Sodium-Ion Battery Market

Industry Overview

The Global Sodium Ion Battery Market was worth USD 0.85 billion in 2023 and is expected to reach USD 4.80 billion by 2030 with a CAGR of 25.85% during the forecast period.

Sodium-ion batteries, similar to lithium-ion counterparts, use sodium ions for energy storage, transferring them between electrodes during charging and discharging. These batteries are low cost and comes with ample sodium resources compared to lithium-ion batteries. They typically exhibit lower energy density. Research activities are on to enhance their performance for applications in electric vehicles and renewable energy storage, potentially replacing current battery technologies.

The global sodium-ion battery market encompasses Sodium-Sulfur, Sodium-Salt, and Sodium-Oxygen batteries where Sodium-Sulfur batteries lead the market. It is also divided into transportation, energy storage, electronics, industrial, residential, and others, where energy storage emerges as dominant segment.

Market Segmentation

Insight by Product

The global sodium-ion battery market is divided into Sodium-Sulfur Batteries, Sodium-Salt Batteries, and Sodium-Oxygen Batteries based on the product types. Out of these segments, the Sodium-sulfur (Na-S) batteries lead the market due to their remarkable energy density and efficiency, making them ideal for grid-scale energy storage. Regulatory support for renewable energy integration and the demand for reliable energy storage systems have accelerated their adoption.

Insight by End-use Industry

The global sodium-ion battery market is also divided into transportation, energy storage, consumer electronics, industrial, residential, and other industries. Out of these segments, the energy storage emerged as the dominant sector driven by increasing reliance on renewables and sodium batteries' applications. Regulations and incentives promoting grid modernization and decarbonization fuel demand for efficient energy storage systems. Collaborations between utilities and battery manufacturers emphasize the significance of sodium-ion batteries in large-scale energy storage projects.

Global Sodium-Ion Battery Market Report Coverage

Industry Dynamics

Industry Trends

Manufacturers and research institutions are allocating significant resources to R&D efforts aimed at enhancing sodium-ion battery performance, including energy density, lifespan, and safety features.

Continuous advancements in battery materials, such as cathodes, anodes, and electrolytes, are driving improvements in sodium-ion battery performance.

Innovations are made to develop materials that offer higher energy density, faster charging capabilities, and increased stability.

Battery manufacturers are scaling up production capacity and establishing new manufacturing facilities to meet the rising demand for sodium-ion batteries.

The transportation sector, particularly electric vehicle manufacturers, is increasingly incorporating sodium-ion batteries into their product offerings due to their potential for cost savings and environmental benefits.

Sodium-ion batteries are gaining traction in renewable energy storage applications, where they can store excess energy generated from sources like solar and wind power.

Government initiatives and regulations promoting clean energy and decarbonization efforts are providing incentives for the adoption of sodium-ion batteries.

Strategic partnerships between battery manufacturers, technology companies, and end-users are facilitating the development and commercialization of sodium-ion battery solutions.

There is a growing emphasis on sustainability and the circular economy within the sodium-ion battery industry.

Growth Drivers

The soaring costs of lithium propel the demand for sodium-ion batteries as a cost-effective alternative due to the abundant and economical availability of sodium. This shift is particularly significant in sectors requiring large-scale energy storage, where sodium-ion batteries offer reduced production costs and competitive pricing.

Increasing necessity for energy storage solutions, driven by the expanding use of renewable energy sources like solar and wind power, fuels the growth of sodium-ion batteries.

Global government policies and incentives supporting energy storage and renewables further stimulate market expansion, fostering a conducive environment for sodium-ion battery adoption.

Partnerships between battery manufacturers and renewable energy firms, coupled with the establishment of large and dedicated production facilities, and concerted effort to enhance production capacity anticipates and meets the escalating demand for energy storage, magnifying the growth path of the global sodium-ion battery market.

Continuing research and development efforts aimed at improving sodium-ion battery performance and longevity contribute to market growth by enhancing their competitiveness and applicability across various industries.

The growing electric vehicle market, coupled with the need for affordable and sustainable battery solutions, provides a significant opportunity for sodium-ion batteries to penetrate the transportation sector as a viable alternative to lithium-ion batteries.

The versatility of sodium-ion batteries enables their utilization across a wide range of industries beyond transportation and energy storage, including consumer electronics, industrial applications, and medical devices, encouraging market expansion.

Challenges

Low energy density poses a significant hurdle for the sodium-ion battery market, limiting their applicability in high-capacity applications like electric vehicles and renewable energy storage. In addition, shorter cycle inconsistencies in performance and stability, and limited ability in scaling up production to meet growing demand are significant hindrances to the market expansion.

