According to the latest research report titled, “Sodium Ion Battery Market (2024 – 2029)” by Mordor Intelligence, the Sodium Ion Battery Market is estimated at USD 166.54 million in 2024 and growing at a CAGR of 7.28% during the forecast period.
In the foreseeable future, the market is set to be propelled primarily by the escalating demand for cleaner energy, driven by the global surge in greenhouse gas emissions. Sodium-ion batteries, utilized for storing electricity generated from solar or wind sources, are poised to become key drivers in this market.
Despite this, wind and solar photovoltaic (PV) power are anticipated to spearhead robust growth in renewable energy, while hydroelectricity is expected to maintain its significance as a primary energy source. Projections suggest that by 2030, solar and wind energy will collectively contribute over 50% of total electricity generation in countries such as Australia, Germany, Mexico, and the United Kingdom. Looking ahead to 2050, solar PV, wind, and hydropower are forecasted to account for approximately 80% of global electricity generation. With their distinct advantages in energy storage for solar and wind power, sodium-ion batteries are poised to capitalize on the expanding solar and wind energy markets.
Report Summary
- Market Size (2024): USD 166.54 million
- Market Size (2029): USD 236.65 million
- CAGR (2024 – 2029): 7.28%
- Study Period: (2020-2029)
- Forecast Units: Value (USD million)
- Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
- Market Drivers: The Increasing Demand for Cleaner Energy and Increasing Adoption of Sodium-Ion Batteries for Energy Storage Systems
Which are the Top Companies in the Sodium Ion Battery Market?
The sodium-ion battery market is semi-consolidated. The key players in the market include Faradion Limited, Contemporary Amperex Technology Co. Limited, NGK Insulators Ltd, TIAMAT SAS, HiNa Battery Technology Co. Ltd, Altris AB, and Natron Energy Inc., among others.
Prominent players in the Sodium Ion Battery Market:
- Faradion Limited
- AMTE Power PLC
- NGK Insulators Ltd
- HiNa Battery Technology Co. Ltd.
- TIAMAT SAS
- Contemporary Amperex Technology Co. Limited
- Altris AB
- Natron Energy Inc.
Other Reports that Might be of Your Interest
- Next-Generation Advanced Battery Market Report: The Next Generation Advanced Battery Market size is estimated at USD 1.87 billion in 2024, and is expected to reach USD 2.64 billion by 2029, growing at a CAGR of 7.24% during the forecast period (2024-2029)
- North America Battery Market Report: The North America Battery Market size is estimated at USD 12.40 billion in 2024, and is expected to reach USD 26.79 billion by 2029, growing at a CAGR of 16.65% during the forecast period (2024-2029)
Key Highlights from the Sodium Ion Battery Market Report
1. Empowering Tomorrow: The Crucial Role of Stationary Energy Storage in Market Dynamics
- The Sodium-ion batteries are expected to have considerable potential in energy storage system applications by 2029.
- The amount of energy generated by renewable sources such as solar and wind is witnessing massive growth, and energy storage is essential to ensure the continuity of energy supply.
- According to the International Renewable Energy Agency (IRENA), the world’s total installed solar PV capacity reached around 1046.61 GW in 2022, witnessing a 22.38% growth compared to the previous year.
- Furthermore, renewable energy growth is likely to continue with the increasing support from the government and its ambitious renewable power targets.
- Moreover, according to the International Energy Agency (IEA), by 2050, solar PV, wind, and hydro are estimated to produce approximately 80% of the global electricity generation.
- As sodium-ion batteries are an essential energy storage technology with additional benefits, storing solar and wind energy is expected to provide a vital opportunity in the growing solar and wind energy market.
- On the other hand, the cycling efficiency of sodium-ion batteries is not well-known, mainly because the rate capability obtained from hard carbon anodes is poor.
Hence, the surging growth in renewable energy generation, the rising number of ongoing research development activities, and investments in sodium-ion batteries for stationary energy storage are expected to drive the market during the forecast period (2024-2029)
2. Europe Positioned to Lead Market Domination: Analysis and Insights
In 2022, Europe emerged as the dominant force in the sodium-ion battery market, driven by extensive research efforts and the rapid adoption of battery energy storage systems and electric vehicles. This momentum was fueled by initiatives such as the EU-funded project NAIMA, which received a substantial Horizon2020 grant of nearly EUR 8 million. NAIMA, focusing on developing robust battery cells for non-automotive applications, commenced in France in December 2019 and concluded in December 2022.
One notable participant in this burgeoning market is Faradion Ltd, a prominent sodium-ion battery manufacturer based in the United Kingdom. Benefiting from the UK government’s USD 338.42 million Faraday battery challenge, Faradion Ltd is poised to contribute significantly to the sodium-ion battery landscape. By 2024-25, the company aims to ramp up its production capacity to over 1 GWh annually, translating to a market value exceedingly approximately USD 100 million per year.
With ongoing research, substantial investments, and a rising demand for electric vehicles, the European region is primed to capitalize on abundant opportunities in the sodium-ion battery sector in the foreseeable future.
What are the Latest Developments in the Sodium Ion Battery Market Market?
- In June 2023: FinDreams, the battery division of Chinese automaker BYD, is forming a partnership with Huaihai Holding Group. Together, the two companies announced plans to supply sodium-ion batteries for compact electric vehicles.
- In May 2022: Natron Energy, Inc. and Clarios International, Inc. announced a strategic agreement to manufacture sodium-ion batteries. The Clarios International Inc. Meadowbrook facility was expected to become the world’s first mass-produced and largest sodium-ion battery plant when it begins its production in 2023. The plant was to have a production capacity of 600MW by next year.
Mordor Intelligence Report on the Sodium Ion Battery Market segments the market based on product type, application, and geography:
- By Application (Market Size & Forecast based on Value (USD million), 2024-2029)
- Stationary Energy Storage
- Transportation
- By Geography (Market Size & Forecast based on Value (USD million), 2024-2029)
- North America
- United States
- Canada
- Rest of North America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Rest of Europe
- Asia-pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of Middle East and Africa
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the sodium ion battery industry. Get a glance at the Sodium Ion Battery Market Report (2024 – 2029)
About Mordor Intelligence
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.
With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
Other Related Reports that Might be of Interest
- Egypt Renewable Energy Market Report: The Egypt Renewable Energy Market size is estimated at 13.23 gigawatt in 2024, and is expected to reach 19.23 gigawatt by 2029, growing at a CAGR of 7.80% during the forecast period (2024-2029)
- Microgrid Market Report: The Microgrid Market size is estimated at USD 15.92 billion in 2024, and is expected to reach USD 38.12 billion by 2029, growing at a CAGR of 19.08% during the forecast period (2024-2029)
Media Contact
Company Name: Mordor Intelligence Private Limited
Contact Person: Prateeksha Rawat
Email: Send Email
Phone: +1 617-765-2493
Address:5th Floor, Rajapushpa Summit, Nanakramguda Rd, Financial District, Gachibowli
City: Hyderabad
State: Telangana 500008
Country: India
Website: https://www.mordorintelligence.com/