Sodium Ion Battery Market Size was valued at USD 489.0 Million in 2023. The Sodium Ion Battery Market industry is projected to grow from USD 589.6 Million in 2024 to USD 3,088.7 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 22.73% during the forecast period (2024 - 2032).
A Sodium-Ion (Na-Ion) Battery System is an energy storage system based on electrochemical charge/discharge reactions that occur between a positive electrode (cathode) composed of sodium-containing layered materials, and a negative electrode (anode) that is typically made of hard carbons or intercalation compounds. The electrodes are separated by some porous material which allow ionic flow between them and are immersed in an electrolyte that can be made up of either aqueous solution (such as Na2SO4 solution) or non-aqueous solution (e.g. salts in propylene carbonate). The sodium-ion Battery has a similar working principle to the lithium-ion Battery. Sodium ions also shuttle between the cathode and anode. However, compared with lithium ions, sodium ions have a larger volume and higher requirements regarding structural stability and the kinetic properties of materials. This has become a bottleneck for the industrialization of sodium-ion batteries. In this we will focusing on two factors which are driving the growth: Need for the cost-effective alternative to Lithium-ion Battery and Increasing use of Sodium-ion Battery in vehicles and stationery storage
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sodium Ion Battery Market Trends
NEED FOR THE COST-EFFECTIVE ALTERNATIVE TO LITHIUM-ION BATTERY
There is an increase in the demand for energy storage. Lithium-ion batteries are the first preference by the people for the energy storage solution. The lithium-ion Battery is used because it has longer lifespan and can high storage capacity and can be used for long time. As society is growing and progressing people are looking for the sustainable solution, which is easily affordable and can be used for longer timespan. They are looking for an alternative which is efficient and reliable in terms of efficiency, cost, environment impact and latest technology. The manufacturers of Battery are focusing on the research and development of the Battery that can be used as the alternative (or instead of) to the lithium-ion Battery. They are looking for alternatives, which can give promising results/ positive outcome/ solutions in terms of efficiency, longer lifespan, cost and use in various applications. The sodium-ion batteries (SIBs) have emerged as a good option which ca be used instead of the lithium Battery. They are easily affordable as compared to the lithium-ion Battery and is the eco-friendly alternative.
Whereas the sodium ion Battery is made up of mainly sodium, it is an abundant element which is found in the earth, it is also less costly and is effective in energy storage and providing sustainable energy storage solution. Since sodium is abundant in nature, one of the positive features is that there will be a stable supply chain and will be able to meet the demand. Also, the price will not be fluctuating, and the sodium ion Battery can be used as a suitable alternative. Due to its low price, the sodium ion Battery can be integrated with the renewable source of energy for the continuous source of energy. One of the primary drivers behind the use for cost-effective energy storage solutions is the electrification of transportation(automobile). EVs has led to the shift in the automotive industry. It is helping in offering a cleaner and more sustainable alternative to traditional internal combustion engine vehicles. Due to the high cost of EVs, driven in part by the expense of lithium-ion Battery for energy storage, restrict to the mass adoption of electric vehicle by the people. By enabling the production of more affordable EVs through the use of SIBs, manufacturers can expand the market reach of electric mobility and expedite the decarbonization of the transportation sector. The first electric cars with sodium-ion batteries have gone into production in China. The two small electric car models are being manufactured by Yiwei and JMEV.
INCREASING USE OF SODIUM-ION BATTERY IN VEHICLES AND STATIONARY STORAGE
In recent years, alternatives to Li-ion batteries have been emerging, notably sodium-ion (Na-ion). Battery chemistry has the dual advantage of relying on lower cost materials than Li-ion, leading to cheaper batteries, and of completely avoiding the need for critical minerals. It is currently the only viable chemistry that does not contain lithium. The Na-ion Battery developed by China’s CATL is estimated to cost 30% less than an LFP Battery. Conversely, Na-ion batteries do not have the same energy density as their Li-ion counterpart (respectively 75 to 160 Wh/kg compared to 120 to 260 Wh/kg). This could make Na-ion relevant for urban vehicles with lower range, or for stationary storage, but could be more challenging to deploy in locations where consumers prioritize maximum range autonomy, or where charging is less accessible. There are nearly 30 Na-ion Battery manufacturing plants currently operating, planned or under construction, for a combined capacity of over 100 GWh, almost all in China. For comparison, the current manufacturing capacity of Li-ion batteries is around 1 500 GWh.
Multiple carmakers have already announced Na-ion electric cars, such as the Seagull by BYD, which has an announced range of 300 km and is sold for USD 11,600 (with possible discounts bringing the price down to USD 9 500), and the Sehol EX10, produced by the VW-JAC joint venture, with a 250 km range. While these first models are likely to be slightly more expensive than the cheapest small BEV models in China – such as the Wuling Mini BEV, sold for as little as USD 5 000 to 6 500 – they are still cheaper than equivalent options with similar driving range. To compare, the Wuling Mini BEV’s range stands at 170 km, but BYD’s Dolphin BEV, the second best-selling small BEV in China in 2022, with a similar range to the announced Na-ion cars, can cost more than USD 15 000. BYD plans to progressively integrate Na-ion batteries into all its models below USD 29 000 as Battery production ramps up. These announcements suggest that electric vehicles powered by Na-ion will be available for sale and driven for the first time in 2023-2024, hence bringing the technology to a readiness level (TRL3) of 8-9, between first-of-a-kind commercial and commercial operation in the relevant environment.
