July 12, 2024

Sodium-Ion Battery Is Driven By Rise In Demand For Affordable And Long-Lasting Energy Storage Devices

The sodium-ion battery is an emerging technology as an alternative to lithium-ion batteries for grid storage and electric vehicles. Sodium-ion batteries have significant advantages over lithium-ion batteries as sodium is abundantly available, inexpensive, and evenly distributed around the world. Sodium-ion batteries utilize sodium ions as charge carriers between a cathode and anode during the charge-discharge process. They offer high energy density and an operational voltage range comparable to lithium-ion batteries due to similar ionic radius of lithium and sodium ions, making them suitable for powering electronic devices and electric vehicles. The global sodium-ion battery market faces challenges related to developing highly efficient cathodes and anodes but shows significant promise due to lower costs and abundance of sodium.

The global Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 Billion in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the sodium-ion battery market has been the increasing investment in R&D to develop better cathode materials. Sodium-based transition metal oxides such as NASICON-type materials are being explored as promising cathode candidates due to their structural stability during charging-discharging. Mass production of advanced oxides with improved ionic conductivity and lifetime is expected to boost the adoption of sodium-ion batteries for grid-scale energy storage and electric vehicles. While significant progress has been made, further advancements are required to address issues related to material degradation and improve energy density. Widespread commercialization of sodium-ion batteries remains dependent on Cathode breakthroughs.

 

Porter’s Analysis

 

Threat of new entrants: The sodium-ion battery market requires high R&D investments which acts as a barrier for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of substitutes like lithium-ion batteries.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials.

Threat of new substitutes: There is a threat from emerging energy storage technologies like lithium-ion batteries and solid-state batteries.

Competitive rivalry: The market is moderately competitive with the presence of key players like Panasonic, Samsung SDI, LG Chem, Contemporary Amperex Technology etc.

Key Takeaways

The Global Sodium-Ion Battery Market Demand is expected to witness high growth. The global sodium-ion battery market is estimated to be valued at US$ 354.78 billion in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024-2030.

The Asia Pacific region dominates the market currently due to the presence of key battery manufacturers in countries like China, Japan, and South Korea. Countries like China, Japan, and South Korea are investing heavily in R&D activities to improve the technology which is fueling market growth. Additionally, the governments in these countries are investing heavily in energy storage technologies to support the adoption of electric vehicles which is augmenting the demand.

Key players:

 

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). Players are focusing on R&D investments to launch more efficient and affordable batteries in the coming years.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it