Sodium-Ion Battery Market worth $1.2 billion by 2028 Globally, at a CAGR of 21.5 %, says MarketsandMarkets™
Chicago, April 22, 2024 (GLOBE NEWSWIRE) -- *The Global **Sodium-Ion Battery Market** is projected to grow from USD 0.5 billion in 2023 to USD 1.2 billion by 2028, at a CAGR of 21.5% from 2023 to 2028, **as per the recent study by MarketsandMarkets™.* The market is expected to grow, fueled by their affordability compared to lithium-ion batteries. This makes them perfect for large-scale energy storage, especially with renewables like wind and solar needing solutions for fluctuating power. Their reliance on common sodium positions them as a more sustainable option, pushing the market forward due to the global focus on reducing our environmental impact.
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*Browse In-Depth TOC On "Sodium-Ion Battery Market”*
*100 - Market Data Tables
41 - Figures
143 - Pages *
*List of Key Players in Sodium-Ion Battery Market**:*
1. Ningbo Shanshan Co., Ltd. (China)
2. Jiangxi Zhengtuo New Energy Technology (China)
3. Resonac Holdings Corporation (Japan)
4. POSCO FUTURE M (South Korea)
5. Mitsubishi Chemical Group Corporation (Japan)
6. SGL Carbon (Germany)
*Drivers, Restraints, Opportunities and Challenges in Sodium-Ion Battery Market:*
1. *Drivers: *Cost effective when compared to lithium-ion batteries.
2. *Restraints:* Lower energy density as compared to the lithium-ion battery.
3. *Opportunity: *Abundant availability of sodium unlike lithium forms a strong supply chain.
4. *Challenges: *Availability of high-performance materials for sodium ion batteries.
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*Key Findings of the Study:*
1. Automotive, by end use industry, is estimated to grow at the fastest rate during the forecast period.
2. Non-Aqueous, by battery type, is estimated to grow at the fastest rate during the forecast period.
3. Europe is estimated to account for the highest CAGR during the forecast period.
Despite the energy storage sector driving the overall sodium-ion battery market, the automotive industry currently takes the lead in using these batteries. This dominance is due to their significant cost advantage compared to lithium-ion batteries in electric vehicles, and their sufficient energy density for many everyday EV applications. This affordability opens doors to more budget friendly EVs, potentially expanding the market and boosting overall battery demand. There is high demand for the sodium-ion battery for automotive market during the forecast period.
The non-aqueous technology is expected to be one of the major segments for sodium-ion battery market. Factors driving the technology are organic solvents in these electrolytes which allow for higher voltages and thus greater energy density, perfect for electric vehicles needing extended range. They eliminate safety risks associated with water-based electrolytes and sodium metal and they offer superior performance stability across varying temperatures, making them more reliable for demanding applications. While aqueous options are being explored for their environmental benefits, these factors currently secure non-aqueous electrolytes which supports the growth of the sodium-ion battery market.
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Based on end-use, the energy storage end-use segment is accounted as the largest in the market, in terms of value during the forecast period. As the renewable energy source is increased, such as solar and wind, into the grid has made efficient energy storage solutions to manage the intermittent nature of these sources. Sodium-ion batteries are well-suited for this purpose as it has ability to store large amounts of energy and discharge it when needed. The growth in electric vehicle market is driving the demand for energy storage solutions. Sodium-ion batteries are being increasingly used in EVs as they offer a eco-friendly and cost-effective alternative to lithium-ion batteries. Additionally, sodium-ion batteries have a higher energy density compared to other types of batteries, making them ideal for use in EVs.
Based on technology, the non-aqueous is accounted for the largest share, in terms of value, during the forecast period. Non-aqueous sodium-ion batteries use non-aqueous electrolytes, which offer higher energy densities and longer cycle lives compared to aqueous electrolytes. This makes them ideal for applications where high energy density and long-term reliability are crucial, such as in grid energy storage systems and electric vehicles. Additionally, non-aqueous sodium-ion batteries can operate over a wider range of temperatures, which makes them more versatile in different environments. They also have a lower risk of dendrite formation, which can improve the safety and longevity of the battery. These advantages have driven the adoption of non-aqueous sodium-ion batteries in a wide range of applications, and this factor will further boost the sodium-ion battery market.
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