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 considered as promising alternatives to lithium-ion batteries due to the abundance and low cost of sodium compared to lithium. Sodium-ion batteries consist of sodium-based positive and negative electrodes with a sodium-ion conductive electrolyte in between. They offer higher energy density compared to lead-acid batteries, making them suitable for use in grid energy storage and electric vehicles. The positive electrodes are usually made of transition metal oxides such as sodium titanium oxide (NTO) and sodium manganese oxide (NMO). The negative electrodes comprise of sodium metal or sodium metal alloys like sodium-tin and sodium-antimony. These batteries can operate at room temperature and provide high energy efficiency.
Market key trends:
One of the key trends in the sodium-ion battery market is the increasing R&D activities focused on developing advanced electrode materials. Researchers are exploring new cathode materials with better intercalation properties to improve energy density. For example, sodium titanium oxides with unique tunnel or layered structures offer higher capacity compared to traditional transition metal oxides. Another trend is the development of aqueous electrolytes instead of organic liquid electrolytes for improved safety. Aqueous electrolytes do not combust on overheating and are environmentally benign. Sodium-ion batteries using aqueous electrolytes could be a promising alternative for grid-scale energy storage. rising demand for cost-effective energy storage from various end-use industries is also fueling innovation in sodium-ion battery technology.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the sodium-ion battery market due to high capital requirements and the dominance of key players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives like lithium-ion batteries. However, rising demand of sodium-ion batteries gives buyers less bargaining power.
Bargaining power of suppliers: Suppliers have high bargaining power in the market due to limited availability of raw materials required for sodium-ion batteries like sodium metal.
Threat of new substitutes: Threat of substitution is low as sodium-ion batteries have advantages over lithium-ion batteries in terms of availability of raw materials and safety.
Competitive rivalry: The market is highly competitive due to presence of major global players.
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.
Regional analysis:
North America dominated the market in 2022 and is expected to maintain its dominance over the forecast period. Growing deployments of renewable energy in countries like U.S and Canada create demand for energy storage solutions driving regional market. Asia Pacific is expected to be the fastest growing market owing to presence of emerging economies like China and Japan and increasing manufacturing of EVs in the region.
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.
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