INNOVATION AND TECHNOLOGICAL ADVANCES IN SODIUM-ION BATTERIES
The rise in innovation and technological advances of sodium-ion batteries (SIBs) is bringing changes in the energy storage systems. It helps in providing the It help in providing energy storage for the use in various applications. The increase in demand for sodium ion Battery is because it will be easily integrated with the renewable source of energy to generate the energy. Also, one of the important features of the sodium ion Battery is that it is abundant in nature, and also the cost of the sodium ion Battery is low.
The rise or increase in demand for sodium ion Battery is because there is the continuous development is the technology so as to improve its performance. There is the advancement in terms of electrode material, high-capacity sodium cathode, and anodes, which can help in increase in the efficiency, and can be used in every application. Researchers are focusing on improving its performance and increasing its lifespan. Manufacturers of sodium ion batteries are planning to invest in the sodium ion Battery, so that it can be used in electric vehicles and also used in big industry in the energy storage system. These energy storage systems will help industries in providing the required energy during the required time and help in smooth running of machines and equipment.
Factors like the scalability and cost-effectiveness of sodium resources help in the expansion of the sodium ion Battery market. Since the sodium ion Battery is considered to be a good alternative of the lithium-ion Battery is used in the energy storage system. This abundance of sodium resources not only ensures the long-term availability of raw materials but also helps reduce the price volatility. The cost of the sodium ion Battery is also low, which makes it suitable for use in various application and also use it with the integration of the renewable sources. The advancements in manufacturing processes and electrode design have increased the safety of electrical equipment.
Sodium Ion Battery Market Segment Insights
Sodium Ion Battery by Technology Insights
The Sodium Ion Battery Market segmentation, based on Technology has been segmented as Sodium Sulphur Battery, Sodium Air Battery and Sodium Salt Battery. Among these, the Sodium Sulphur Battery segment is projected to dominate the Sodium Ion Battery Market revenue through the projected period. Due to their energy efficiency, long life cycle, and potential applications in energy storage in automobiles and electric vehicles, sodium-sulfur (NaS) batteries are a promising source of energy savings. These batteries work using molten sulfur as the anode, molten sodium as the cathode, and a solid ceramic separator. NaS batteries have many advantages, including excellent efficiency, fast response time, and high temperature performance. It is ideal for applications that require large-scale energy storage and high-power transmission, such as renewable energy installations, peak shaving and power grid balancing. These batteries play an important role in stabilizing the power grid by storing excess energy during periods of low demand and releasing it during periods of high demand. NaS batteries can also be used for renewable energy installations, effectively storing energy generated from sources such as wind and solar power for use during periods of high demand or when renewable energy sources are not available.
Sodium Ion Battery by Technology, 2023, 2032 (USD Million)
Sodium Ion Battery by End Use Insights
Based on End Use, the Sodium Ion Battery Market is segmented into Automotive, Consumer electronics, Energy storage, Industrial and Others. Out of which the Energy storage segment dominated base year market and is also projected to dominate the Sodium Ion Battery Market revenue through the projected period. The use of NIBs is on the rise in energy storage due to their potential for applications in grid-scale storage, renewable energy integration, and energy reserve systems. The growing need for renewable energy generation has led to a rise in demand for sustainable energy sources, which is driven by the need of many households and businesses. NIB offers many advantages for end-use energy storage. The safety and environmental features of sodium ion batteries make them a safer option for energy storage. This makes them more popular among consumers. With ongoing research and development on NIB technology being utilized for energy storage, along with efforts to improve performance, cost, and system integration, sodium ion batteries are a crucial step in building enabling reliance on renewable energy sources.
Sodium Ion Battery by End Use, 2023, 2032 (USD Million)
Sodium Ion Battery Regional Insights
Based on Region, the Sodium Ion Battery market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia Pacific Sodium Ion Battery market held the maximum market share and is also expected to account for the significant revenue share during the forecast period. The sodium ion battery market in Asia-Pacific is highly dominated by major players and a rapidly growing demand for energy storage solutions. Industrialization and urbanization in the region are driving a need for alternative, sustainable energy sources. Sodium-ion batteries offer a promising alternative to lithium-ion batteries, with their abundant sodium resources and potential for lower costs. This has led to significant investment in the research and development, production facilities, and commercialization of sodium-ion battery technology for applications such as grid-based energy storage, electric vehicles (including cars), and home appliances. Countries such as China, Japan, and South Korea are at the forefront of sodium ion battery development with a strong supply chain, and a favorable regulatory environment driving market growth. The sodium battery market in Asia Pacific, which is expected to grow rapidly, will play a crucial role in the region's efforts to become firmly established as the most advanced and stable energy storage market globally.
