Sodium Ion Batteries Market- Industrial Forecast, Market Analysis and Trends till 2026
Sodium-ion Batteries Market: Overview
Sodium-ion batteries have been identified as the most captivating alternative form of energy storage systems. Easy availability and accessibility of sodium have boosted the demand for sodium-ion batteries. These batteries are favorable options for application, wherein the degree of compactness is of least importance.
The energy is stored in the form of chemical bonds at the anode. Charging the battery forces sodium-ions to de-intercalate from the cathode and migrate toward the anode. Sodium-ion batteries have eminent electrochemical quality in terms of charge-discharge, reversibility, and high specific discharge capacity. These batteries have recently gained commercialization status. Thus, the sodium-ion batteries market is expected to expand significantly in the near future.
Sodium-ion battery is an ideal replacement for lithium-ion (Li-ion) battery. Li-ion battery materials are expensive as compared to sodium-ion battery materials. Besides, cathode and electrolyte costs can be around 50 % of total cell cost, thereby resulting in significant overall cost reduction. The battery market is highly dependent on the availability of conducting materials.
This has encouraged manufacturers to opt for the sodium-ion technology to develop batteries that are power efficient and considerably cheaper. Manufacturers have realized the potential of sodium in the battery business owing to the increase in concerns about availability of raw materials and higher cost of lithium-ion batteries. The global battery market is detecting a shift from the development of lithium-ion batteries to sodium-ion batteries. Need to develop a more sustainable and stable power solution is boosting the sodium-ion batteries market.
Sodium-ion Batteries Market: Key Segments
Based on type, the global sodium-ion batteries market can be segmented into sodium-sulfur batteries, sodium-salt batteries (zebra batteries), and sodium-oxygen (sodium air) batteries. A sodium-sulfur battery is a type of molten-salt battery assembled from sulfur and liquid sodium. Such type of battery has high energy density, high efficiency of charge/discharge, and long lifecycle. It is made of economical materials.
The sodium-salt battery utilizes a concentrated saline solution as its electrolyte. These batteries can be easily recycled and are nonflammable than batteries that employ toxic or flammable materials. The research on sodium-oxygen batteries has gained momentum of late. With high theoretical specific energy of 1600 W h kg−1 and an equilibrium discharge potential of 2.3 V, the rechargeable sodium-oxygen battery incorporates an attractive new metal-air battery platform for applications in transportation.
In terms of end-user, the sodium-ion batteries market can be segregated into portable electronic devices (mobile phones, laptop and tablets, cameras, portable medical devices, portable electronic devices, toys, drones and remote access devices), automobile applications (electric vehicle and fossil fuel-based vehicles), residential power backup, commercial power backup, grid-level applications, industrial, military and space applications.
Sodium-ion Batteries Market: Regional Outlook
Based on the region, the sodium-ion batteries market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America is expected to hold significant share of the global sodium-ion batteries market during the forecast period. The sodium-ion batteries market in Asia Pacific is likely to expand at a rapid pace during the forecast period, due to rise in demand, growth in the electronic devices market and stringent Government Regulation to Control Rising Environmental Pollution in the region especially in India and China.
Sodium-ion Batteries Market: Key Players
Key players operating in the global sodium-ion batteries market are AGM Batteries Ltd., Faradion Limited, Panasonic Corporation, Nrgtek Inc., and Aquion Energy.