Opportunities

Nonstop technological advancements and varied applications, coupled with concerted partnerships, are driving innovation and market growth in the sodium-ion battery industry. Additionally, regulatory support and sustainability initiatives offer a promising environment for investment and acceptance, aligning with universal clean energy goals.

Geographic Overview

Geographically, the global sodium-ion battery market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East/Africa.

North America showcases growth potential driven by innovation and strategic alliances. It is mainly attributed to the collaborations between battery producers and automakers, fostering market growth and technological advancement.

Asia-Pacific dominated due to the region's concentration of leading battery producers, supported by government incentives and favorable regulations for renewable energy. Notable alliances, such as CATL's partnerships with Tesla and BMW, bolstered market presence, while rapid facility establishment and research initiatives in nations like China and Japan solidified Asia-Pacific's leadership.

Competitive Insight

CATL, the biggest battery producer in the world, holds a prominent position in the global sodium-ion battery market. CATL has been aggressively exploring sodium-ion technology, despite being best known for its lithium-ion products. They have aspirations to produce sodium-ion batteries and have a strong R&D infrastructure and gained a breakthrough for sodium-ion batteries in 2021. With a wide-ranging production network throughout China and alliances with well-known manufacturers like Tesla and BMW, CATL's foray into the sodium-ion market demonstrates a significant player's desire to expand the range of batteries they offer. The company has plans to introduce sodium-ion batteries in Chery's iCar line, which is scheduled to be on sale in late 2023. This action demonstrates CATL's dedication to broadening its selection of batteries.

One of the major players in the sodium-ion battery market is the UK-based company AMTE Power plc. When it comes to the creation, development, and manufacturing of energy storage technologies, they are superior. One of their most well-known products is the Urban 24V, a sodium-ion battery system made specifically for business cars. The alliance between AMTE Power and Faradion Limited, a leader in sodium-ion technology, demonstrates the company's dedication to developing sodium-ion batteries. Furthermore, the company has announced its plans to build a multimillion-pound Gigafactory in the UK, establishing itself as a major participant in the global sodium-ion battery market.

Recent Development by Key Players

In October 2023, Peak Energy announced that it will set up to tap the domestic market for sodium-ion batteries. The company will leverage partnerships with international and domestic sodium cell manufacturers to introduce this technology to the United States while generating enough income to establish a local engineering site and gigafactory.

In August 2023, Biwatt Power, a Chinese battery manufacturer, launched new residential sodium-ion batteries with an efficiency rate of 97% and a projected lifespan of more than 3,000 cycles. The batteries have a cell capacity is 75Ah and the rated battery voltage is 48V with a maximum DC power of 6kW and a maximum input voltage of 500V.

Key Players Covered in the Report

Aquion Energy, Faradion Limited, HiNa Battery Technology Co., Ltd, Ben'an Energy Technology (Shanghai) Co., Ltd, AMTE Power plc, Natron Energy, Inc., Tiamat Energy, Jiangsu Zhongna Energy Technology Co., Ltd., Contemporary Amperex Technology Co. Limited (CATL), Li-FUN Technology Corporation Limited, BLUETTI Power Inc., Indigenous Energy Storage Technologies Pvt. Ltd. (Indi Energy), Altris AB, NEI Corporation, and Blackstone Technology GmbH.

The Sodium Ion Battery Market Report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

Segments Covered in the Report

• By Technology

• Sodium-Sulfur Batteries

• Sodium-Salt Batteries

• Sodium-Oxygen Batteries

• End-Use Application

• Transportation

• Energy Storage

• Consumer Electronics

• Industrial

• Residential,

• Other End-Use Applications

Region Covered in the Report

• North America

• U.S.

• Canada

• Mexico

• Europe

• Germany

• U.K.

• France

• Italy

• Spain

• Russia

• Rest of Europe

• Asia-Pacific (APAC)

• China

• Japan

• India

• South Korea

• Rest of Asia-Pacific

• Middle East and Africa (MEA)

• Saudi Arabia

• U.A.E

• South Africa

• Rest of MEA

• South America

• Argentina

• Brazil

• Chile

• Rest of South America

Primary Research Interviews Breakdown

1.    Research Overview

       1.1.    The Report Offers
       1.2.    Market Coverage
                 1.2.1.    By Technology
                 1.2.2.    By End-use Industry
                 1.2.3.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                  1.5.1.   Data Sources
                              1.5.1.1. Primary Research
                              1.5.1.2. Secondary Research
                  1.5.2.  Methodology
                             1.5.2.1. Data Exploration
                             1.5.2.2. Forecast Parameters
                             1.5.2.3. Data Validation
                             1.5.2.4. Assumptions
                  1.5.3.   Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

