Sodium-air Battery Market Trends

Growth Drivers

• Requires Low Cost in the Production of Sodium - Due to its wide distribution in the earth's crust and seawater, sodium is a substance that is readily accessible. In contrast to lithium, sodium is more readily available in large quantities in the earth's crust and requires less to extract and purify. This reduces the price of sodium-ion batteries, which in turn lowers the entire cost of products including electric automobiles that are used in daily life. Hence, the sodium-air battery market revenue for sodium-air batteries is growing.
• Rising Construction of Offshore Wind Power - The greenhouse gas emissions through the electricity sector is growing in large amounts in recent years. The combustion of fossil fuels for the production of electricity is responsible for more than 39% of energy-related carbon dioxide (CO2) emissions. One of the key strategies for minimizing greenhouse gas (GHG) emissions is to decarbonize the electrical sector by boosting the share of renewable energy sources in the generation mix. Offshore wind power is one of the renewable energy technologies that is anticipated to have an impressive future which is why its construction is growing further driving market growth.
• Surge in the Use of Portable Electronic Gadget - Portable electronic gadgets include smartphones, laptops, tablets, e-readers, MP3 players, and more. These gadgets are further expected to carry little weight which is why the market demand for sodium-air batteries is rising. This is because along with the low weight of this battery, it is also expected to have a high-density energy storage system.
• Surge in Industry Mobility - There has been growth in demand for goods & services all across the world. Due to this, there has been a surge in demand for automotive as well as drones, and autonomous robots. Hence, with this, the demand for sodium-air batteries is also projected to surge since it is believed to improve asset utilization and reduce operating costs.

Challenges

• Low Energy Density as Compared to Lithium-Ion Battery - In comparison to other common batteries including lithium batteries, sodium-ion batteries have a lower energy density, which means they can hold less energy per unit weight. This is one of its key drawbacks. Additionally, they are less long-lasting and efficient. Hence, this element is anticipated to restrain the sodium-air battery market expansion in the forecast timeframe.
• Availability of Alternative – Since sodium-air battery is still under research and development the use of this battery is still not in abundance. Even though it is set to rise further, currently lithium-ion and lead-ion battery plays a significant role. Moreover, as sodium is larger than lithium, the ions in a sodium ion battery are heavier and are unable to move readily in liquid electrolytes. The weight of sodium is typically three times that of lithium. Hence, this factor is set to hinder the growth of the market.
• Costly R&D Operation for Sodium-air Battery