The global Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 Bn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sodium-ion batteries are a promising alternative to lithium-ion batteries as they utilize sodium instead of lithium. Sodium is widely available and low cost. Sodium-ion batteries also have a higher energy density compared to traditional batteries.
Market key trends:
One of the key trends in the sodium-ion battery market is ongoing research and development for improving performance parameters. Several companies are working on developing next generation sodium-ion batteries with higher energy and power density, longer lifespan, improved safety features, and lower costs. For example, Natron Energy Inc. is developing sodium-terephthalate-based chemistry which provides higher energy density compared to traditional sodium-ion batteries. If successfully commercialized, such innovative chemistries can significantly boost the adoption of sodium-ion batteries across various end-use industries.
SWOT Analysis
Strength: Sodium is abundantly available and cheaper than lithium, giving sodium-ion batteries a cost advantage.
Weakness: The technology is still in development stages with challenges around battery life cycles.
Opportunity: Growing demand for affordable stationary and industrial energy storage presents a massive market opportunity.
Threats: Established lithium-ion battery technology continues to improve lowering costs.
Key Takeaways
Global Sodium-Ion Battery Market Size is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing demand for cost-effective energy storage solutions.
Asia Pacific dominates the market currently due to presence of key battery manufacturers in China, South Korea, and Japan. Countries like China, South Korea, and Japan collectively accounted for over 60% of the global market share in 2023 driven by availability of raw materials and focus of regional players on R&D to improve the technology.
Key players operating in the sodium-ion battery market are Natron Energy Inc., Faradion Limited, Altris AB, AMTE Power PLC, Contemporary Amperex Technology Co. Limited, NGK Insulators Ltd., and TIAMAT SAS . Natron Energy Inc. and Contemporary Amperex Technology Co. Limited collectively accounted for over 30% of the global revenue share in 2023.
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