Sodium-Ion Battery Advances: 2029 Outlook
"This report examines the development of sodium-ion batteries, focusing on the materials used, the technologies involved, and the global market trends expected by 2029. Sodium-ion batteries are seen as a viable alternative to lithium-ion batteries, potentially offering lower costs and abundant resources. The analysis highlights advances and future growth opportunities in this emerging field."
BOSTON, Dec. 3, 2024 /PRNewswire/ -- According to the latest study from BCC Research, the demand for Sodium-ion Batteries: Materials, Technologies and Global Markets to 2029 is projected to increase from $318.0 million in 2023 to $838.5 million by the end of 2029, at a compound annual growth rate (CAGR) of 18.6% from 2024 through 2029.
The report looks at the different types of sodium-ion batteries (SIBs), such as sodium-sulfur, sodium-salt (zebra), and sodium-oxygen (sodium-air) batteries. It discusses the components used in making these batteries, including electrodes (anodes and cathodes), electrolytes, packaging materials, and separators. Anodes can be made from materials such as hard carbon or metals, while cathodes may include various inorganic and organic compounds.
The study also explores the use of these batteries in different applications, such as energy storage for the grid, electric vehicles (EVs), and commercial and industrial backup power, as well as residential, military, and portable applications.
Additionally, the report analyzes market trends, new technologies, the competitive landscape, and patents related to SIBs. It includes information related to environmental, social and governance (ESG) initiatives and profiles of leading companies in the market. The report's regional analysis covers North America, Europe, Asia-Pacific, South America, the Middle East, and Africa.
The report uses 2023 as the base year and provides estimates for 2024, and forecasts through 2029, all expressed in millions of dollars.
Interesting and surprising facts:
- According to the International Energy Agency (IEA), battery manufacturing reached 2.5 terawatt-hours (TWh) in 2023, adding 780 gigawatt-hours (GWh) of capacity, which is more than a 25% increase compared to 2022.
- The IEA also reported that worldwide sales of EVs approached 14 million in 2023. This represented 18% of all vehicles sold an increase from 14% in 2022.
- The U.S., China, and Europe combined account for over 90% of the global SIB market.
To gain a deeper understanding of the market's dynamics and growth opportunities, click here.
Factors contributing to this market's growth include:
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Report Synopsis
Report Metric | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $318.0 million |
Market Size forecast | $838.5 million |
Growth rate | CAGR of 18.6% for the forecast period of 2024-2029 |
Segments covered | Product, Component, End-Use |
Regions covered | North America, Europe, Asia-Pacific, Rest of the World |
Countries covered | U.S., Canada, Mexico, U.K., Germany, Italy, France, Norway, Spain, Poland, Japan, China, India, South Korea, Australia, Thailand, Indonesia, Saudi Arabia, UAE, Egypt, Brazil, Argentina, South Africa, Algeria, Nigeria |
Market drivers | • Need for Cost-Effective Alternative to LIBs • SIBs Emerging as Safer Alternatives to Conventional Batteries • Grid-Level Use of SIBs Interfaces with Renewable Sources of Energy |
This report addresses the following questions:
1. What is the projected market size?
The global SIB market was valued at $318.0 million in 2023 and will reach $838.5 million by the end of 2029, with a CAGR of 18.6%.
2. What factors are driving the growth of the market?
- Need for a cost-effective alternative to LIBs.
- SIBs shown to be safer than LIBs
- Grid-level usage of SIBs for renewable sources of energy
3. Which market segments are covered in the report?
- Need for a cost-effective alternative to LIBs.
- SIBs shown to be safer than LIBs
- Grid-level usage of SIBs for renewable sources of energy
The SIB market is segmented based on product, component, end-use and region.
4. Which product segment will dominate the SIB market by the end of 2029?
Sodium-sulfur batteries will dominate the market.
5. Which region has the highest market share?
Asia-Pacific holds the largest share of the global market.
Leading companies in the market include:
- Altris Ab
- Aquion Energy
- Contemporary Amperex Technology Co. Ltd.
- Faradion
- Hina Battery Technology Co. Ltd.
- Hunan Cube New Energy Technology Co. Ltd.
- Indi Energy
- Jiangsu Zoolnasm Energy Technology Co. Ltd.
- Natron Energy Inc.
- Nei Corp.
- Ngk Insulators Ltd.
- Northvolt Ab
- Sodion Energy
- Tiamat
- Zhejiang Natrium Energy Co. Ltd.
More related reports:
Hydrogen Storage: Materials, Technologies and Global Markets: It covers the different materials and technologies used for hydrogen storage, such as tanks and chemical methods. The study also examines the market trends and potential for hydrogen storage as the world moves towards cleaner energy solutions.
Global Electrical Vehicle Battery Market: This market is growing rapidly as more people choose EVs for their eco-friendliness. It explores the different types of batteries, such as lithium-ion, and focuses on advances, and demand, trends in various regions.
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