Sodium-ion batteries are rechargeable batteries that use sodium ions as charge carriers and hold promising attributes for energy storage applications. Sodium-ion batteries offer higher energy density compared to lithium-ion batteries while utilizing relatively abundant and low-cost sodium resources. Sodium-ion batteries have a simpler electrode composition than lithium-ion batteries thus are considered safer. They are being widely researched as a potential low-cost and sustainable alternative to lithium-ion batteries especially for large-scale energy storage applications.
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 5.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing adoption of renewable energy is driving the need for efficient and cost-effective energy storage solutions. Sodium-ion batteries have significant potential to be used in large-scale energy storage systems that support the integration of solar and wind energy into the grid. Their high energy density and low production cost make them an attractive proposition for application in grid-scale energy storage compared to existing lead-acid and lithium-ion batteries. As renewable energy usage increases worldwide, the opportunity for sodium-ion batteries in utility-scale energy storage applications is expected to rise substantially over the coming years.
Porter's Analysis
Threat of new entrants: Low economies of scale in manufacturing and high capital requirements to build sodium battery plants pose barriers to entry.
Bargaining power of buyers: Buyers have significant bargaining power as they can choose from alternative battery technologies.
Bargaining power of suppliers: Suppliers of raw materials like sodium have significant control over pricing due to scarcity of resources.
Threat of new substitutes: Technologies like lithium-ion and solid-state batteries compete with sodium-ion batteries.
Competitive rivalry: Intense competition exists between existing players to gain market share and achieve economies of scale.
SWOT Analysis
Strength: Sodium is cost effective and abundant alternative to lithium. Long lifespan and safety of sodium-ion batteries is an added advantage.
Weakness: Production costs are currently high. Performance standards need further improvement to match lithium-ion batteries.
Opportunity: Growing demand for large-scale energy storage from electric vehicles and grids offers huge market potential.
Threats: Established technologies have first mover advantage. Slow adoption rates can affect scale of operations.
Key Takeaways
The Global Sodium-Ion Battery Market Demand is expected to witness high growth over the forecast period. 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 5.9% over the forecast period 2023 to 2030.
Regional analysis :
The Asia Pacific region currently has a dominant share in the global sodium-ion battery market and is expected to maintain its lead position over the forecast period. Countries such as China, Japan, and South Korea are major hubs for sodium-ion battery manufacturing. Strong government support for development of electric vehicles and energy storage solutions provides impetus to regional market growth. In addition, presence of leading sodium-ion battery manufacturers in the region confers competitive advantage. North America and Europe are also projected to present lucrative opportunities with growing electric commercial vehicle Fleets.
Key players operating in the sodium-ion battery market are Masimo Corporation, Drägerwerk AG & Co. KgaA, Advanced Brain Monitoring Inc., Medtronic plc, Compumedics Limited, Siemens Healthcare GmbH, Koninklijke Philips N.V, Nihon Kohden Corporation, Natus Medical Incorporated, and General Electric Company (GE Healthcare).
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The study includes an accurate estimate of the current industry scenario along with the market size, market volume, and revenue garnered by the industry.
The report delivers radical data about the competitive landscape of the Sodium-Ion Battery industry and a thorough bifurcation of the regions where the Sodium-Ion Battery market has established a significant footing.
The report studies the following companies in detail: NGK, Zhejiang Lvming Energy (Durathon), Faradion Limited , Aquion Energy, HiNa Battery Technology.Request a discount on the report @ https://www.reportsanddata.com/discount-enquiry-form/1638Radical Highlights of the Sodium-Ion Battery Market Report:The research report provides an accurate analysis of the product range, application spectrum, regional analysis, and competitive landscape of the Sodium-Ion Battery industry.
The market is categorized on the basis of the types into Sodium-Sulfur Batteries, Sodium-Salt Batteries (Zebra Batteries), Sodium-Oxygen (Sodium Air) Batteries and others.
The report offers key details about the production volume and price analysis.The report further provides key insights into the market share held by each product and application in the Sodium-Ion Battery market.
The report also sheds light on the supply chains and the changes in the trends of the upstream raw materials and downstream distributors.The report explains the market share and sales volume of each company, along with the key details of the operations of these companies.
