The Global Demand for Global Sodium-Ion Battery Market In Terms Of Revenue Was Worth of USD 70.29 Million in 2020 and is expected to reach USD 141.16 Million in 2027, growing at a CAGR of 11.34% from 2021 to 2027. The global sodium-ion battery market is expected to grow at significant growth rate due to number of driving factors.
Sodium-ion batteries (SIB) are a type of rechargeable metal-ion battery that uses sodium ions as charge carriers. Sodium ions are profoundly active and good carrier of charge, which makes the sodium ion batteries an efficient power storage alternative. These batteries have been identified as the most captivating alternative form of energy storage systems. Easy availability and accessibility of sodium are also supplementing the demand for sodium-ion batteries. These batteries are favorable options for those applications, wherein the degree of compactness is of least importance. Charging the battery forces sodium-ions to de-intercalate from the cathode and migrate toward the anode. Sodium-ion batteries have eminent electrochemical quality in terms of charge-discharge, reversibility, and high specific discharge capacity. These batteries have recently gained commercialization status. Thus, the sodium-ion batteries market is expected to expand significantly in the near future.
Factors such as increasing demand for cleaner energy with rising greenhouse gas emissions around the world is contributing to the global sodium ion battery market growth. For instance; According to the International Energy Agency (IEA) report, In Q1 2020, the global use of renewable energy was 1.5% higher than in Q1 2019. The increase was driven by a rise of about 3% in renewable electricity generation after more than 100 GW of solar PV and about 60 GW of wind power projects were completed in 2019. By 2050, solar PV, wind, and hydro, together, are estimated to produce approximately 80% of the global electricity generation. In 2019, renewable electricity generation rose 6%, with wind and solar PV technologies together accounting for 64% of this increase. Although the share of renewable in global electricity generation reached almost 27% in 2019, renewable power as a whole still needs to expand significantly to meet the SDS share of almost half of generation by 2030. This requires the rate of annual capacity additions to accelerate.
Additionally, according to the Centre for Climate and Energy Solutions Carbon dioxide emissions report; primarily the combustion of fossil fuels, have risen dramatically since the start of the industrial revolution. Most recently in 2019, global carbon dioxide emissions reached a record high of 36 Million metric tons. Greenhouse gases such as carbon dioxide trap heat within Earth’s atmosphere by absorbing energy and preventing heat from escaping into space. As the sodium-ion battery is an alternative with additional benefits, storing the energy of solar and wind, thus it is expected to have an opportunity with the growing solar and wind energy market.
The study provides a crucial view of global sodium ion battery market by segmenting the market based on product type, end-user and region & country level. Based upon product type, the market is segmented into sodium-sulfur batteries, sodium-salt batteries and sodium-oxygen. Based upon end-user, the market is segmented into residential, utility, commercial, industrial and transport. The regions covered in global Sodium ion battery market are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global sodium ion battery market is sub divided into U.S., Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Brazil, Mexico, GCC, Africa, etc.
The product type segment of sodium ion battery market is dominated by Sodium-sulfur batteries with a largest market share of XX.XX % in 2020. The end-user segment of sodium ion battery market is dominated by Grid Storage segment by capturing the largest market of 80.87 % in year 2020.
Geographically, Asia Pacific region is expected to dominate the global sodium ion battery market within the forecast period. The North America is expected to witness substantial growth over the forecast period owing to increased adoption of electric vehicles and solar and wind power installations in this region. Wind power is one of the fastest-growing renewable energy technologies. According to the American Wind Energy Association (AWEA) report; Wind power in the United States is a branch of the energy industry that has expanded quickly over the latest several years. From January through December 2019, 300.1 terawatt-hours were generated by wind power, or 7.29% of all generated electrical energy in the United States. That same year, wind power surpassed hydroelectric power as the largest renewable energy source generated in the U.S. As of January 2020, the total installed wind power nameplate generating capacity in the United States was 105,583 megawatts (MW). Thus far, wind power's largest growth in capacity was in 2012, when 11,895 MW of wind power was installed, representing 26.5% of new power capacity.