       3.1.  Industry Dynamics
               3.1.1.    Market Growth Drivers
               3.1.2.    Market Restraints
               3.1.3.    Key Market Trends
               3.1.4.    Major Opportunities
       3.2.   Industry Ecosystem
                3.2.1.   Porter’s Five Forces Analysis
                3.2.2.   Recent Development Analysis
                3.2.3.   Value Chain Analysis
       3.3.   Competitive Insight
                3.3.1.   Competitive Position of Industry Players
                3.3.2.   Market Attractive Analysis
                3.3.3.   Market Share Analysis

4.    Global Market Estimate and Forecast

       4.1.   Global Market Overview
       4.2.   Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

       5.1.   By Technology
                5.1.1.  Sodium-Sulfur Batteries
                           5.1.1.1.   Market Definition
                           5.1.1.2.   Market Estimation and Forecast to 2030 
                5.1.2.  Sodium-Salt Batteries
                           5.1.2.1.   Market Definition
                           5.1.2.2.   Market Estimation and Forecast to 2030
                5.1.3.  Sodium-Oxygen Batteries
                           5.1.3.1.  Market Definition
                           5.1.3.2.  Market Estimation and Forecast to 2030
        5.2.    By End-use Industry
                  5.2.1.  Transportation
                             5.2.1.1.  Market Definition
                             5.2.1.2.  Market Estimation and Forecast to 2030
                  5.2.2.  Energy Storage
                             5.2.2.1.   Market Definition
                             5.2.2.2.   Market Estimation and Forecast to 2030
                 5.2.3.  Consumer Electronics
                            5.2.3.1. Market Definition
                            5.2.3.2. Market Estimation and Forecast to 2030
                5.2.4.   Industrial
                            5.2.4.1.  Market Definition
                            5.2.4.2.  Market Estimation and Forecast to 2030
                5.2.5.   Residential
                            5.2.5.1.  Market Definition
                            5.2.5.2.  Market Estimation and Forecast to 2030

6.    North America Market Estimate and Forecast

       6.1.   By Technology
       6.2.   By End-use Industry
       6.3.   By Country
                6.3.1.    U.S. Market Estimate and Forecast
                6.3.2.    Canada Market Estimate and Forecast
                6.3.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

       7.1.   By Technology
       7.2.   By End-use Industry
       7.3.   By Country
                7.3.1.   Germany Market Estimate and Forecast
                7.3.2.    France Market Estimate and Forecast
                7.3.3.    U.K. Market Estimate and Forecast
                7.3.4.    Italy Market Estimate and Forecast
                7.3.5.    Spain Market Estimate and Forecast
                7.3.6.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

       8.1.   By Technology
       8.2.   By End-use Industry
       8.3.   By Country
                8.3.1.   China Market Estimate and Forecast
                8.3.2.   Japan Market Estimate and Forecast
                8.3.3.   India Market Estimate and Forecast
                8.3.4.   South Korea Market Estimate and Forecast
                8.3.5.   Singapore Market Estimate and Forecast
                8.3.6.   Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

        9.1.    By Technology
        9.2.    By End-use Industry
        9.3.    By Country
                  9.3.1.    Brazil Market Estimate and Forecast
                  9.3.2.    Saudi Arabia Market Estimate and Forecast
                  9.3.3.    South Africa Market Estimate and Forecast
                  9.3.4.    Other Countries Market Estimate and Forecast

