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The sodium ion battery market size is forecast to increase by USD 414.4 million and at a CAGR of 17.33% between 2023 and 2028. The report includes historic market data from 2018 - 2022. The market is witnessing a growing demand for increasing demand for high-capacity and lightweight batteries in consumer electronics, the need for high-performance batteries in energy storage applications, and the advances in electrical and electronic devices.
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A key factor shaping the market growth is the increasing demand for high-capacity and lightweight batteries in consumer electronics. The growing demand for high-capacity and lightweight batteries in consumer applications can indeed fuel interest in alternative technologies, including sodium-ion batteries. In addition, while lithium-ion batteries have dominated the consumer electronics market, there is growing interest in exploring alternative chemistries that offer certain advantages, including potentially lower cost and reduced environmental impact.
Moreover, sodium-ion batteries have the potential to offer high energy density, making them suitable for consumer applications where compact and lightweight energy storage solutions are essential. In addition, products such as smartphones, laptops, and wearable devices can benefit from batteries that provide a high energy-to-weight ratio. Furthermore, the demand for high-capacity and lightweight batteries is prevalent across various consumer electronics applications, including smartphones, tablets, smartwatches, and other portable devices, thus driving the growth of the global market during the forecast period.
The industrial segment is estimated to witness significant growth during the forecast period. Sodium-ion batteries are being explored and developed for several industrial applications thereby offering an alternative to lithium-ion batteries. In addition, sodium-ion batteries can be used for grid energy storage applications. Furthermore, they have the potential to store large amounts of energy generated from renewable sources, such as solar and wind, and release it when needed to stabilize the grid or during periods of high demand.
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Moreover, they are being explored as a potential alternative to lithium-ion batteries in electric vehicles. In addition, they could offer a cost-effective solution for energy storage in electric cars, contributing to the transition to cleaner transportation. Furthermore, there is an increasing adoption of sodium-ion batteries for stationary energy storage applications, such as backup power systems for critical infrastructure, telecommunications, and remote areas where a reliable power source is essential. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The main reason for the growth of the market in APAC is that the region is a major manufacturing hub for both EVs and consumer electronics. In addition, some of the largest automotive producers, such as Toyota Motor, MITSUBISHI MOTORS, and Honda Motor, are mostly concentrated in South Asian countries. Moreover, the regional market in automotive applications is heavily dependent on the adoption of EVs. In addition, the governments of many APAC countries and automotive manufacturers are making collective efforts to shift the automotive focus toward EVs. The shift is mainly fuelled by growing environmental concerns and the need to reduce dependency on fossil fuel-operated vehicles. Hence, such factors are driving the market growth in APAC during the forecast period.
One of the key factors driving the market growth is the rising demand for smart devices. The growing adoption of smart devices, including smartphones, wearables, and smart home devices, has resulted in a growing need for efficient and compact energy storage solutions. In addition, sodium-ion batteries, if developed successfully, could provide an alternative to lithium-ion batteries in powering these devices. Furthermore, smart devices need compact and lightweight energy storage solutions with high energy density.
Moreover, the development of sodium-ion batteries with improved energy density and performance characteristics could make them more attractive for integration into smart devices. In addition, the cost-effectiveness of sodium-ion batteries is a crucial factor. Therefore, the increasing demand for smart devices could incentivize research and development investments in this technology, which will drive the global market during the forecast period.
The lower life cycle of sodium-ion batteries is one of the key challenges hindering market growth. The lower life cycle of sodium-ion batteries hampers their suitability for applications that require long-term and reliable energy storage. In addition, high-cycle applications, such as electric vehicles (EVs) and grid energy storage, often demand batteries with extended life cycles to ensure economic viability.
Moreover, while sodium-ion batteries may offer cost advantages over some lithium-ion batteries, the lower life cycle can affect their overall cost competitiveness. In addition, users may need to replace sodium-ion batteries more frequently, leading to higher long-term costs and reduced economic attractiveness. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altris AB: The company offers batteries which have outstanding performance in terms of longer life, more flexible working temperatures, and safety.
The research report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides market trends and analysis and growth opportunities from 2018 to 2028.
The market is gaining traction in power storage applications and renewable energy sectors, offering energy storage services as an alternative to traditional lithium-ion technologies. With a focus on sustainability and cost-effectiveness, the market is witnessing advancements in recycling and second-life applications, reducing dependence on lithium-ion substitutes and addressing concerns related to heavy metals. Key players in the OEMs sector are investing in raw materials sourcing and supply chain management to mitigate supply disruptions. The electric vehicle sector is driving demand for sodium ion batteries, especially in residential, commercial, and industrial sectors, as well as in solar and wind energy systems. Despite challenges like manufacturing cost and energy storage system efficiency, the market is positioned for growth, driven by the increasing electricity demand, advancements in smart grid technology, and the need to address voltage and frequency deviations.
Sodium Ion Battery Market Scope |
|
Report Coverage |
Details |
Page number |
140 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.33% |
Market Growth 2024-2028 |
USD 414.4 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
16.93 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Altris AB, AMTE Power plc, Aquion Energy, Contemporary Amperex Technology Co. Ltd., Faradion Ltd, HiNa Battery Technology Co. Ltd., Natron Energy Inc., NEI Corp., NGK Insulators Ltd., and Tiamat |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market growth analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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