The sodium-ion battery market is estimated to be valued at US$ 19.36 Bn in 2024 and is expected to reach US$ 47.96 Bn by 2031, growing at a compound annual growth rate (CAGR) of 13.8% from 2024 to 2031.

Report Description:

Sodium-ion batteries have garnered significant attention from researchers as a potential alternative to lithium-ion batteries, especially for large-scale stationary storage applications. Sodium is abundant, low-cost, and widely distributed in nature as compared to lithium. Sodium-ion batteries utilize sodium ions as charge carriers instead of lithium ions. Although sodium-based cathodes have slightly lower theoretical capacities compared to lithium-based ones, sodium is anticipated to be commercially feasible and scalable due to its widespread availability and consistent supply. Initial research on sodium-ion battery technology focused on intercalation cathodes based on transition metal oxides and phosphates reversibly insert and extract sodium ions. Recently, novel anode and cathode materials have been developed that could potentially enhance the energy density and cycle stability of sodium-ion battery systems. The global sodium-ion battery market is expected to witness robust growth over the coming years driven by the advantages of sodium and growing interest in large-scale energy storage solutions.

Market Dynamics:

The key drivers propelling the sodium-ion battery market include abundant availability of sodium, growing demand for large-scale energy storage solutions, and cost-effectiveness compared to lithium-ion batteries. Sodium has a natural abundance comparable to copper and is widely available across the globe, ensuring stable supply for battery applications. Rapid expansion of renewable energy is augmenting the need for dependable energy storage systems. Sodium-ion batteries have emerged as a sustainable alternative to lithium-ion for stationary storage at the grid level. The total cost of sodium-ion batteries is estimated to be lower than lithium-ion batteries owing to the low cost of sodium. However, low energy density compared to lithium is a major challenge. Other restraints include lack of standardized testing methodologies and relatively undeveloped supply chain infrastructure. Nonetheless, ongoing R&D for high-capacity cathode and anode materials offers an opportunity to enhance the energy density and maximize the potential of sodium-ion batteries.

Key features of the study:

• This report provides an in-depth analysis of the global sodium-ion battery market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global sodium-ion battery market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Aquion Energy, Zhejiang Lvming Energy (Durathon), Faradion Limited, Panasonic Corporation, HiNa Battery Technology, Qintang New Energy, Liaoning Hongcheng, Nrgtek Inc., AGM Batteries Ltd., NGK, NEI Corporation, Aquion Energy, NEC Energy Solutions, Cuberg, Tiamat Energy, Nilar, Ambri, and EnergyNest.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global sodium-ion battery market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global sodium-ion battery market.

Detailed Segmentation-

• By Type
  • Sodium-Sulphur Battery
  • Sodium-Salt Battery
  • Sodium-Air Battery
•  By Application
  • Stationary Energy Storage
  • Transportation
• By End User
  • Consumer Electronic Devices
  • Automobile & Transportation
  • Power Backup
  • Industrial
  • Aerospace & defence
  • Marine
• By Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Key Players

• Aquion Energy
• Zhejiang Lvming Energy (Durathon)
• Faradion Limited
• Panasonic Corporation
• HiNa Battery Technology
• Qintang New Energy
• Liaoning Hongcheng
• Nrgtek Inc.
• AGM Batteries Ltd.
• NGK
• NEI Corporation
• Aquion Energy
• NEC Energy Solutions
• Cuberg
• Tiamat Energy
• Nilar
• Ambri
• EnergyNest