Global Sodium Ion Battery Market to Reach US$ 922.3 Million by 2032, Propelled by the Rising Demand for Electric Vehicles (EVs)

September 21, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled “Sodium Ion Battery Market Report by Type (Sodium-Sulphur Battery, Sodium-Salt Battery, Sodium-Air Battery), Application (Stationary Energy Storage, Transportation), and Region 2024-2032”, the global sodium ion battery market size reached US$ 328.8 Million in 2023. A sodium-ion battery is an energy storage device that functions similarly to the widely used lithium-ion battery, but utilizes sodium ions as the charge carriers instead of lithium ions. It is designed to offer an alternative to the more expensive and less abundant lithium-ion batteries, sodium-ion batteries have gained attention for their eco-friendly attributes and cost-effectiveness. These batteries are particularly compelling due to the abundant availability of sodium, making them a more sustainable choice for large-scale applications like grid storage and electric vehicles. Characteristically, sodium-ion batteries typically exhibit a lower energy density compared to their lithium-ion counterparts, but they compensate with other beneficial traits such as thermal stability and a more robust cycle life. They are generally safer and less prone to overheating, which makes them suitable for applications where safety is a primary concern. One of the key features of sodium-ion batteries is their ability to efficiently operate over a wide range of temperatures, offering versatility for different environmental conditions. Improvements in cathode materials and electrolyte compositions have led to enhanced performance, quicker charging capabilities, and longer lifespans. Innovations such as sodium-based solid-state electrolytes are on the horizon, promising even greater energy densities and efficiencies. Thus, sodium-ion batteries represent not just a more sustainable but also an increasingly competitive alternative to lithium-ion batteries.

Global Sodium Ion Battery Market Trends:

The rising demand for renewable energy storage and electric vehicles represents one of the key factors propelling the market growth of sodium-ion batteries. Moreover, the broader transition towards sustainable energy solutions is catalyzing the demand for efficient and reliable sodium-ion battery systems. In addition to this, increasing concerns about the environmental impact of lithium-ion batteries are compelling consumers and industries to utilize sodium-ion batteries, that are more eco-friendly. This shift towards sustainability, coupled with supportive regulatory frameworks, is acting as a significant growth inducing factor. Besides this, advancements in material science and battery design are bolstering the adoption of sodium-ion batteries globally. Along with this, technological enhancements, including improved energy density, quicker charging capabilities, and enhanced cycle life, are driving the growth of the market. Furthermore, innovations in manufacturing processes and economies of scale are making high-quality sodium-ion batteries more economically feasible. In line with this, it is widening the user base across various sectors, including consumer electronics, renewable energy systems, and transportation, thereby contributing to the market growth. Other factors such as the increasing focus on grid stability and energy security are creating a positive market outlook across the globe. Looking forward, the market value is projected to reach US$ 922.3 Million by 2032, expanding at a CAGR of 11.9% during 2024-2032.

Market Summary:

  • Based on the type, the market has been divided into sodium-sulphur battery, sodium-salt battery, and sodium-air battery. Currently, sodium-sulphur battery holds the largest market share.
  • On the basis of the application, the market has been bifurcated into stationary energy storage and transportation. At present, stationary energy storage holds the largest share of the market.
  • 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. Presently, Europe is dominating the market.
  • 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Type, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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Global Sodium Ion Battery Market to Reach US$ 922.3 Million by 2032, Propelled by the Rising Demand for Electric Vehicles (EVs)
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