DUBLIN--(BUSINESS WIRE)--The "Sodium-Ion Batteries Market - A Global and Regional Analysis: Focus on Technology, Application, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global sodium-ion batteries market is projected to reach $4,368.0 million by 2031 from $528.0 million in 2021, growing at a CAGR of 25.91% during the forecast period 2022-2031.
The sodium-ion batteries market is expected to grow at a healthy growth rate because of the inherent benefits of sodium-ion batteries, the fast installation of intermittent energy sources such as wind and solar, as well as the growing acceptance of low-speed electric vehicles such as e-bikes and e-rickshaws. According to the National Institution for Transforming India, demand for grid storage batteries in India is expected to rise to 260-gigawatt hours (GWh) by 2030.
India aims to generate 50% of its energy needs from renewable sources by 2030, resulting in a substantial demand for storage batteries. Furthermore, the International Energy Agency (IEA) anticipates that solar photovoltaic (PV), wind, and hydro are expected to generate roughly 80% of the world's electricity by 2050. Since sodium-ion batteries are a significant energy storage technology with additional advantages, the growing solar and wind energy industries are expected to create considerable opportunities for the sodium-ion batteries market.
Market Lifecycle Stage
Sodium-ion batteries are a type of energy storage technology in which electrochemical cells with positive and negative electrodes are used. With operable temperatures ranging from -30C to 60C, sodium-ion batteries have higher operating safety than lithium-ion batteries, resulting in greater thermal durability than other battery chemistries. Furthermore, sodium-ion batteries can be discharged to zero volts to prevent accidents while in transit, lowering shipping expenses.
Sodium battery technologies have gained market traction and may be competitive with lithium-ion batteries in the coming years. However, in most countries, the commercialization and supply chain for sodium-ion batteries is still in the early stages. Most sodium-ion batteries are prototypes or in research and development (R&D); thus, the current market is dominated by other batteries such as lead-acid and lithium-ion batteries. With additional players entering the ecosystem in the coming years, the sodium-ion batteries industry is expected to expand significantly.
Increased research and development efforts are being undertaken to improve the energy density of sodium-ion batteries and develop new electrolyte technologies, which are growing in response to rising public concern and government restrictions associated with a spike in lithium-ion price and emissions. For instance, in August 2022, Scientists in Japan developed sodium-ion batteries utilizing carbon micro lattices produced with a low-cost three-dimensional (3D) printer. In addition to reducing the size of the battery and lowering production costs, the resultant anode allows for rapid transit of energy-generating ions.
Recent Developments in Sodium-Ion Batteries Market
- In April 2022, AMTE Power plc joined forces with Sprint Power and Eltrium to accelerate the development of next-generation battery technologies to meet the expanding and complex needs of the electric vehicle (EV) market.
- In June 2021, HiNa Battery Technology Co., Ltd., in collaboration with the Chinese Academy of Sciences (IOP-CAS), installed a 1 MWh sodium-ion battery (NIB)-based solar energy storage and intelligent micro-grid system in Taiyuan, China. The micro-grid system uses sodium-ion batteries as its main energy storage component and combines grid electricity, solar cells, and charging stations.
- In March 2021, Infraprime Logistics Technologies (IPLTech) and Faradion Limited joined forces to offer high-energy sodium-ion batteries for commercial vehicles in India.
- In June 2021, Altris AB, in collaboration with LiFeSiZE AB, developed a sodium-ion battery cell. The cell matches the performance, life cycle, and energy density of a lithium-ion battery. The battery is based on Altris' innovative Fennac cathode technology.
Market Dynamics
Drivers
- Rising Renewable Energy Generation
- Increasing R&D Activities on Sodium-Ion Batteries
Challenges
- Lack of Industrial Supply Chain
- Intense Competition from Other Advanced Battery Technologies
Opportunities
- Growing Demand for Budget Electric Cars
Companies Mentioned
- Aquion Energy
- Faradion Limited
- HiNa Battery Technology Co., Ltd
- Ben'an Energy Technology (Shanghai) Co., Ltd
- AMTE Power plc
- Natron Energy, Inc.
- Tiamat Energy
- Jiangsu Zhongna Energy Technology Co., Ltd.
- Contemporary Amperex Technology Co. Limited (CATL)
- Li-FUN Technology Corporation Limited
- BLUETTI Power Inc.
- Indigenous Energy Storage Technologies Pvt. Ltd. (Indi Energy)
- Altris AB
- NEI Corporation
- Blackstone Technology GmbH
Market Segmentation
Segmentation 1: by Application
- Transportation
- Consumer Electronics
- Large Scale Stationary Energy Storage
- Industrial
In 2021, the sodium-ion batteries market in the application sector segment was dominated by large scale stationary energy storage, owning to the consistent expansion of renewable energy capacity globally.
Segmentation 2: by Technology
- Aqueous
- Non-aqueous
In 2021, the sodium-ion batteries market was estimated to be led by non-aqueous in terms of technology, owning to its high electrochemical stability that exceeds 4 volts (V).
Segmentation 3: by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Italy, Spain, and Rest-of-Europe
- China
- U.K.
- Asia-Pacific and Japan - Japan, India, Australia, and Rest-of-Asia-Pacific
- Rest-of-the-World
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