05-Apr-2022 | Facts and Factors
Findings from the Facts and Factors state that the global sodium-ion battery market is expected to exceed USD 2500 Million by the end of 2028 in terms of revenue, growing at a CAGR of 11.2% from 2022 to 2028.
Sodium-ion batteries have been recognized as the most alluring alternative energy storage system. Sodium's easy availability and accessibility have increased the demand for sodium-ion batteries. These batteries are suitable for applications where compactness is of secondary importance. At the anode, energy is stored in the form of chemical bonds. When the battery is charged, sodium ions de-intercalate from the cathode and migrate to the anode. In terms of charge discharge, reversibility, and specific discharge capacity, sodium-ion batteries have exceptional electrochemical quality. These batteries have only recently become commercially available. As a result, the global sodium-ion batteries market is expected to grow significantly in the near future.
Browse the full “Sodium-ion Battery Market By Type (Sodium-Oxide Batteries, Sodium-Salt Batteries, and Sodium-Sulfur Batteries), By End-User (Transportation, Grid-Level Applications, Consumer Electronic Devices, Power Backup, Industrial, Defense, Aerospace, Marine, and Others), and By Region-Global and Regional Industry Outline, Market Insights, Inclusive Analysis, Statistical Data, and Forecast 2022–2028” report at https://www.fnfresearch.com/sodium-ion-battery-market
The global sodium-ion battery market has grown as consumers' preference for sodium-ion batteries has grown, particularly in the electronic and electrical industries. Handling sodium-based compounds may be done with the same machines that handle lithium-ion components, making the shift to sodium battery cells easier for manufacturers. The widespread availability of sodium metal helps to ensure the long-term viability of sodium-ion batteries, which helps to meet the market's growing demand for a reliable power source. Sodium-ion batteries, on the other hand, are a newer addition to the commercial landscape, whereas lithium-ion batteries have been around for a while. The current market conditions, as well as the lack of a strong industrial supply chain, do not favor the active use of sodium-ion batteries, thereby restraining market growth to a certain extent.
The global sodium-ion battery market is segregated on the basis of type, end-user, and region. By type, the market is classified into sodium-oxide batteries, sodium-salts batteries, and sodium-sulfur batteries. A sodium-sulfur battery is a molten-salt battery composed of liquid sodium and sulfur that has a high energy density, a high discharge & charge efficiency, and a long lifecycle. This is propelling the growth of this market segment. By end-user, the market is divided into transportation, grid-level applications, consumer electronic devices, power backup, industrial, defense, aerospace, marine, and others. Transportation applications and consumer electronic devices powered by sodium-ion batteries captured the largest market share in 2021 and are expected to remain the largest segment until 2028.
The sodium-ion battery market in North America is expected to be profitable in the future due to plans for large capacity extensions of wind and solar power, as well as rising electric vehicle revenues in the region.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 650 Million |
Projected Market Size in 2028 |
USD 2500 Million |
CAGR Growth Rate |
11.2% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Aquion Energy, Faradion Limited, Zhejiang Lvming Energy (Durathon), Panasonic Corporation, HiNa Battery Technology, Nrgtek Inc., Qintang New Energy, AGM Batteries Ltd., NGK, and Liaoning Hongcheng., among others |
Key Segment |
By Type, End-User, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Some of the main competitors dominating the global sodium-ion battery market are Aquion Energy, Faradion Limited, Zhejiang Lvming Energy (Durathon), Panasonic Corporation, HiNa Battery Technology, Nrgtek Inc., Qintang New Energy, AGM Batteries Ltd., NGK, and Liaoning Hongcheng.
Recent Developments
- January 2022: Reliance Industries revealed that its affiliated Reliance New Energy Solar Limited has made an agreement with Faradion and its shareholders to obtain 100 percent of Faradion's equity shares via secondary transactions for a sum of GBP 94.45 million. Reliance will also use Faradion's cutting-edge technology at its suggested completely integrated storage technology giga-factory as a component of the Dhirubhai Ambani Green Energy Giga Complex venture in Jamnagar, according to the company.
- July 2021: Contemporary Amperex Technology Co., Ltd. released a new version of the first-ever sodium-ion battery as well as its AB backup battery solution, which can merge sodium-ion and lithium-ion cells into a single pack.
The global sodium-ion battery market is segmented as follows:
By Type
- Sodium-Oxide Batteries
- Sodium-Salt Batteries
- Sodium-Sulfur Batteries
By End-User
- Transportation
- Grid-Level Applications
- Consumer Electronic Devices
- Power Backup
- Industrial
- Defense
- Aerospace
- Marine
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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