Asia Pacific region is expected to witness a significant growth in the global sodium-ion battery market within the forecast period. This is due to the continuous development in consumer electronics and growing urbanization, increasing in this region. For instance; by 2030, the UN projects that proportion will reach 60 percent, totaling 4.9 Million people. Roughly 95 percent of this massive urban growth will occur in less developed countries. The combined urban population of these 8 countries will grow by more than 1 Million people in the same period, making up roughly four-fifths of the total urban
|2015 - 2020
|2021 - 2027
|Market Size in 2020:
|USD 70.29 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2027:
|USD 141.16 Million
|Tables, Charts & Figures:
|Sodium-Ion Battery Companies
Faradion Limited, AGM Batteries Ltd, NGK Insulators Ltd, TIAMAT SAS, HiNa Battery Technology Co. Ltd, Altris AB, Natron Energy Inc., Others
|By Product Type, By End-use
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
The global Sodium-ion battery market is expected to witness a significant growth in the coming few years owing to various benefits offered by these batteries. Sodium-ion batteries have been touted as an attractive storage technology due to their elemental abundance, promising electrochemical performance, and environmentally benign nature. Sodium-ion batteries present an alternative energy storage device, owing to fast growing high cost of lithium in LIBs. Energy production and storage technologies have attracted a great deal of attention for day-to-day applications. The growing need to store an increasing amount of renewable energy in a sustainable way has increased the interest for sodium-ion battery technology, owing to the natural abundance of sodium.
Sodium-ion batteries (SIBs) are considered as the best power sources because sodium is widely available and exhibits similar chemistry to that of LIBs; therefore, these batteries may promise next-generation alternatives. Recently, sodiated layer transition metal oxides, phosphates and organic compounds have been introduced as cathode materials for Sodium-ion batteries. In addition, recent developments have been facilitated by the use of select carbonaceous materials, transition metal oxides (or sulfides), and intermetallic and organic compounds as anodes for these batteries. Apart from electrode materials, suitable electrolytes, additives, and binders are equally important for the development of practical Sodium-ion batteries. Some of the major trends in Global Sodium ion battery market are follows:
The recent upsurge of EVs and energy storage using LIBs as power sources could cause a shortage of LIBs so a great deal of attention has been started again to the development of SIBs, in which sodium is inexpensive and evenly distributed. The sodium-ion batteries are increasingly trending in stationary energy storage like telecom, clean energy, electrical vehicle, and others. The sodium-ion cells are an excellent drop-in replacement for lead-acid batteries for low-cost electric transport such as in LSEVs, e-scooters, or as batteries for e-rickshaws and e-bikes which offers much greater range and carrying capacity for a similar price.
Clean Energy: Thus, companies are using high-efficiency lithium-ion batteries with renewable energy like solar at many sites. The increase in solar energy is expected to increase the use of lithium-ion batteries for energy storage. Sodium-ion battery technology, which is claimed to hold as much energy as a lithium-ion battery, bears much potential to be cheaper and can be produced in substantial quantity too. Additionally, Sodium-ion battery technology has recently created great interest in all scientific communities as a valid and more environmentally friendly alternative to Li-ion due to the abundance of sodium in all scientific communities. For example, The Smart Sodium Storage System project is a USD10.6M project which aims to develop and demonstrate novel sodium-ion battery technologies for use in renewable energy storage applications.
Telecom Industry and Data Centers: In the telecom sector, telecom tower companies are constantly moving towards energy-efficient solutions, as fuel costs are approximately 30% of the operating costs of telecom towers. An increase in diesel prices is negatively impacting the telecom industry. Recent advance chemistry in batteries is opening up new horizons in terms of data design and operation centers and other critical facilities. Thus, a sodium-ion battery uses the Prussian blue analogs for cathode and anode. They offer extremely low internal resistance; there is a high cycle-rate, high peak-energy potential, not flammable and do not exhibit any thermal runners features by design.
Electric Vehicles: Batteries are some of the most expensive components of an electric vehicle. The emerging electric vehicle industry which has been dependent on imports of critical parts, as well as the lithium cells which are the major ingredients powering EVs. Thus, the industry was also scouting for alternatives to lithium cells. Lithium-ion batteries are expensive to produce and lithium as a material is turning difficult to source. Sodium-ion battery technology, which is claimed to hold as much energy as a lithium-ion battery, bears much potential to be cheaper and can be produced in substantial quantity too. Global demand for EVs is expected to witness a sharp growth. A recent study by Deloitte; has predicted that a third of all new cars sold globally will be electrified by the end of the decade, citing a radical shift in consumer sentiment. The firm estimates that 31.1 million electrified vehicles will be sold per year by 2030. The peak of petrol and diesel vehicle sales will likely to have occurred during the Coronavirus pandemic. Thus, the investment in EVs is also increasing. For example, Tamil Nadu-based Sodium Energy is working on developing sodium-ion-based batteries for electric vehicles and energy storage needs. The company is the brainchild of evangelist Pachayappa Baladhandayuthapani (Bala), former CTO of Coimbatore-based Ampere Vehicles, which produces electric scooters, e-autos and golf karts.
Middle East and Africa
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