10.   Company Profiles

        10.1.  Aquion Energy
                  10.1.1.  Snapshot
                  10.1.2.  Overview
                  10.1.3.  Offerings
                  10.1.4.  Financial Insight
                  10.1.5.  Recent Developments
        10.2.  Faradion Limited
                  10.2.1.  Snapshot
                  10.2.2.  Overview
                  10.2.3.  Offerings
                  10.2.4.  Financial Insight
                  10.2.5.  Recent Developments
        10.3.  HiNa Battery Technology Co. Ltd
                  10.3.1.  Snapshot
                  10.3.2.  Overview
                  10.3.3.  Offerings
                  10.3.4.  Financial Insight
                  10.3.5.  Recent Developments
        10.4.  Ben'an Energy Technology (Shanghai) Co. Ltd
                 10.4.1.   Snapshot
                 10.4.2.   Overview
                 10.4.3.   Offerings
                 10.4.4.   Financial Insight
                 10.4.5.   Recent Developments
        10.5.  AMTE Power plc
                  10.5.1.   Snapshot
                  10.5.2.   Overview
                  10.5.3.   Offerings
                  10.5.4.   Financial Insight
                  10.5.5.   Recent Developments
        10.6.  Natron Energy Inc.
                  10.6.1.  Snapshot
                  10.6.2.  Overview
                  10.6.3.  Offerings
                  10.6.4.  Financial Insight
                  10.6.5.  Recent Developments
       10.7.  Tiamat Energy
                 10.7.1.  Snapshot
                 10.7.2.  Overview
                 10.7.3.  Offerings
                 10.7.4.  Financial Insight
                 10.7.5.  Recent Developments
       10.8.  Jiangsu Zhongna Energy Technology Co. Ltd.
                  10.8.1.  Snapshot
                  10.8.2.  Overview
                  10.8.3.  Offerings
                  10.8.4.  Financial Insight
                  10.8.5.  Recent Developments
       10.9.  Contemporary Amperex Technology Co. Limited (CATL)
                  10.9.1.  Snapshot
                  10.9.2.  Overview
                  10.9.3.  Offerings
                  10.9.4.  Financial Insight
                  10.9.5.  Recent Developments
      10.10.  Li-FUN Technology Corporation Limited
                  10.10.1.  Snapshot
                  10.10.2.  Overview
                  10.10.3.  Offerings
                  10.10.4.  Financial Insight
                  10.10.5.  Recent Developments
      10.11.  BLUETTI Power Inc. 
                 10.11.1.  Snapshot
                 10.11.2.  Overview
                 10.11.3.  Offerings
                 10.11.4.  Financial Insight
                 10.11.5.  Recent Developments
     10.12   Indigenous Energy Storage Technologies Pvt. Ltd. (Indi Energy)
                 10.12.1.  Snapshot
                 10.12.2.  Overview
                 10.12.3.  Offerings
                 10.12.4.  Financial Insight
                 10.12.5.  Recent Developments
    10.13.   Altris AB
                10.13.1.  Snapshot
                10.13.2.  Overview
                10.13.3.  Offerings
                10.13.4.  Financial Insight
                10.13.5.  Recent Developments
    10.14   NEI Corporation
                10.14.1.  Snapshot
                10.14.2.  Overview
                10.14.3.  Offerings
                10.14.4.  Financial Insight
                10.14.5.  Recent Developments
    10.15.    Blackstone Technology GmbH.
                10.15.1.  Snapshot
                10.15.2.  Overview
                10.15.3.  Offerings
                10.15.4.  Financial Insight
                10.15.5.  Recent Developments
11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to availability of information in secondary domain.

