by Sodium-ion batteries are known for their high energy density and thermal stability over lithium-ion batteries. They can store more energy at a lower cost and require cheaper and more abundant materials like sodium compared to lithium. With the increasing demand for electric vehicles, sodium-ion batteries provide an attractive alternative to power EVs affordably and sustainably. The global Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand from the electric vehicle industry is one of the major trends fueling the growth of the sodium-ion battery market. Sodium-ion batteries are considerably cheaper to produce than lithium-ion batteries as sodium is widely available and affordable. With the push toward electrification of transport globally to reduce emissions, sodium-ion batteries are attracting more investments from automakers to power low-cost and large format batteries for EVs. Various demonstrations have proven the viability of sodium-ion battery technology for EV application which is expected to boost the adoption rate over the forecast period.
SWOT Analysis
Strength: Sodium-ion batteries offer high energy density and cost advantages compared to lithium-ion batteries. They can be safely charged and discharged hundreds of thousands of times without significant degradation of capacity.
Weakness: The technology is still at an early research and development stage with limited commercial availability. Safety issues around thermal runaway events need to be addressed to gain wider adoption.
Opportunity: Growing demand for cost-effective energy storage solutions from automotive, consumer electronics and industrial segments present a large market opportunity. Substantial investment in R&D is helping overcome technical challenges.
Threats: Established lithium-ion battery technology has significant first mover advantages in terms of manufacturing expertise and supply chain ecosystem. High battery costs continue to limit mass market adoption of sodium-ion batteries.
Key Takeaways
The global Sodium-Ion Battery Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach a size of US$ 354.78 Bn by 2023 and projected to grow at a CAGR of around 15% during the forecast period.
Regional analysis: Asia Pacific region currently dominates the sodium-ion battery market and is expected to continue its dominance led by countries like China, South Korea and Japan. This can be attributed to the large consumer electronics and automotive manufacturing industry in the region. Countries like China, Japan and South Korea are also investing heavily in developing sodium-ion battery technology and setting up production facilities.
Key players: Key players operating in the sodium-ion battery market are Natron Energy Inc., Faradion Limited, Altris AB, AMTE Power PLC, Contemporary Amperex Technology Co. Limited, NGK Insulators Ltd., and TIAMAT SAS. These players are focusing on scaling up production capacity and lowering costs through technological advancements and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
