Global Sodium-ion Battery Market Revenue is Expected to Grow more than 15% Year on Year to 2027

Technology & Telecom

Published: 05 Jul 2022
By Makreo Research and Consulting

Global Sodium-ion Battery Market Revenue is Expected to Grow more than 15% Year on Year to 2027

Key Market Insight

Global Sodium-ion (Na-ion) batteries revenue is expected to grow at double digit CAGR of more than 15% during 2022-2027 to cross USD 2.0 billion in next 3-4 years.

Global Sodium-ion battery market revenue is expected to grow at double digit CAGR of more than 15% during 2022-2027 to cross USD 2.0 billion in next 3-4 years. Limited Li-ion reserves are major constraint to meet the set target of adopting 100% EV in coming years therefore there is a strong need to look for an alternative and that can be sodium-ion batteries.

Furthermore, with rising electronic media in life and growing consumption of electricity it is essential to grow stationary energy storage wherein Sodium-ion consumption is high.

Battery consumption climbed by 30% each year between 2010 and 2018, reaching 180 GWh in 2018. In the most optimistic scenario, the market will grow at a 25% annual rate until it reaches 2,600 GWh in 2030. The key drivers of demand growth are the electrification of transportation and the installation of batteries in electricity grids. According to the World Economic Forum, passenger automobiles would account for 60% of global battery demand by 2030, with commercial vehicles accounting for the remaining 23%.

Impact of Covid 19: As a result of the lockdowns, every production site experienced a lack of both raw materials and employees, and battery manufacturers around the world were no exception. Because supply lines were interrupted, it was impossible to get sufficient raw materials, which had a negative impact over the battery market worldwide

Opportunities for Sodium-ion Batteries

Growing Electronic Devices Market: As demand for electronic devices and electric vehicles grows, the limitations of current battery technology pose a barrier to industry expansion. As people become increasingly reliant on electronic devices, it is critical that batteries become more efficient and long-lasting. This technological barrier can be overcome by investing much in research and development to improve Sodium-ion application.
Rising demand for Electric Vehicles: automotive industry is undergoing a paradigm shift as a result of rising oil prices and the negative repercussions of global warming. Electricity is becoming a cleaner source of energy around the planet. This tendency has been particularly noticeable in the electric vehicle market, where, despite the global epidemic, EV sales have shown exponential growth in market share.
Rising Global Warming: Major economies have changed how they produce energy as a result of global turmoil, and the transportation sector has seen ground-breaking developments. People are taking advantage of cleaner and cheaper modes of transportation, while virtual work from home has experienced a spike during the COVID-19 epidemic, increasing reliance on technology. Batteries will play an increasingly important part in the transition away from fossil fuel dependence in the coming decade.
Increasing Government Initiatives: The expansion of the electric vehicle sector is a priority for all major economies. Numerous financial incentives, such as purchase subsidies, tax credits, or tax exemptions, have been granted by various countries. For example, Norway has offered EV purchase incentives of roughly USD 8,800 per vehicle, the US has offered around USD 6,000 per vehicle, and China has offered around USD 3,000 per vehicle.

Makreo Research and Consulting Firm has published a study on Sodium-ion market, the report titled “Global Sodium-ion Battery Market and Future Outlook to 2027- Demand and Opportunity Assessment” is a comprehensive report that study Sodium-ion battery market performance in present and expected demand outlook by studying market by technology, and in detail Lithium-ion battery demand by industries.

Also report study overall battery requirement and need of Stationary Energy Storage in near future owing to clean energy mission and shortage of electricity in major economies worldwide. The report helps to assess future opportunities for Sodium-ion batteries.

The report examines the Sodium-ion battery market in terms of various parameters such as the increasing demand for EV and availability of raw material across the world will increase demand for Sodium ion batteries. We have covered market revenue and forecast with detailed assessments of market segments such as market by application (Transportation and Energy storage platform), by end user, by product type and by geography

Company’s Mentioned in the Report

Faradion
Natron Energy
AMTE Power Plc
Altris AB
Aquion Energy
HiNa Battery Technology Co.
NEI Corporation, Others

Key Questions Answered

What is the present state of Global economy and expected future after the COVID-19 outburst?
What is the present state of battery trade among key trade partners (Countries)?
What is the role of Li-ion batteries in global Electric and Electronics industry and also contribution in automotive industry?
To what extent Sodium-ion batteries can replace Li-ion battery demand in future?
What is the present state of performance and demand for Sodium-ion batteries worldwide?
What is the expected future demand for Sodium-ion batteries?
What potential does Sodium-ion batteries offer in near future?
Who are the leading players in Sodium-ion battery market and what are the key deals happened in the recent past?
What is the present state of availability of electricity and how Sodium-ion can be used in grid storage applications?
How future of Sodium-ion is shaping up with limited reserves of Li-ion worldwide?
Which is a dominant battery type (Sodium-Sulfur Batteries vs. Sodium-Salt Batteries)?