Sodium Ion Battery Regional Insights, 2023 (USD Million)
Sodium Ion Battery Key Market Players & Competitive Insights
Sodium Ion Battery Market is characterized by a high level of competition, with many players emerging for market share. The top 10 companies in the market account for a significant market share of Sodium Ion Battery Market. The competitive landscape of Sodium Ion Battery Market is dynamic, with companies constantly innovating and expanding their product offerings. Despite the challenges, there are several factors that are driving growth in the Sodium Ion Battery Market. These include a Rising demand in electric vehicles across the world as well as Increasing commercialization of sodium-ion batteries. The Sodium Ion Battery Market is expected to witness significant growth in the coming years, owing to Expansion of research and development.
The market is benefiting from the development of new technologies. The key players in the Sodium Ion Battery Market include Faradion Limited, HiNa Battery Technology Co., Ltd, Tiamat Energy, Altris AB, Natron Energy, NGK Insulators, Ltd., Jiangsu Zoolnasm Energy Technology Co. Ltd., KPIT Technologies, Li-FUN Technology Corporation Limited, CATL, and Northvolt AB. These companies compete based on product quality, innovation, price, customer service, and market share. Companies also engage in various strategic initiatives, such as mergers and acquisitions, new product launches, partnerships, joint ventures, and expansions, to enhance their market position and expand their product portfolio. Companies are also focusing on developing new and innovative products that meet the specific needs of their customers. Companies will need to continue to innovate and expand their product offerings to remain competitive. For instance, on 17 June 2023, U.K.-based Faradion Ltd, a manufacturer of sodium-ion batteries, has announced a partnership with Infraprime Logistics Technologies (IPLTEC) to provide batteries for commercial vehicles in the Indian electric vehicle market. India has demonstrated a growing appetite for moving towards commercial electric vehicles, driven by the government’s target of 30% electric vehicle adoption by 2030. It has given a significant push to infrastructure by allocating $1.4 trillion (~₹105.2 trillion) for infrastructure to be invested by 2025.” Faradion noted that its sodium-ion Battery technology provides similar performance to conventional chemistries while replacing expensive materials such as cobalt and lithium with the far more abundant sodium. Unlike lithium-ion batteries, these batteries have exceptional thermal stability and safety and can be safely transported and maintained at zero volts.
Sodium Ion Battery Industry Developments
12-Decembe-2023- KPIT Technologies, an independent software integration partner to the automotive and mobility ecosystem, unveils its Sodium (Na)-ion Battery technology. KPIT joins a small and elite group of sustainability-focused organisations worldwide that have developed sodium-ion-based Battery technology. This Battery technology promises to reduce import dependency on core Battery materials. It has several use-cases for automotive and mobility, especially for electric two and 3-wheelers and commercial vehicles. It has promising applications in stationary deployments, such as UPS backups and grid storage, as well as in the marine and defence sectors.
13-September-2022- A large-scale sodium-sulfur (NAS) Battery energy storage system made by NGK Insulators will be installed at a former LNG terminal in Japan. NGK, headquartered in Nagoya, western Japan, is a company specialising in industrial ceramics for a broad range of applications. It developed its NAS Battery technology in the mid-1980s, and it has since been deployed at more than 200 projects worldwide. As of March 2021, that had equated to 600MW/4,200MWh of systems. The high temperature batteries are suited to long-duration applications, capable of discharge at full output for six hours, or at one-third of full output for up to about 18 hours.
Key Companies in the Sodium Ion Battery Market includes
Sodium Ion Battery Market Segmentation
Sodium Ion Battery Technology Outlook
Sodium Ion Battery End Use Outlook
Sodium Ion Battery Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 489.0 Million |
| Market Size 2024 | USD 589.6 Million |
| Market Size 2032 | USD 3,088.7 Million |
| Compound Annual Growth Rate (CAGR) | 22.73% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2019 & 2022 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, End Use, End-Users, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Countries Covered | US, Canada, Germany, UK, France, Russia, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, GCC Countries, South Africa |
| Key Companies Profiled | Faradion Limited, HiNa Battery Technology Co., Ltd, Tiamat Energy, Altris AB, Natron Energy, NGK Insulators, Ltd., Jiangsu Zoolnasm Energy Technology Co. Ltd., KPIT Technologies, Li-FUN Technology Corporation Limited, CATL and Northvolt AB. |
| Key Market Opportunities | Innovation and technological advances in sodium-ion batteries |
| Key Market Dynamics |  Need for the cost-effective alternative to lithium-ion battery   Increasing use of sodium-ion battery in vehicles and stationary storage |
Frequently Asked Questions (FAQ) :
US$ 489.0 Mn
22.73%
Asia Pacific
NOV, Inc., Baker Hughes, Grundfos Holding A/S, Flowserve Corporation, The Weir Group Plc, Wilo SE, Xylem, Inc, KSB SE & Co. KGaA, Ebara Corporation, and SOMEFLU.
Sodium Sulphur Battery
Energy storage
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