Global Sodium-Ion Battery Market to Grow at a CAGR of 11.2% by 2030.

Introduction

As a widespread and affordable replacement for lithium-ion batteries, sodium-ion batteries have made their mark worldwide. Compared to lithium metal in lithium-ion batteries, sodium metal in sodium-ion batteries has a larger ionic radius, which results in fewer changes in the materials during electrochemical cycling and better stability than the lithium-ion battery.

The best benefits of sodium-ion batteries include their low cost, comparable energy densities, comparable power storage, increased safety due to excellent thermal stability, and exceptional cycle life. Compared to mobile applications, sodium-ion batteries are typically more appropriate for stationary applications.

Market Dynamics

Increased Demand for Electric Vehicles to Drive the Global Sodium-Ion Battery Market Drivers:

The primary driver of the sodium ion battery industry is the rising demand for electric vehicles. In recent years, there has been a strong push to electrify transportation to reduce carbon emissions from gasoline use. As climate change continues to threaten our planet's natural resources, governments have responded by reducing reliance on fossil fuels by promoting the sale of electric vehicles and enforcing stricter environmental regulations about alternative energy sources. The increasing emphasis on renewable energy sources will undoubtedly lead to a growth in sodium-ion batteries. This technology has the potential to provide far larger capacities than conventional lithium-ion cells while being more environmentally friendly.

Cheaper than Lithium-Ion Batteries to Provide Opportunities for the Global Sodium-Ion Battery Market Drivers:

 The production of lithium-ion batteries is expensive, and lithium is becoming increasingly scarce. While a sodium-ion battery can store the same amount of energy as a lithium-ion battery, it has the potential to be made in more significant quantities and at a lower cost. Due to the widespread availability of sodium in scientific circles, Sodium-ion battery technology has recently attracted public interest as a possible and environmentally benign alternative to Lithium-ion batteries. This advantage of sodium-ion batteries is propelling the expansion of the Sodium Ion Battery Market.

Regional Insights

By region, the global sodium-ion battery market is segmented into North America, Europe, Asia Pacific, and LAMEA.

Europe was the market's dominant region over the predicted period. Because of the rise in the number of companies developing and marketing sodium-ion batteries. Faradic, an English company, created the world's first sodium-ion battery-powered car in collaboration with Williams Advanced Engineering and Oxford University. In January 2021, the business focused on the Innovate UK-funded Low-Cost Storage of Renewable Energy project to demonstrate Na-ion technology for solar energy storage. The promise of the Na-ion battery was confirmed by NAIADES, a French effort supported by the European Union. The project's primary objective was to develop a battery technology for long-term Electric Energy Storage (EES) based on sodium-ion technology that would drastically reduce the cost of lithium-ion technology while ensuring long-term safety, cycle life, and energy density.

 The North American region is the second largest and is expected to grow at a CAGR of 9.6% during the forecast period. North America is anticipated to grow considerably during the projected period due to the region's increasing adoption of electric vehicles and solar and wind power projects. Wind power is one of the most rapidly expanding renewable energy technologies. The North American sodium-ion battery market is anticipated to see lucrative opportunities in the following years due to plans for significant capacity additions of solar and wind energy and rising sales of electric vehicles.

The Asia-Pacific region is the third largest. To reduce emissions, the market for sodium-ion batteries will increase in the power generation and transportation sectors, particularly in India, China, and other Southeast Asian countries, including Japan, Korea, Indonesia, and Malaysia.

Key Highlights

• The global sodium-ion battery market was worth USD 1025 million in 2021 and is estimated to reach an expected value of USD 2665 million by 2030, growing at a CAGR of 11.2 % during the forecast period (2022 - 2030).
• Based on type, the global sodium-ion battery market is segmented into Sodium-Sulfur Batteries, Sodium-Salt Batteries (Zebra Batteries), and Sodium-Oxygen (Sodium Air) Batteries. The sodium-Sulphur batteries segment dominated the market during the forecast period. 
• Based on application, the global sodium-ion battery market is segmented into consumer electronic devices, automobile & transportation, power backup, grid-level applications, industrial, aerospace & defense, marine, and others. The consumer electronic devices segment dominated the global sodium ion battery market during the forecast period. 

Competitive Players

1. Faradion
2. AGM Batteries Limited
3. NEI Corporation
4. Natron Energy
5. Haldor Topsoe A/S
6. Hina Battery Technology Co.LTD
7. Aquion
8. Sumitomo Chemical Co.LTD.
9. Naiades
10. Tiamat Energy among others.

Recent Developments

• May 2022 - Faradion, World Leader in Sodium-ion Battery Technology Recognised for Exceptional Performance by the British Private Equity and Venture Capital Association's Vision 2022 Initiative. 
• May 2022 - Natron Energy, Inc., a leading manufacturer of sodium-ion batteries, and Clarios International Inc., the global leader in low-voltage advanced battery technologies for mobility, today jointly announced a strategic agreement to manufacture the world's first mass-produced sodium-ion batteries.
• October 2022 - Natron Energy, Inc. announced the Blue Rack™ battery cabinet launch, available in both 250kW and 500kW configurations. The Blue Rack is the world's first sodium-ion battery cabinet designed for mission-critical applications such as data centers, peak power-shaving, and other industrial power environments. Sodium-ion technology delivers tremendous power density with rapid discharge and recharge, is sustainably and ethically sourced, and is safe and completely non-flammable. Natron's new Blue Pack© battery powers the Blue Rack.
• July 2022 - Natron Energy, the world leader in sodium-ion batteries using Prussian Blue chemistry, is pleased to announce the recent market introduction by Xtreme Power Conversion of the industry's first rackmount Uninterruptible Power System (UPS) featuring Natron's sodium-ion batteries. The new Xtreme Power P91L UPS is available in 3kW, with 5kW ratings with 120 and 208/220/230/240V AC, 50/60Hz operation and uniquely configured to accept Natron's BlueTray 4000 48V DC battery for backup power. Xtreme Power's P91L UPS is available with Natron's battery and can be configured for numerous power levels and extended run times.

Segmentation

1. By Type
   1. Sodium-Sulfur Batteries
   2. Sodium-Salt Batteries (Zebra Batteries)
   3. Sodium-oxygen (Sodium Air) Batteries
2. By Technology
   1. Aqueous
   2. Non-aqueous
3. By Application
   1. Energy Storage and Grid Integration
   2. Electric Vehicles (EVs)
   3. Residential Energy Storage
   4. Emergency Backup And UPS
   5. Others