July 21, 2024
Sodium-Ion Battery Market
Ict

Sodium-Ion Battery Market is Estimated To Witness High Growth Owing To Increased Use in Electric Vehicles

The 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 Overview:
Sodium-ion batteries utilize sodium ions as charge carriers instead of lithium ions. They have various advantages such as high energy density, low cost due to abundance of sodium, and improved safety features. These batteries can power applications ranging from consumer electronics to electric vehicles.

Market key trends:

With rapid adoption of electric vehicles worldwide to curb rising pollution levels, battery manufacturers are focusing on developing affordable and high-performance batteries. Sodium-ion batteries have emerged as a promising alternative to lithium-ion batteries for electric vehicle applications due to high energy density and low production cost. Various automakers have started collaborating with sodium-ion battery developers to launch electric vehicles integrated with sodium-ion battery packs in the coming years. This is expected to significantly boost the demand for sodium-ion batteries during the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the sodium-ion battery market is moderate as the market is highly capital intensive to establish new manufacturing plants. However, the growing demand for alternative batteries provides opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have a limited number of established players to choose from currently. However, buyers can reduce their dependency on a single supplier by opting for alternative battery technologies.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are a few raw material suppliers and their importance is increasing with the industry’s growth. However, new suppliers are emerging which may reduce individual supplier’s influence.
Threat of new substitutes: The threat of substitutes is high as other battery technologies like lithium-ion and solid-state batteries offer competition. However, sodium-ion battery’s advantages like low-cost and abundance of resources improves its market potential.
Competitive rivalry: The competitive rivalry is intense with the presence of global players.

SWOT Analysis
Strength: Abundant & low-cost sodium resources, similar operational mechanism as lithium-ion batteries.
Weakness: High manufacturing costs, lack of widespread commercial production.
Opportunity: Growing demand for grid-scale energy storage, electric vehicles.
Threats: Competition from established lithium-ion batteries, technological challenges in improving cycle life.

Key Takeaways
Global Sodium-Ion Battery Market Size is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing adoption in grid-scale energy storage applications. The Asia Pacific region dominates the market and is expected to maintain its position during the forecast period owing to presence of key players and growing renewable sector in China and India.

Regional analysis related content (The European region is also expected grow at a noteworthy pace due to stringent emission norms and rising electric vehicle sales in the region. Countries like Germany and UK are major markets in the region.)

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 and Faradion are regarded as technology leaders in sodium-ion battery development with focus on grid-scale energy storage solutions. Contemporary Amperex Technology is focusing on developing sodium-ion batteries for electric vehicles.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it