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Sodium-Ion Battery Market Size, by Technology, 2018 – 2023 (USD Billion)
Table 5 Global Sodium-Ion Battery Market Size, by Technology, 2025 – 2030 (USD Billion)
Table 6 Global Sodium-Ion Battery Market Size, by End-use Industry, 2018 – 2023 (USD Billion)
Table 7 Global Sodium-Ion Battery Market Size, by End-use Industry, 2025 – 2030 (USD Billion)
Table 10 Global Sodium-Ion Battery Market Size,by Region, 2018 – 2023 (USD Billion)
Table 11 Global Sodium-Ion Battery Market Size,by Region, 2025 – 2030 (USD Billion)
Table 12 North America Sodium-Ion Battery MarketSize, by Technology, 2018 – 2023 (USD Billion)
Table 13 North America Sodium-Ion Battery Market Size, by Technology, 2025 – 2030 (USD Billion)
Table 14 North America Sodium-Ion Battery Market Size, by End-use Industry, 2018–2023 (USD Mn)
Table 15 North America Sodium-Ion Battery Market Size, by End-use Industry, 2020–2025 (USD Mn)
Table 18 North America Sodium-Ion Battery Market Size, by Country, 2018 – 2023 (USD Billion)
Table 19 North America Sodium-Ion Battery Market Size, by Country, 2025 – 2030 (USD Billion)
Table 20 Europe Sodium-Ion Battery Market Size, by Technology, 2018 – 2023 (USD Billion)
Table 21 Europe Sodium-Ion Battery Market Size, by Technology, 2025 – 2030 (USD Billion)
Table 22 Europe Sodium-Ion Battery Market Size, by End-use Industry, 2018 – 2023 (USD Billion)
Table 23 Europe Sodium-Ion Battery Market Size, by End-use Industry, 2025 – 2030 (USD Billion)
Table 26 Europe Sodium-Ion Battery Market Size, by Country, 2018 – 2023 (USD Billion)
Table 27 Europe Sodium-Ion Battery Market Size, by Country, 2025 – 2030 (USD Billion)
Table 28 Asia-Pacific Sodium-Ion Battery Market Size, by Technology, 2018 – 2023 (USD Billion)
Table 29 Asia-Pacific Sodium-Ion Battery Market Size, by Technology, 2025 – 2030 (USD Billion)
Table 30 Asia-Pacific Sodium-Ion Battery Market Size, by End-use Industry, 2018–2023 (USD Billion)
Table 31 Asia-Pacific Sodium-Ion Battery Market Size, by End-use Industry, 2025–2030 (USD Billion)
Table 34 Asia-Pacific Sodium-Ion Battery Market Size, by Country, 2018 – 2023 (USD Billion)
Table 35 Asia-Pacific Sodium-Ion Battery Market Size, by Country, 2025 – 2030 (USD Billion)
Table 36 RoW Sodium-Ion Battery Market Size, by Technology, 2018 – 2023 (USD Billion)
Table 37 RoW Sodium-Ion Battery Market Size by Technology, 2025 – 2030 (USD Billion)
Table 38 RoW Sodium-Ion Battery Market Size, by End-use Industry, 2018 – 2023 (USD Billion)
Table 39 RoW Sodium-Ion Battery Market Size, by End-use Industry, 2025 – 2030 (USD Billion)
Table 42 RoW Sodium-Ion Battery Market Size, by Country, 2018 – 2023 (USD Billion)
Table 43 RoW Sodium-Ion Battery Market Size, by Country, 2025 – 2030 (USD Billion)
Table 44 Snapshot – Aquion Energy
Table 45 Snapshot – Faradion Limited
Table 46 Snapshot – HiNa Battery Technology Co. Ltd
Table 47 Snapshot – Ben'an Energy Technology (Shanghai) Co. Ltd
Table 48 Snapshot – AMTE Power plc
Table 49 Snapshot – Natron Energy Inc.
Table 50 Snapshot – Tiamat Energy
Table 51 Snapshot – Jiangsu Zhongna Energy Technology Co. Ltd.
Table 52 Snapshot – Contemporary Amperex Technology Co. Limited (CATL)
Table 53 Snapshot – Li-FUN Technology Corporation Limited
Table 54 Snapshot – BLUETTI Power Inc. 
Table 55 Snapshot – Indigenous Energy Storage Technologies Pvt. Ltd. (Indi Energy)
Table 56 Snapshot – Altris AB
Table 57 Snapshot – NEI Corporation
Table 58 Snapshot – Blackstone Technology GmbH.

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9  Global Sodium-Ion Battery Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Sodium-Ion Battery Market Highlight
Figure 12 Global Sodium-Ion Battery Market Size,  by Technology, 2018 - 2030 (USD Billion)
Figure 13 Global Sodium-Ion Battery Market Size, by End-use Industry 2018 - 2030 (USD Billion)
Figure 15 Global Sodium-Ion Battery Market Size, by Region, 2018 - 2030 (USD Billion)
Figure 16 North America Sodium-Ion Battery Market Highlight
Figure 17 North America Sodium-Ion Battery Market Size,  by Technology, 2018 - 2030 (USD Billion)
Figure 18 North America Sodium-Ion Battery Market Size, by End-use Industry 2015–2025 (USD Billion)
Figure 20 North America Sodium-Ion Battery Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 21 Europe Sodium-Ion Battery Market Highlight
Figure 22 Europe Sodium-Ion Battery Market Size,  by Technology, 2018 - 2030 (USD Billion)
Figure 23 Europe Sodium-Ion Battery Market Size, by End-use Industry 2018 - 2030 (USD Billion)
Figure 25 Europe Sodium-Ion Battery Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 26 Asia-Pacific Sodium-Ion Battery Market Highlight
Figure 27 Asia-Pacific Sodium-Ion Battery Market Size,  by Technology, 2018 - 2030 (USD Billion)
Figure 28 Asia-Pacific Sodium-Ion Battery Market Size, by End-use Industry 2018 - 2030 (USD Billion)
Figure 30 Asia-Pacific Sodium-Ion Battery Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 31 RoW Sodium-Ion Battery Market Highlight
Figure 32 RoW Sodium-Ion Battery Market Size,  by Technology, 2018 - 2030 (USD Billion)
Figure 33 RoW Sodium-Ion Battery Market Size, by End-use Industry 2018 - 2030 (USD Billion)
Figure 35 RoW Sodium-Ion Battery Market Size, by Country, 2018 - 2030 (USD Billion)