion ones.
Increasing Adoption of Electric Vehicles to Spur the Market in North America
North America is a leading region having ambitious targets to curb carbon emissions. As a result, the region is witnessing a high rate of adoption of electric vehicles and solar and wind power installations, augmenting the market for sodium-ion batteries in the process. Large-scale renewable energy capacity enhancement in India and China will give Asia-Pacific a commanding grip on the global sodium-ion market share in the approaching decade. In Europe, the primary driver is expected to be the fast-paced switch to clean energy-based power generation, especially in Western Europe. A rapidly rising demand for electricity will fuel the market in Latin America, while heavy investments in solar power will provide the necessary fodder for the market in the Middle East.
Exciting Partnerships to Energize the Competition Dynamics in the Market
The sodium-ion battery market research by Fortune Business Insights foresees a period of spirited competition among players. This competition will happen in the form of strategic partnerships between companies and government research grants for developing the sodium-ion technology further.
Some of the prominent operators in this market include:
- Natron Energy
- Faradion
- Aquion
- Tiamat Energy
- NEI Corporation
- HiNa Battery Technology Co., Ltd
- Naiades
- Haldor Topsoe A/S
- AGM Batteries Limited
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