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Sodium-ion Battery Market Size (2024 - 2029)

The Sodium-ion Battery Market is projected to experience significant growth, driven by the increasing demand for cleaner energy solutions and the need for efficient electricity storage from renewable sources like solar and wind. Despite challenges posed by the technology's current maturity level, the market is poised for expansion, particularly in regions such as Europe, where renewable energy generation is on the rise. The market's potential is further enhanced by the batteries' ability to store energy from renewable sources, positioning them as a valuable alternative in the evolving energy landscape.

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Market Size of Sodium-ion Battery Industry

Sodium Ion Battery Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 166.54 Million
Market Size (2029) USD 236.65 Million
CAGR (2024 - 2029) 7.28 %
Fastest Growing Market Asia Pacific
Largest Market Europe
Market Concentration High

Major Players

Sodium Ion Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

Sodium Ion Battery Market Analysis

The Sodium-ion Battery Market size is estimated at USD 166.54 million in 2024, and is expected to reach USD 236.65 million by 2029, growing at a CAGR of 7.28% during the forecast period (2024-2029).

  • Over the medium period, the primary driver of the market is the increasing demand for cleaner energy, with rising greenhouse gas emissions around the world. Additionally, using sodium-ion batteries for electricity storage, generated through solar or wind, is likely to drive the market.
  • On the other hand, the non-matured technology of the storm is expected to hinder market growth during the forecast period.
  • Nevertheless, wind and solar PV power are expected to drive strong growth in renewable energy, while hydro is likely to remain a key source. By 2030, solar and wind are expected to produce more than 50% of the total generation in Australia, Germany, Mexico, and the United Kingdom. By 2050, solar PV, wind, and hydro are estimated to produce approximately 80% of the global electricity generation. As sodium-ion batteries are an alternative with additional benefits, storing the energy of solar and wind, they are expected to have an opportunity in the growing solar and wind energy market.
  • Europe is expected to dominate the market, with the majority of companies commercializing the battery technology being located in the region. Moreover, with the rising renewable energy generation, such as wind and solar, the region is expected to dominate the market during the forecast period.

Sodium Ion Battery Industry Segmentation

A sodium-ion battery is a viable power storage option because sodium ions serve as a highly active and efficient charge carrier. Some of the characteristics of sodium-ion batteries include their reversibility, good electrochemical properties, and fast response time. In sodium-ion batteries, the primary raw materials include electrolyte material, barrier material, encapsulating material, and separators.

Sodium-ion battery market is segmented into application and geography. By application, the market is segmented into stationary energy storage and transportation. The report also covers the market size and forecasts for the sodium ion battery market across major regions, such as North America, Europe, Asia-Pacific, Middle East, Africa, and South America. 

For each segment, the market sizing and forecasts have been done based on revenue (USD).

Application
Stationary Energy Storage
Transportation
Geography
North America
United States of America
Canada
Rest of the North America
Europe
United Kingdom
Germany
France
Italy
Rest of the Europe
Asia-Pacific
China
India
Japan
Rest of the Asia-Pacific
South America
Brazil
Argentina
Rest of the South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of the Middle-East and Africa
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Sodium-ion Battery Market Size Summary

The sodium-ion battery market is poised for significant growth over the forecast period, driven primarily by the increasing demand for cleaner energy solutions amid rising global greenhouse gas emissions. These batteries are gaining traction as a viable alternative for energy storage, particularly in conjunction with renewable energy sources like solar and wind power. The market is expected to benefit from the growing need to store energy generated from these renewable sources, as they are projected to dominate global electricity generation by mid-century. Despite the challenges posed by the nascent technology, the potential for sodium-ion batteries to complement the expanding renewable energy sector presents a promising opportunity for market expansion.

Europe is anticipated to lead the sodium-ion battery market, supported by a robust presence of companies commercializing this technology and a strong focus on renewable energy generation. The region's dominance is further bolstered by initiatives such as the EU-funded NAIMA project, which aims to develop competitive and safe sodium-ion cells for various applications. This project, along with others, underscores the ongoing research and development efforts that are expected to drive market growth. Key players in the market, including Faradion Limited and Contemporary Amperex Technology Co. Limited, are actively involved in expanding production capabilities and forming strategic partnerships to capitalize on the burgeoning demand for sodium-ion batteries in both stationary and mobility applications.

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Sodium-ion Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 The Increasing Demand for Cleaner Energy

        2. 1.5.1.2 Increasing Adoption of Sodium-Ion Batteries for Energy Storage Systems

      2. 1.5.2 Restraints

        1. 1.5.2.1 Availability of Technical Constraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Stationary Energy Storage

      2. 2.1.2 Transportation

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States of America

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Rest of the North America

      2. 2.2.2 Europe

        1. 2.2.2.1 United Kingdom

        2. 2.2.2.2 Germany

        3. 2.2.2.3 France

        4. 2.2.2.4 Italy

        5. 2.2.2.5 Rest of the Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 Japan

        4. 2.2.3.4 Rest of the Asia-Pacific

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Rest of the South America

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 United Arab Emirates

        2. 2.2.5.2 Saudi Arabia

        3. 2.2.5.3 South Africa

        4. 2.2.5.4 Rest of the Middle-East and Africa

Sodium-ion Battery Market Size FAQs

The Sodium-ion Battery Market size is expected to reach USD 166.54 million in 2024 and grow at a CAGR of 7.28% to reach USD 236.65 million by 2029.

In 2024, the Sodium-ion Battery Market size is expected to reach USD 166.54 million.

Sodium Ion Battery Market Report Snapshots

Sodium Ion Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)