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Global Sodium Ion Battery Market to Reach US$ 577.41 Million by 2027, Propelled by the Increasing Demand for Cleaner Energy

Published on Sep 07, 2022

The latest report by IMARC, titled “Sodium Ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global sodium ion battery market size reached US$ 253.44 Million by 2021. Sodium ion battery refers to rechargeable batteries that require sodium ion movement between electrodes during the charging and discharging of battery. The cathode for these batteries is manufactured from sodium and the sodium metal in these batteries displays a large ionic radius compared to lithium metal in the lithium-ion batteries, offering lesser changes in the materials during electrochemical cycling and providing them more stability. It stores energy by fusing electrical and chemical energy into one another. It also offers numerous advantages, including improved safety, better environmental credentials, and enhanced raw material costs. In recent years, sodium ion batteries have gained traction due to their extensive usage in the defense, transportation, aerospace, marine, and energy industries.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will be integrated into the report.

Global Sodium- Ion Battery Market Trends:

One of the primary factors driving the market is the escalating demand for cleaner energy across the globe, on account of the rising greenhouse gas emissions. Additionally, sodium-ion batteries are used to store electricity, which is produced through wind and solar energy, thus creating a positive market outlook. In line with this, the rising adoption of this product as the perfect alternative energy storage system is positively influencing the market growth. Furthermore, the increasing demand for electric vehicles (EVs) owing to zero tailpipe emissions of air pollutants, is catalyzing market growth. Other than this, sodium-ion batteries are extensively preferred by telecom companies and data centers to serve as energy-efficient alternatives. Along with this, governments of various nations are promoting the manufacturing of renewable energy to offer reliable fuel diversification and power supplies, thus improving energy security, lowering the risk of fuel spills, and minimizing the need for imported fuels. Moreover, extensive investments by key market players in research and development (R&D) activities to launch improved stationary energy storage is driving the market growth. Looking forward, IMARC Group expects the market value to reach US$ 577.41 Million by 2027, expanding at a CAGR of 13.50% during the forecast period (2022-2027).

Market Summary:

  • Based on the type, the market has been divided into sodium-sulphur, sodium-salt, and sodium-air battery.
  • On the basis of the application, the market has been bifurcated into stationary energy storage and transportation.
  • Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Altris AB, AMTE Power plc, Aquion Energy, Faradion Limited, HiNa Battery Technology Co. Ltd., Natron Energy Inc., NEI Corporation, NGK Insulators Ltd., and Tiamat Energy.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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