Sodium-ion Battery Market size is evaluated at USD 1.1 billion in 2024 and is poised to exceed USD 9.3 billion by the end of 2037, witnessing over 19.5% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of sodium-ion battery is assessed at 1.3 billion.
The global demand for sodium-ion batteries is primarily driven by their scalability, sustainability, and cost-effectiveness. The emergence of sodium-ion batteries as an eco-friendly alternative to lithium-ion batteries is expected to make them a key energy storage solution in the coming years.
Key players in the sodium-ion battery market and research organizations are collaborating to develop advanced sodium-ion battery solutions. Leading companies are also investing heavily in research and development activities to develop high-performance sodium-ion batteries. For instance, according to an analysis by scientists and engineers from Polymer Science and Materials Chemistry, sodium-ion (Na-ion) batteries are emerging as a potential disruptor of lithium-ion batteries and are expected to outpace solid-state batteries and solid-anode batteries in the coming 10 years.
The majority of governments across the world are emphasizing the sustainability trend and this is pushing the demand for eco-friendly energy storage solutions such as sodium-ion batteries. The growing popularity of electric vehicles in the view to reduce carbon footprint is also driving the sales of sodium-ion batteries as a promising powering solution to these vehicles as they aid in quick charging and mitigating greenhouse emissions.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
19.5% |
|
Base Year Market Size (2024) |
USD 1.1 billion |
|
Forecast Year Market Size (2037) |
USD 9.3 billion |
|
Regional Scope |
|
Product (Sodium-Sulfur Batteries, Sodium-Salt Batteries, Sodium-Oxygen Batteries)
Sodium-sulfur batteries segment is expected to dominate over 51.2% sodium-ion battery market share by 2037, owing to their efficient energy density. Sodium-sulfur batteries a type of molten salt battery possess energy density similar to lithium-ion batteries; this is pushing their demand across several industry verticals. Sodium-sulfur batteries are sought-after high-temperature battery solutions for many large-scale energy utility and grid energy storage applications due to metallic sodium utilization and high-temperature operating capability. In solar generation and wind farms, sodium-sulfur batteries are widely used as effective energy storage batteries owing to their decarbonization capabilities.
Energy storage devices have been added to the growing number of renewable energy projects in the power generation industry. Several projects that make use of sodium-sulfur battery systems have been implemented into various countries' national grids. For instance, NGK and Tokyo Electric Power Company Holdings, Inc. have conducted collaborative research and development centered on the concept of employing sodium sulfur batteries to manage fluctuating electricity demand.
Industry Vertical (Consumer Electronic Devices, Automobile & Transportation, Power Backup, Grid-Level Applications, Industrial, Aerospace & Defense, Marine)
The demand for sodium-ion battery market is high in consumer electronic devices due to their flexibility and sound mechanical energy-harnessing efficiency. Wearable electronics also make high use of sodium-ion batteries owing to their self-charging characteristics. Wearable electronics are not only limited to day-to-day use but are gaining traction in the healthcare sector. The integration of conformable skin sensors and roll-up displays is leading the development of wearable electronics into smart healthcare devices. Wearable electronics require long-lasting power and excellent cycling stability, sodium-ion batteries’ cost-effective and high-performance features are driving their use in the electronics segment.
Our in-depth analysis of the global sodium-ion battery market includes the following segments:
|
Product |
|
|
Technology |
|
|
Application |
|
|
Industry Vertical |
|
Europe Market Forecast
Europe in sodium-ion battery market is expected to hold over 44.5% revenue share by the end of 2037. The market expansion is due to the presence of key market players such as Faradion and BASF, and industry verticals such as automotive and renewable energy. Europe is one of the automotive hubs and is leading to the development of next-generation electric vehicles. Moreover, the EU policies supporting green technologies and mitigating carbon footprint are expected to offer profitable opportunities for sodium-ion battery manufacturers in the region in the coming years.
The UK and Germany follow certain goals for reducing carbon emissions and increasing the use of renewable storage solutions. Strict regulations such as the Climate Action Law and supportive policies such as the Paris Agreement to boost the use of green technologies and mitigate carbon footprints are driving the sales of sodium-ion batteries in several verticals in these countries.
APAC Market Statistics
Asia Pacific sodium-ion battery market for sodium-ion batteries is expected to increase at a fast pace during the forecast period owing to ongoing advancements in electric vehicle manufacturing. The rapidly expanding automotive and consumer electronics sector is pushing the sales of sodium-ion batteries in the region.
India is one of the opportunistic markets for sodium-ion battery producers owing to the rapidly growing automotive sector. The rise in vehicle ownership in India is directly influencing the sales of energy-efficient technologies such as sodium-ion batteries. For instance, in December 2023, KPIT Technologies announced the launch of sodium-ion technology to reduce lithium dependency. These batteries offer a long lifespan and faster charging characteristics.
The key players in the sodium-ion battery market are set to earn high profits in the coming years owing to the growing popularity of electric vehicles and renewable energy sources. Industry giants are collaborating with technology companies to develop advanced high-performance sodium-ion batteries.
Some of the key players include:
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?