Sodium-ion Battery Market Outlook to 2027: Demand and Opportunity Assessment

Overview

Executive Summary 

Sodium-ion battery market revenues are expected to grow at double digit CAGR of 17.09% during 2022-2027. Limited Li-ion reserves are a major constraint to meet the set target of adopting 100% EV in the coming years therefore if manufacturers find Sodium-ion batteries suitable for EV and electronics and offer equal competitiveness, adoption rate is going to boost in future. At present Sodium-ion is used for grid storage.

During the year 2020-2024, the Lithium-Ion Battery market is predicted to grow at double digit CAGR, owing to falling battery prices year on year and increased demand for emission-free electric vehicles. Countries with their own lithium mines dominate the market, with China taking the lead. Australia has larger reserves, but capacity utilisation is low. 

The global economy is expected to register average growth of 5%-6% annually during 2021 & 2022. Economy plays an important role in Sodium-ion market expansion. However as predicted by World Bank slower growth will be apparent in most regions, owing primarily to the fading of fiscal support and riled demand tailwinds.

However, in some regions, particularly South Asia (including India) and Japan, growth rates in 2022 are expected to exceed those in 2021, owing to delayed recoveries as these economies were more affected by the delta wave in 2021. Sodium-ion demand majorly comes from grid Storage application and electric and electronic devices and both industries could generate positive results even during online economy crisis.

Market Segmentation
By Application: Sodium batteries are suitable for stationary storage applications over a wide temperature range. It is currently used in home and commercial stationary storage applications, as well as power backup for telecom and remote applications. By application the report provides segmentation by Transportation and by Stationary Energy Storage.

By End User: Sodium-ion batteries are now mostly used in energy storage/grid level energy storage applications, but manufacturers are working to improve their efficiency so that they can be used to power electric vehicles. The report offers market segmentation by End use that covers Utility, Commercial and Industrial, Transport, Residential. 

By Product Type: An organic electrolyte is currently used in most sodium-ion batteries. These electrolytes are made by dissolving a sodium salt in one or more organic solvents. Sodium-sulfur batteries, which are commercially available molten sodium batteries, operate at a temperature of 520-660 degrees Fahrenheit. By product type the Sodium-ion Battery market size report is further segmented into Sodium-Sulfur Batteries and Sodium-Salt Batteries (Zebra Batteries).

Performance by Region
Europe dominates the sodium-ion battery market, and it is working hard to make the industry more sustainable. Several European governments are also promoting the development of sodium-ion batteries. NIBs give the UK the opportunity to lead the market. 

Following the UK, China is betting on sodium-ion applications and is projected to overtake the UK as the second largest country in the race in the near future. As electric vehicles grow more popular, demand for essential battery chemicals, particularly cobalt, has increased. This has spurred vehicle and battery makers to investigate alternatives to the three main battery technologies currently in use: nickel-cobalt-aluminum (NCA), nickel-cobalt-manganese (NCM), and lithium iron phosphate (LFP). 

Scope of the Study
The synopsis is based on the report titled "Sodium-ion Battery Market and Future Outlook to 2027- Demand and Opportunity Assessment" published by Makreo Research and Consulting. The report delves deeply into various parameters such as market size, segmentation, value chain analysis, and industry cause and effect analysis. The study includes market dynamics that provide an understanding of Sodium-ion battery market opportunities, it also discussed market driving forces and major challenges impeding growth. An analysis of future opportunities is also carried out that may help market players capitalize on untapped business potential in the specific geography.

Sodium-Ion Battery Market Structure

By Application

•     Transportation
•     Stationary Energy Storage

By Product

•     Sodium-Salt Batteries
•     Sodium Sulfur Batteries

By End user

•     Utility
•     Commercial and Industrial
•     Transportation
•     Residential

By Geography

•     Europe
•     North America
•     Asia
•     Middle East and Africa

Companies Covered in the Global Sodium-ion Market Report:     Faradion      Natron Energy      AMTE Power Plc       Altris AB      Aquion Energy      HiNa Battery Technology Co.     NEI Corporation