Sodium-ion batteries are cost-effective solutions that function as alternatives to lithium-ion batteries due to their higher energy density and lower cost as compared to lead-acid and nickel-metal hydride batteries. Sodium is widely available and affordable raw material used in the manufacturing of sodium-ion batteries. Moreover, sodium-ion batteries deliver high voltage and are safer and more stable than lithium-ion batteries.
The global Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The emerging trend gaining traction in the sodium-ion battery market is their increasing use in electric vehicles applications. With the rising global demand for more sustainable modes of transportation, sodium-ion batteries are attracting auto manufacturers' interest as a substitute for lithium-ion batteries due to sodium's abundance and stable cost. The characteristics of sodium-ion batteries make them well-suited for electric vehicles as they offer high energy density, long cycling life, and enhanced chemical stability as compared to lead-acid batteries. This rising focus of auto industry on sodium-ion batteries as a promising technology for EVs is expected to drive the market growth over the forecast period.
Segment Analysis
The global sodium-ion battery market is dominated by small batteries segment. Due to their compact sizes and higher energy densities, small batteries segment accounts for over 55% share of the overall market. These batteries find widespread applications in consumer electronics such as smartphones, laptops, power tools and electric vehicles. Within the small batteries segment, batteries with capacity between 500mAh to 3000mAh dominate the market.
Key Takeaways
The global Sodium-Ion Battery Market Growth is expected to witness high growth during the forecast period of 2023 to 2030. The global Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 B in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030.
Regional analysis shows that Asia Pacific region dominates the market currently with a share of over 45% due to presence of leading battery manufacturers in countries like China, South Korea and Japan. The region is also expected to remain the fastest growing regional market during the forecast period due to growing demand for such batteries from consumer electronics and electric vehicle industry in the region.
Key players operating in the sodium-ion battery market are Aquion Energy, Faradion Limited, HiNa Battery Technology, Natron Energy, NGK Insulators Ltd, Panasonic, TAGRIS, and others. Aquion Energy is a leading player in sodium-ion battery market with wide product portfolio for utilities, industrial and commercial applications. Faradion Limited is pioneer in sodium-ion battery technology and provides battery solutions for mobility and stationary storage applications. NGK Insulators Ltd is a prominent player and provides sodium-ion batteries for renewable energy storage across solar, wind and other applications.
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