Sodium-Ion Batteries Market expand at 23.9% CAGR by 2022

Sodium-Ion Batteries

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March30, 2020 – Accroding to TMR the global market for sodium-ion batteries will grow from $420 million in 2017 to $1.2 billion by 2022 with a compound annual growth rate (CAGR) of 23.9% for the period of 2017-2022.

Report Scope:

Sodium-ion batteries have sodium-ion charge carriers. Sodium-ion batteries have recently gained commercialization status, and the market is expected to grow with an impressive compound annual growth rate (CAGR) of 23.9% for the forecast period of 2017 to 2022. The report details various segments of the sodium-ion battery market. The market is segmented on the basis of technologies. The market by technology includes sodium-sulfur batteries, sodium-salt batteries, sodium-ion batteries and sodium-oxygen batteries.

The market is further segmented on the basis of end users, which includes portable electronic devices (mobile phones, laptop and tablets, cameras, portable medical devices, portable electronic devices, toys, drones and remote access devices), automobile applications (electric vehicle and fossil fuel-based vehicles), residential power backup, commercial power backup, grid-level applications, industrial, military and space applications.

The report also analyzes the market for raw materials, which includes electrolyte materials, separators, barrier materials, encapsulating materials, packaging and other. The report also analyzes patents and new technologies.

The market is further segmented by geographic region. The major geographic regions covered in the report are North America, Europe, Asia-Pacific and the Rest of the World (RoW). A country-specific breakdown of the market for sodium-ion batteries market is also included in the report. The study covers the global market for the sodium-ion market, and is not limited to the countries included in this report. The selection of the countries to be included in this report was mainly based on the total revenue generated from the sale of sodium-ion market. Major countries included in the report are the U.S., Canada, Germany, the U.K., Spain, Italy, France, China, Japan and India.

The competitive landscape of the global market for sodium-ion batteries market is discussed and includes profiles of the major companies and their product portfolios. All categories are discussed in detail, describing each segment, identifying current products on the market, measuring market size, identifying market drivers, forecasting for 2017 to 2022, and assessing the competitors and competitor market shares.

Report Includes:

  • 50 data tables and 66 additional tables
  • An overview of the global market for sodium ion batteries, materials, and technologies
  • Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022
  • Analyses of the market by application, technology, and region
  • Insight into market trends and information about emerging electrochemical energy storage technologies
  • A look at drivers and limiters of the sodium-based batteries market
  • Discussion of the current state of the art of sodium-based batteries and the technological hurdles in overtaking lithium-based batteries
  • In-depth patent analysis for sodium-based batteries 
  • Profiles of major players in the industry


Summary

Energy storage is now a basic requirement, however, in various domains including automobile and power generation and so on, the need for lower cost batteries created significant demand for sodiumion battery market. The cost of sodium-ion batteries is lower than other alternatives such as lithium ion and nickel cadmium batteries. Sodium is widely available, and the price is also low; therefore, it is less vulnerable to price fluctuation. The sodium-ion is heavier than lithium ion, and therefore, more suited for grid storage than mobile storage. A number of companies are engaged in R&D activities to develop new battery technologies. Because of its low cost, companies are focused on sodium-ion batteries. The sodium-ion battery market is in its initial stage; however, it has a potential to grow. Penetration of the portable devices market is a major driver for energy storage devices, such as removable batteries and portable power banks. Companies are developing compact sodium-ion batteries to be used in portable electronic devices. The commercialization of various new technology in sodium-ion batteries is expected from 2017 to 2022.

A large share of energy requirement is fulfilled by fossil fuels. High price volatility in the crude oil market is providing opportunities to other alternative energy sources. Environmental concerns are another drawback of fossil-based energy, and consumers are moving toward renewable energy. Due to the shift from fossil fuel to renewable energy, there is a considerable demand for energy storage. Although wind- and solar-generated electricity is becoming increasingly popular in several industrialized countries, these sources provide intermittent energy; thus, energy storage systems are required for load-leveling, that is, storage of energy until needed by the electrical grid. Portable energy solutions that realize the practical use of hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and purely electric vehicles (EVs) will further reduce dependence on fossil fuels. Sodium-ion batteries are most suited for grid level storage and electric transport applications.

The sodium-ion batteries market is most suited for medium and large energy storage systems; however; companies are engaged in R&D activities to develop sodium-ion batteries for portable devices. All the applications of sodium-ion batteries are in a nascent stage, and have potential to grow. The sodium-ion batteries market is expected to grow at a 23.9% CAGR from 2017 to 2022. As the leader in energy storage technology and home to various leading battery manufacturers, the U.S. is the largest market for the sodium-ion batteries. Due to various green energy initiatives, the European region has an increased demand for large energy storage system. Asia-Pacific is a price sensitive market, and has the highest CAGR in the market for low-cost sodium-ion batteries. 

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