How big is the sodium-ion battery market today, and what are its future growth expectations?
The sodium-ion battery market size has grown rapidly in recent years. It will grow from $0.8 billion in 2024 to $0.95 billion in 2025 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to growing demand for energy storage, resource availability and cost, environmental concerns, applications in renewable energy, and potential for grid-level storage.
The sodium-ion battery market size is expected to see rapid growth in the next few years. It will grow to $1.73 billion in 2029 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be attributed to scale-up of production facilities, expansion into electric vehicles (EVs), integration with renewable energy systems, demand for sustainable energy storage, research and development investments, and regulatory support and incentives. Major trends in the forecast period include rising demand for energy storage solutions, technological advancements, advancements in electrode materials, materials innovation, and energy density improvement.
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What have been the primary factors driving the sodium-ion battery market’s growth?
The increasing demand for electric vehicles is expected to propel the growth of the sodium-ion battery market going forward. An electric vehicle (EV) is a vehicle that uses one or more electric motors for propulsion, powered by a battery that can be charged from an external power source. The surge in demand for electric vehicles can be attributed to various factors, including concerns over environmental sustainability, government incentives, advancements in battery technology leading to improved range and performance, and a shift in consumer preferences towards cleaner and greener transportation options. Sodium-ion batteries can be used with minimal modifications in existing electric vehicle designs, providing a more straightforward transition from lithium-ion technology. For instance, in July 2023, according to the Internal Energy Agency, a France-based autonomous intergovernmental organization, over 2.3 million electric cars were sold in the first quarter of 2023, a 25% increase from the same period in 2022. By the end of 2023, sales are expected to reach 14 million, representing a 35% year-on-year increase, with growth accelerating in the second half of the year. For instance, in April 2023, according to the International Energy Agency, a France-based intergovernmental organization, in 2022, the global stock of fuel cell electric vehicles (FCEVs) grew by 40% compared to 2021, exceeding 72,000 vehicles. Therefore, increasing demand for electric vehicles is driving the growth of the sodium-ion battery market.
What are the key segments within the sodium-ion battery market?
The sodium-ion battery market covered in this report is segmented –
1) By Type: Sodium-Sulfur Batteries, Sodium-Salt Batteries (Zebra Batteries), Sodium-oxygen (Sodium Air) Batteries
2) By Technology: Aqueous, Non-aqueous
3) By Application: Energy Storage And Grid Integration, Electric Vehicles (EVs), Residential Energy Storage, Emergency Backup And UPS, Other Applications
Subsegments:
1) By Sodium-Sulfur Batteries: High-Temperature Sodium-Sulfur Batteries, Low-Temperature Sodium-Sulfur Batteries
2) By Sodium-Salt Batteries (Zebra Batteries): Sodium-Nickel Chloride Batteries, Sodium-Sulfur Hybrid Batteries
3) By Sodium-Oxygen (Sodium Air) Batteries: Rechargeable Sodium-Oxygen Batteries, Primary Sodium-Oxygen Batteries
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Which key players are shaping the sodium-ion battery market?
Major companies operating in the sodium-ion battery market are Mitsubishi Corporation, Toyota Tsusho Corporation, Panasonic Corporation, Contemporary Amperex Technology Co. Limited, Blackstone Technology GmbH, Jiangsu Zhongna Energy Technology Co., Ltd., NGK Insulators Ltd, Kishida Chemical, Ionic Materials, Natron Energy Inc., AMTE Power plc, Aquion Energy, Phostech Lithium, Altris AB, BLUETTI Power Inc., HiNa Battery Technology Co. Ltd, Li-FUN Technology Corporation Limited, NEI Corporation, Tiamat Energy, Indigenous Energy Storage Technologies Pvt. Ltd., Moixa Energy Holdings Ltd., Natrium Energy, Ronbay Technology, Zoolnasm Energy
How will emerging trends drive the sodium-ion battery market throughout the forecast period?
Major companies operating in the sodium-ion battery market are developing innovative products with advanced technologies, such as sodium-ion battery cabinets, to store energy for various applications. A sodium-ion battery cabinet is a type of battery cabinet that uses sodium-ion technology to store energy. For instance, in October 2022, Natron Energy Inc., a US-based sodium-ion battery manufacturer, introduced Blue Rack, the world’s first sodium-ion battery cabinet. It is designed for industrial power scenarios, peak power shaving, and other mission-critical applications such as data centers. Harnessing sodium-ion technology, the Blue Rack offers impressive power density and rapid discharge or recharge rates, ensuring safety due to its non-flammable nature. The Blue Rack can be configured to deliver 500 kW of backup power, far surpassing the capabilities of lithium-ion technology, which only achieves 10W. Sodium-ion technology enables a significantly higher maximum sustained power per watt (40W/Wh). The Blue Rack battery cabinet can fully recharge in 15 minutes or less.
How do regional factors impact the sodium-ion battery market, and which region is the largest contributor?
Europe was the largest region in the sodium-ion battery market in 20243. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sodium-ion battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Sodium-Ion Battery Market Report 2025 Offer?
The sodium-ion battery market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Sodium-ion batteries (SIBs) are rechargeable batteries that rely on sodium ions as the carriers of charge, akin to lithium-ion batteries (LIBs), but substitute lithium with sodium as the intercalating ion. Due to their eco-friendliness, safety features, and capacity to operate in cold conditions, sodium-ion batteries are a promising alternative to lithium-ion batteries for specific applications.
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