Pune, India, May 25, 2022 (GLOBE NEWSWIRE) -- The global Sodium-ion Battery Market size is set for some serious expansion on account of the steadfast rise in the renewable energy capacity across the world. According to the International Renewable Energy Agency (IRENA), 171 GW of new renewable energy installations were added in 2018, with solar and wind power accounting for the bulk of this rise. Solar energy capacity alone increased by 24% at 94 GW, with Asia contributing to 70% of this growth.
Sodium-ion battery technology is slated to play a definitive role in facilitating a smooth transition to clean energy as unconventional energy sources such as solar and wind require large-scale utilization of battery-operated devices and machines. This factor, therefore, is anticipated to lead the sodium-ion market trends during the forecast period.
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Fortune Business Insights, through its report, titled “Sodium-Ion Battery Market Size, Share and Global Trend by Technology (Sodium Sulfur Battery, Sodium Salt Battery, Sodium Air Battery), By End-Use (Residential, Utility, Commercial, Industrial, Transport Sector) and Geography Forecast till 2026”, shares crucial market information for businesses to strategize according to the market needs. This information is illustrated in the form an exhaustive analysis and assessment of the factors, upcoming trends, and other dynamics that will mould the development of the market during the forecast period.
Growing Preference for Sodium-Ion Batteries Over Lithium-Ion to Propel the Market
While lithium-ion batteries are highly demanded, sodium-ion batteries are slowly gaining popularity as their advantages over lithium-ion batteries are gradually coming to the fore. Research conducted by the Nagoya Institute of Technology found that sodium-ion batteries are highly beneficial for sustainability for numerous reasons. For instance, sodium is an abundantly available material as it can be found in large quantities in the earth’s crust and in seawater.
This would ensure regular supply of the element without too many price fluctuations, giving it a distinct advantage over lithium which is not that commonly found. As a result, the cost of lithium is bound to rise astronomically in the near future as demand for the element is expected to rise by 1500% by 2030, exceeding its supply, as per Bloomberg NEF estimates. Lastly, sodium-ion batteries have faster charging time, making them the ideal substitute to lithium-ion ones.
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Increasing Adoption of Electric Vehicles to Spur the Market in North America
North America is a leading region having ambitious targets to curb carbon emissions. As a result, the region is witnessing a high rate of adoption of electric vehicles and solar and wind power installations, augmenting the market for sodium-ion batteries in the process. Large-scale renewable energy capacity enhancement in India and China will give Asia-Pacific a commanding grip on the global sodium-ion market share in the approaching decade.
In Europe, the primary driver is expected to be the fast-paced switch to clean energy-based power generation, especially in Western Europe. A rapidly rising demand for electricity will fuel the market in Latin America, while heavy investments in solar power will provide the necessary fodder for the market in the Middle East.
Exciting Partnerships to Energize the Competition Dynamics in the Market
The sodium-ion battery market research by Fortune Business Insights foresees a period of spirited competition among players. This competition will happen in the form of strategic partnerships between companies and government research grants for developing the sodium-ion technology further.
Key industry developments include:
September 2019: Natron Energy and Virtual Power Systems (VPS) teamed up to integrate Natron’s sodium-ion technology and VPS’s ICE Platform to meet the demands for flexible power distribution, thus expanding VPS’s Software Defined Power (SDP) ecosystem.
May 2019: Labour Party Senator for Victoria, Kim Carr, approved a grant worth USD 2 million for research into developing sodium-ion batteries along with sanctioning USD 30 million for R&D into electric vehicles.
Some of the prominent operators in this market include:
- Natron Energy
- Faradion
- Aquion
- Tiamat Energy
- NEI Corporation
- HiNa Battery Technology Co., Ltd
- Naiades
- Haldor Topsoe A/S
- AGM Batteries Limited
Global Sodium-Ion Battery Market Segmentation:
By Technology
- Sodium Sulfur Battery
- Sodium Salt Battery
- Sodium Air Battery
By End-Use
- Residential
- Utility
- Commercial
- Industrial
- Transport Sector
- Others
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