Sodium-Ion Battery Market

Industry Overview

Sodium-ion batteries are a kind of rechargeable energy storage device, similar to lithium-ion batteries, which use sodium ions as charge carriers. Sodium ions transfer energy during charging from the positive electrode, or anode, to the negative electrode, or cathode. The opposite happens during discharging, releasing stored energy. Potential benefits of sodium-ion batteries include lower costs and a more plentiful raw ingredient (sodium) compared to lithium-ion batteries. They usually have a lower energy density than their lithium-ion cousins, though. Research is being done to improve their performance for use in electric cars and renewable energy storage, which could result in a viable replacement for the battery technology used today.

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, i.e., 2025-2030. The growing demand for sodium-ion batteries is driven by the abundance of sodium resources, lower production costs than lithium-ion batteries, and increasing demand for sustainable energy storage solutions. Additionally, ongoing research and development efforts are further propelling the growth of the global sodium-ion battery market.

Geographically, the market is expanding rapidly in North America, Europe, and the Asia Pacific, as a result of the presence of large companies, huge investment in R&D, and high awareness among end-users; however, the market confronts constraints such as achieving high energy density, limited commercial availability, and competition from established lithium-ion technology. Overall, the sodium-ion battery market offers potential prospects for market participants to develop and fulfill the growing needs of a wide range of industries including transportation, energy storage, consumer electronics, and other industries.

Market Segmentation

Insight by Technology

Based on the technology, the global sodium-ion battery market is segmented into Sodium-Sulfur Batteries, Sodium-Salt Batteries, and Sodium-Oxygen Batteries. Owing to their exceptional energy density and efficiency, sodium-sulfur (Na-S) batteries are the market leader in the global sodium-ion battery market and are therefore well-suited for grid-scale energy storage. Their acceptance has been accelerated by regulatory support for the integration of renewable energy sources and the growing demand for dependable energy storage systems. Prominent partnerships that demonstrate their usefulness include NGK Insulators' grid-scale project partnership with Tesla. Furthermore, the Na-S battery market has been supported by well-established production facilities, such as NGK's facility in Japan, which have met the need for large-scale energy storage solutions and accelerated their expansion in the global sodium-ion battery market.

Insight by End-use Industry

Based on the end-use industry, the global sodium ion battery market is segmented into transportation, energy storage, consumer electronics, industrial, residential, and other end-use industries. The energy storage industry dominated the global sodium ion battery market in 2022 owing to the growing reliance on renewable energy sources and the growing application of sodium batteries for energy storage. The demand for effective energy storage systems is being driven by regulations and incentives related to grid modernization and decarbonization activities. Collaborations between utilities and battery manufacturers, like Fluence's with Enel, highlight how important sodium-ion batteries are to large-scale energy storage projects. Furthermore, the construction of specialized manufacturing facilities, such as Faradion's UK site, demonstrates a determined attempt to fulfill the growing need for energy storage technologies, securing sodium-ion batteries' position as a key component of the world's energy transition.

Global Sodium-Ion Battery Market Report Coverage

Industry Dynamics

Growth Drivers

High prices of lithium

The rise in the global sodium-ion battery market can be attributed in large part to the high cost of lithium. When it comes to energy storage, lithium-ion batteries have dominated, especially in electric cars and renewable energy systems, but lithium is a costly component because of its rising pricing due to its scarcity and growing demand from the EV industry. The price of lithium had increased tenfold (10x) by November 2022. Sodium, on the other hand, is more widely available and more profitable. Because of this financial benefit, sodium-ion batteries are a desirable substitute. 

Moreover, sodium-ion batteries present a strong argument in sectors and areas where economy of scale is critical, such as grid-scale energy storage. Their reduced production costs result in energy storage devices that are more reasonably priced. This pricing issue is especially important for applications that need large-scale energy storage capacity and for emerging markets.

Furthermore, sodium-ion batteries offer a strategic advantage to nations with restricted access to lithium sources, minimizing reliance on external lithium supplies. This encourages battery manufacturers to be self-sufficient and secure in terms of energy. All things considered, the high cost of lithium highlights the benefits of sodium-ion batteries, encouraging their uptake and creating a more diverse and competitive energy storage industry.

Demand from the energy storage industry

The growth of the global sodium-ion battery market is primarily driven by the rising demand for energy storage devices. Effective energy storage solutions are becoming more and more necessary as renewable energy sources like solar and wind power grow in popularity. Sodium-ion batteries are becoming a strong competitor due to their low cost and plentiful raw material. Global governments are enacting laws and offering financial incentives to promote the use of energy storage and renewable energy sources, creating an environment that is conducive to the expansion of sodium-ion batteries.

The synergy between sodium-ion batteries and renewable energy systems is demonstrated by partnerships between battery manufacturers and renewable energy firms, such as CATL's partnerships with solar energy giant SunPower. Furthermore, a determined attempt to increase the output of sodium-ion batteries for energy storage applications is demonstrated by the creation of Gigafactories and specialized production facilities, such as AMTE Power's proposed multimillion-pound facility in the UK. This increase in production capacity is expected to keep up with the growing demand for energy storage, which will drive the growth of the global sodium-ion battery market even further.

Challenge

Low energy density of sodium-ion batteries

Higher energy density is a major challenge for the global sodium-ion battery market. Although sodium-ion batteries are less expensive and have more readily available raw materials than lithium-ion batteries, the energy density of sodium-ion batteries is usually lower than lithium-ion batteries. This restricts their use in applications such as electric vehicles that call for high-capacity, compact energy storage. To fully realize sodium-ion batteries' promise as a competitive option in the transportation and renewable energy storage sectors, researchers are working religiously to create cutting-edge materials and technologies that can increase the energy density of sodium-ion batteries.

Geographic Overview

• North America

• Europe

• Asia Pacific (APAC)

• Middle East and Africa (MEA)

• South America

The global sodium ion battery market is segmented into North America, Europe, the Asia-Pacific, South America, and the Middle East and Africa region. The global sodium ion battery market was dominated by the Asia-Pacific in 2022 due to the presence of a sizable number of the world's leading battery producers, including major players in the market such as CATL and BYD. Innovation in sodium-ion batteries has been further supported by government incentives and favorable regulatory rules for renewable energy storage systems. Notable alliances between Asian companies and foreign automakers – like CATL's partnership with Tesla and BMW – have increased market presence even more. In addition, the Asia-Pacific's leadership in this emerging market has been cemented by the swift establishment of production facilities and significant research initiatives in nations like China and Japan.

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)