Sodium-Ion Battery Market to Rise with Increasing Applicability of Sodium-Ion Batteries in Energy Storage Facilities
Fortune Business Insights
Updated 7 min read
Fortune Business Insights
Some of the major companies that are present in the global sodium-ion battery market are Faradion, AGM Batteries Limited, NEI Corporation, Natron Energy, Haldor Topsoe A/S, HiNa Battery Technology Co., Ltd, Aquion, Sumitomo Chemical Co., Ltd., Naiades, and Tiamat Energy among others.
Pune, India, April 27, 2023 (GLOBE NEWSWIRE) -- The global Sodium-ion Battery Market is expected to witness significant growth in the coming years due to the increasing demand for eco-friendly and cost-effective energy storage solutions. Here are some key market insights for the sodium-ion battery market. Sodium-ion battery technology is slated to play a definitive role in facilitating a smooth transition to clean energy as unconventional energy sources such as solar and wind require large-scale utilization of battery-operated devices and machines. This factor, therefore, is anticipated to lead the sodium-ion market trends during the forecast period.
Key industry developments include:
September 2019: Natron Energy and Virtual Power Systems (VPS) teamed up to integrate Natron’s sodium-ion technology and VPS’s ICE Platform to meet the demands for flexible power distribution, thus expanding VPS’s Software Defined Power (SDP) ecosystem.
May 2019: Labour Party Senator for Victoria, Kim Carr, approved a grant worth USD 2 million for research into developing sodium-ion batteries along with sanctioning USD 30 million for R&D into electric vehicles.
The sodium-ion battery market is expected to witness significant growth and demand in the coming years due to several factors, including:
Increasing Demand for Eco-friendly and Cost-effective Energy Storage Solutions:
Sodium-ion batteries are considered a promising alternative to lithium-ion batteries due to their lower cost and abundant availability of sodium. They also have a longer lifespan and are more stable, making them a suitable option for various energy storage applications.
Growing Demand for Renewable Energy Sources:
As the demand for renewable energy sources such as wind and solar power continues to grow, the need for efficient energy storage solutions also increases. Sodium-ion batteries offer a viable solution for grid-scale energy storage, helping to stabilize the power supply and reduce reliance on fossil fuels.
Favorable Government Policies and Incentives:
Governments worldwide are increasingly promoting the adoption of renewable energy sources and energy storage solutions through various policies and incentives. This is expected to drive the demand for sodium-ion batteries in the coming years.
Geography:
The Asia Pacific region is expected to dominate the sodium-ion battery market due to the increasing demand for renewable energy sources and the presence of key manufacturers in the region.
Advantages:
Sodium-ion batteries are considered a promising alternative to lithium-ion batteries due to their abundant availability and low cost. Additionally, sodium-ion batteries have a longer lifespan and are more stable compared to lithium-ion batteries.
Challenges:
One of the major challenges facing the sodium-ion battery market is the lower energy density compared to lithium-ion batteries. Additionally, sodium-ion batteries are still in the early stages of development, and their commercialization is limited.
Applications:
Sodium-ion batteries are widely used in various applications, including grid-scale energy storage, electric vehicles, consumer electronics, and others. The grid-scale energy storage segment is expected to dominate the market due to the increasing demand for renewable energy sources.
Growing Preference for Sodium-Ion Batteries Over Lithium-Ion to Propel the Market
While lithium-ion batteries are highly demanded, sodium-ion batteries are slowly gaining popularity as their advantages over lithium-ion batteries are gradually coming to the fore. Research conducted by the Nagoya Institute of Technology found that sodium-ion batteries are highly beneficial for sustainability for numerous reasons. For instance, sodium is an abundantly available material as it can be found in large quantities in the earth’s crust and in seawater.
This would ensure regular supply of the element without too many price fluctuations, giving it a distinct advantage over lithium which is not that commonly found. As a result, the cost of lithium is bound to rise astronomically in the near future as demand for the element is expected to rise by 1500% by 2030, exceeding its supply, as per Bloomberg NEF estimates. Lastly, sodium-ion batteries have faster charging time, making them the ideal substitute to lithium-ion ones.
Increasing Adoption of Electric Vehicles to Spur the Market in North America
North America is a leading region having ambitious targets to curb carbon emissions. As a result, the region is witnessing a high rate of adoption of electric vehicles and solar and wind power installations, augmenting the market for sodium-ion batteries in the process. Large-scale renewable energy capacity enhancement in India and China will give Asia-Pacific a commanding grip on the global sodium-ion market share in the approaching decade. In Europe, the primary driver is expected to be the fast-paced switch to clean energy-based power generation, especially in Western Europe. A rapidly rising demand for electricity will fuel the market in Latin America, while heavy investments in solar power will provide the necessary fodder for the market in the Middle East.
Exciting Partnerships to Energize the Competition Dynamics in the Market
The sodium-ion battery market research by Fortune Business Insights foresees a period of spirited competition among players. This competition will happen in the form of strategic partnerships between companies and government research grants for developing the sodium-ion technology further.
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