Coherent Market Insights

Sodium-Ion Battery Market to Surpass US$ 962.6 Mn by 2030

Sodium-Ion Battery Market to Surpass US$ 962.6 Mn by 2030 - Coherent Market Insights

Publish On: Nov 16, 2022

The Global Sodium-Ion Battery Market is estimated to account for US$ 275.1 Mn in terms of value by the end of 2021. The technology behind the sodium-ion battery has numerous advantages, including lower production costs, long-life, and reduced size. Moreover, it allows the fast transit of energy-generating ions. Unlike lithium, sodium-ion batteries are relatively affordable, allowing them to compete in the market with lithium-ion systems. There are a number of companies developing this technology. One of these is Natron. The company manufactures sodium-based anodes and cathodes from a compound called Prussian Blue. This substance has an excellent chemical structure that makes it an excellent conductor of sodium ions.

Global Sodium-Ion Battery Market: Drivers

High preference of sodium-ion batteries by data centers and telecom companies is one of the factors expected to fuel growth of the global sodium-ion battery market over the forecast period. Fuel expenses are responsible for nearly 30% of the cost of telecom tower, due to which companies look for energy-efficient options. As the cost of fuels is increasing, the telecom sector is witnessing adverse impact. With increasing advances in battery chemistry in terms of operation centers and data design, various opportunities are opening up. Due to various lucrative properties of sodium-ion batteries such as high peak energy potential, low internal resistance, and other, they are highly being preferred by data and telecom centers. This in turn is driving the market growth.

Global Sodium-Ion Battery Market: Opportunities

The growing use of renewable sources such as wind and solar is expected to create lucrative opportunities in the global sodium-ion battery market over the forecast period. Due to significant potential of sodium-ion batteries, they are increasingly being used in applications of energy storage systems. Renewable sources such as wind and solar are producing energy in massive amount, which is likely to drive the need for energy storage system, which in turn will drive the demand for sodium-ion batteries. For instance, as per the International Renewable Energy Agency (IRENA), the global capacity of solar PV reached 843 GW in 2021, which is a 19% of growth as compared to 2020.

Global Sodium-Ion Battery Market: Restraints

The global sodium-ion battery market is witnessing challenges such as lack of strong industrial supply chains and more weight compared to lithium-ion batteries. These factors are expected to impede growth of the global sodium-ion battery market over the forecast period. The active use of sodium-ion batteries is disrupted due to lack of robust industrial supply chain. Moreover, the weight of sodium-ion batteries as compared to lithium-ion batteries is higher, which further limits the use of these batteries in electric vehicles. Thus, these factors are expected to obstruct growth of the global sodium-ion battery market over the forecast period.

Global Sodium-Ion Battery Market - Impact of Coronavirus (Covid-19) Pandemic:

The global sodium-ion battery market was adversely impacted by the COVID-19 pandemic. The virus outbreak in China disrupted various industries all over the world leading to disruption of global economy. As most of the countries imposed lockdown regulations, several market activities such as manufacturing, supply chains and distributions were disrupted during the pandemic. Many of the manufacturing facilities were temporarily closed down. Due to lack of supply of raw materials, production and demand was hindered in various markets including the one in discussion. Thus, the epidemic of COVID-19 pandemic negatively affected the market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/sodium-ion-battery-market-5353

Key Takeaways:

The global sodium-ion battery market was valued at US$ 275.1 Mn in 2021 and is forecast to reach a value of US$ 962.6 Mn by 2030 at a CAGR of 15.3% between 2022 and 2030.

Stationary Energy Storage segment held dominant position in the global sodium-ion battery market in 2021, accounting for 82.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Sodium-Ion Battery Market Trends:

Increasing R&D activities and deployment of battery energy storage systems as well as adoption of electric vehicles in Europe is a growing trend in the market. For instance, in January 2020, a new project NAIMA, “Na Ion materials as essential components to manufacture robust battery cells for non-automotive applications,” funded by EU began in France. The project received a Horizon2020 program grant of nearly EUR 8 million from the European Commission. Thus, this trend is likely to continue in the region in the near future.

Key players in the market are adopting growth strategies such as partnerships and agreements, which is expected to propel growth of the global sodium-ion battery market over the forecast period. For instance, in January 2022, Reliance New Energy Solar Limited, the subsidiary of Reliance Industries and Faradion entered into an agreement for acquisition of 100% of the equity shares of Faradion through secondary transactions for a GBP 94.42 million. The company will be using the state-of-the-art technology of Faradion at its fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar India.

Global Sodium-Ion Battery Market: Competitive Landscape   

Natron Energy Inc., Faradion Limited, Altris AB, AMTE Power PLC, Contemporary Amperex Technology Co. Limited, NGK Insulators Ltd., and TIAMAT SAS.

Global Sodium-Ion Battery Market: Recent Developments

In January 2022, CATL announced that the company has applied for a patent for an anode-free metal battery technology that will be used in its next generation of sodium-ion batteries. With this new patent, CATL will achieve anode-free sodium-ion battery density above 200Wh/Kg.

In December 2021, Tiamat entered into Startec partnership for implementing Sodium-ion battery technology in industrial electronic solutions. Both the companies will be integrating sodium-ion power battery cells of Tiamat into packs and modules designed for catering the customer need.

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