by Sodium-ion batteries are a type of rechargeable battery that uses sodium ions as charge carriers instead of lithium ions. They have several advantages over lithium-ion batteries such as lower material costs, safety, and stability. With the increasing adoption of electric vehicles around the world to reduce vehicle emissions, the demand for large stationary energy storage systems is also growing.
The global Sodium-Ion Battery Market is estimated to be valued at US$ 408.71 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Surging adoption of electric vehicles is one of the major trends driving growth of the sodium-ion battery market. Sodium-ion batteries are increasingly being adopted in electric vehicles due to their lower cost and safety compared to lithium-ion batteries. A majority of key automakers are focusing on developing electric vehicles which is expected to boost demand for sodium-ion batteries for large energy storage applications in EVs. Furthermore, sodium is more abundant and affordable than lithium, giving sodium-ion batteries an edge in cost competitiveness. This growing adoption of EVs is expected to propel the sodium-ion battery market growth over the forecast period.
SWOT Analysis
Strength: Sodium-ion batteries have high energy density and are less expensive compared to lithium-ion batteries. They are a safer alternative with a lower risk of fires.
Weakness: This technology is relatively new and the battery performance is not as high as lithium-ion batteries currently. Cost of production is also still high compared to lithium-ion batteries.
Opportunity: With R&D investments, the performance of sodium-ion batteries is expected to keep improving. As concerns over lithium supplies rise, sodium offers an abundant alternative that can power larger applications in the future.
Threats: Established lithium-ion battery industry is massive with strong incumbent players. Sodium-ion needs to prove itself significantly to gain meaningful market share away from lithium-ion. Competing new battery chemistries can emerge as well.
Key Takeaways
The Global Sodium-Ion Battery Market Size is expected to witness high growth over the forecast period.
The Asia Pacific region currently dominates the market owing to presence of key battery manufacturing countries like China, Japan and South Korea. Many big battery makers are establishing sodium-ion battery production facilities in this region.
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). These companies are investing heavily in R&D to enhance the performance of sodium-ion batteries. Partnerships across the sodium-ion battery value chain are also taking place to strengthen production capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
