by Market Overview
Sodium-ion batteries are energy storage devices that use sodium instead of lithium in their electrolyte. They have a cathode and anode similar to lithium-ion batteries and function on the same ion-transfer principle. Sodium is easy to source and scalable globally as it is present in seawater and land deposits. Sodium-ion batteries provide high energy density and are low-cost compared to lithium-ion batteries. They play a vital role in powering electric vehicles, consumer electronics, and storing renewable energy from solar and wind farms. The sodium-ion battery is still in the development phase but shows promise as a cheaper alternative to lithium-ion technology.
The Global Sodium-Ion Battery Market is estimated to be valued at US$ 408.71 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the sodium-ion battery market are Masimo Corporation, Drägerwerk AG & Co. KgaA, Advanced Brain Monitoring Inc., Medtronic plc, Compumedics Limited, Siemens Healthcare GmbH, Koninklijke Philips N.V, Nihon Kohden Corporation, Natus Medical Incorporated, and General Electric Company (GE Healthcare). Growing demand for cost-effective energy storage solutions from the renewable energy industry is expected to boost the sodium-ion battery market. Rising global deployments of solar and wind power plants are further expected to drive the adoption of sodium-ion batteries for renewable energy storage.
The Sodium-Ion Battery Market Demand is witnessing increasing strategic collaborations and partnerships to accelerate research and development activities. Many countries are funding sodium-ion battery projects to facilitate domestic production and commercialization. This is expected to support the global expansion of the sodium-ion battery market over the forecast period.
Market Key Trends
One of the key trends in the sodium-ion battery market is the ongoing efforts by leading battery makers to lower the cost of sodium-ion battery packs. Mass production using low-cost materials is one of the focus areas. This will help sodium-ion batteries achieve price parity with lithium-ion batteries in the coming years which can help gain widespread adoption. Continuous research on improving energy density through advanced cathode and electrolyte development is also a major market trend. Enhanced battery chemistries with higher energy storage capacity per unit volume are prompting sustainable adoption across end-use industries.
Porter’s Analysis
Threat of new entrants: The established key players dominate the market with stronger distribution networks, making it difficult for new players to enter the market.
Bargaining power of buyers: Large buyers can negotiate lower prices due to bulk purchase volumes, affecting the profit margins of manufacturers.
Bargaining power of suppliers: The dependence of manufacturers on a small number of suppliers for key raw materials increases their bargaining power.
Threat of new substitutes: The emergence of new and advanced battery technologies such as lithium-ion batteries poses a threat of substitution.
Competitive rivalry: Intense competition exists among the key global players to gain higher market shares through product innovations and expansions.
Geographical Regions
The Asia Pacific region dominates the global market in terms of value, attributed to increasing investments by key players in sodium-ion battery production facilities as well as rising demand for sustainable energy storage systems from various end-use industries in the region.
North America is projected to be the fastest growing regional market during the forecast period, supported by favorable government policies encouraging the adoption of clean energy technologies and ongoing R&D for developing advanced sodium-ion batteries with high energy density.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
