Market Overview
Sodium-ion batteries offer several advantages over lithium-ion batteries such as low cost and stability. Major investments from battery manufacturers and automobile giants are boosting growth of the sodium-ion battery market.
Market key trends
One of the major trends in the sodium-ion battery market is the rising focus on improving battery safety and stability. Sodium-ion batteries are known to offer better thermal stability as compared to conventional lithium-ion batteries. However, ongoing research and development activities are focused on further improving the safety features of sodium-ion batteries such as preventing short-circuits and overheating. This is important from a commercial adoption perspective as improved safety makes sodium-ion batteries more viable for large-scale energy storage applications as well as eco-friendly electric vehicles. Several sodium-ion battery manufacturers are investing in developing advanced electrolytes with enhanced stability and fire resistance to facilitate wider real-world applications of these next-gen batteries.
Segment Analysis
The global The Sodium-Ion Battery Market Demand is segmented by electrode material, application, and geography. Based on electrode material, the market is categorized into cathode and anode. The cathode segment dominates the market and is expected to continue its dominance during the forecast period. Cathode materials have undergone extensive research and development activities to enhance battery performance and are available commercially for sodium-ion batteries.
Key Takeaways
The global sodium-ion battery market size is expected to reach USD 275.1 million in 2021 and is projected to grow at a CAGR of 15.3% during the forecast period from 2022 to 2030. The high growth can be attributed to increasing demand for cost-effective energy storage technologies with increased sustainability.
Regional Analysis
Asia Pacific region is expected to dominate the market during the forecast period. Countries like China, South Korea and Japan are rapidly adopting sodium-ion batteries due to presence of key battery materials manufacturers and battery suppliers in the region. The region accounts for over 60% of the global EV production.
Key Players
Key players operating in the sodium-ion battery market are Natron Energy Inc., Faradion Limited, Altris AB, AMTE Power PLC, Contemporary Amperex Technology Co. Limited, NGK Insulators Ltd., and TIAMAT SAS. Natron Energy Inc. is expected to have majority market share due to its early mover advantage and commercial production of sodium-ion batteries. Faradion Limited is another major player focused on development of low-cost sodium-ion batteries for stationary and mobile applications.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
