by Sodium-ion batteries are similar to lithium-ion batteries in terms of design and energy density, however, they employ sodium ions instead of lithium ions. Sodium-ion batteries offer higher thermal stability as compared to lithium-ion batteries, while utilizing inexpensive and abundant sodium metal as the anode. Sodium-ion batteries are considered a promising alternative to lithium-ion batteries, especially for large-scale energy storage applications such as power grids. With the increasing adoption of electric vehicles worldwide, there is a rising demand for affordable and sustainable battery technologies. This large-scale adoption of electric vehicles is driving significant growth in the global sodium-ion battery market.
The global Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the sodium-ion battery market is the increasing investment in research and development activities focused on improving the battery performance and reducing costs. Several companies are developing novel cathode and anode materials to enhance the energy density of sodium-ion batteries. For instance, researchers at ARC Centre of Excellence for Electromaterials Science in Australia have developed a low-cost sulfur-based cathode material that improves the energy density of sodium-ion batteries. Similarly, transition metal complexes are being explored as potential anode materials due to their high specific capacity. Such R&D initiatives aimed at developing advanced materials are expected to increase the adoption of sodium-ion batteries in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the sodium-ion battery market is moderate as significant capital investments are required for R&D, manufacturing facilities and supply chain building.
Bargaining power of buyers: The bargaining power of buyers is moderate since buyers have high bargaining power for price reductions and quality standards but demand for sodium-ion batteries is growing at a fast pace.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many suppliers of sodium battery components including sodium electrodes and electrolytes.
Threat of new substitutes: The threat of new substitutes is low as lithium-ion batteries have significant cost advantages and sodium-ion batteries are still in development phase.
Competitive rivalry: The competitive rivalry is high among the key players to gain major market share through technological innovations, investments and new product launches.
Key Takeaways
The global Sodium-Ion Battery Market Share is expected to witness high growth over the forecast period due to increasing investments in R&D of sodium-ion batteries by key players. Regionally, Asia Pacific is expected to dominate the market and witness fastest growth due to presence of major battery manufacturing countries like China.
Regional analysis: Asia Pacific accounts for the largest share of the global sodium-ion battery market and is expected to maintain dominance over the forecast period. This can be attributed to presence of major battery manufacturing countries like China, Japan, and South Korea in the region. Countries in the region are also investing heavily in developing sodium-ion battery technology.
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. These players are focusing on new product launches and capacity expansions to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
