Sodium Salt Battery Market Size estimated to reach $1.5 Billion By 2030: IndustryARC
Research Reports
Oct 07, 2023
Global Sodium Salt Battery Market size is predicted to reach $1.5 billion by 2030, growing at a CAGR of 11.8% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The rising demand from consumer electronics and increasing adoption of electric vehicles across the globe is accelerating the market., finds IndustryARC in its recent report, titled “Sodium Salt Battery Market Size, Share & Trends Analysis Report By Type (Sodium-Nickel-Chloride Battery, Sodium-Sulfur Battery, Sodium-Ion Battery), By Battery Capacity (Low-Capacity Sodium Salt Batteries (Less than 5 kWh), Medium-Capacity Sodium Salt Batteries (5 kWh to 100 kWh), High-Capacity Sodium Salt Batteries (Over 100 kWh)), By Application (Energy Storage System, Electric Vehicles, Consumer Electronics, Others), By End Use (Residential, Industrial and Commercial, Utilities, Transportation, Electronics, Others), By Region and Segment Forecasts, 2023–2030”
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Europe to Register Highest Growth:
The Sodium Salt Battery industry in this region is expanding due to governments in the Europe region are investing in improving their energy storage solutions, including batteries, has been growing as renewable energy sources like wind and solar become more prevalent. Sodium-ion batteries could play a role in grid energy storage.The European Union has been actively promoting sustainability and environmental protection. Sodium salt batteries, being moresustainable and potentially using fewer rare and expensive materials, can align well with these goals. Additionally, manyeuropean governments, companies, and research institutions have invested in sodium-ion battery research and development, this can lead to technological advancements and increased adoption of sodium salt batteries.In June 2023, The European Commission has approved the government of Hungary’sUS$1.2 billion programme to fund large-scale energy storage projects.The projects will aid Hungary’s transition to a net-zero energy system, and the programme was authorized under the EU’s Temporary Crisis and Transition Framework, which was enacted in March to support sectors critical to accelerating the transition and lowering reliance on fossil fuels.
Sodium Salt Battery Market 2023-2030: Scope of the Report
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Report Metric |
Details |
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Base Year Considered |
2022 |
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Forecast Period |
2023–2030 |
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CAGR |
11.8% |
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Market Size in 2030 |
$1.5 billion |
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Segments Covered |
By Type, By Battery Capacity, By Application, By End User and Region |
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Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
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Key Market Players |
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Sodium Salt Battery Market Report – Key Takeaways:
- Energy Storage System Segment to Register Highest Growth
By Application, Energy Storage System segment is analyzed to grow with the highest CAGR of 10.0% during the forecast period. Sodium salt batteries were gaining attention as a potential alternative to lithium-ion batteries for energy storage systems. Sodium-salt batteries have several advantages, including the abundance of sodium as a raw material, which can potentially reduce costs and alleviate concerns about the availability of lithium.As the use of renewable energy sources like wind and solar power increases, there is a growing need for energy storage systems to store excess energy generated during periods of high production and release it when the energy generation is low. According to IEEFA, India aspires to have 275 GW of total wind and solar capacity, as well as 72 GW of hydro and 15 GW of nuclear power, by 2027. Renewable energy is expected to account for 43% of installed capacity by 2027. The need for energy storage systems to overcome the issues associated with intermittent renewable power generation is likely to rise as the renewable industry expands.
- North America is Leading the Market
North America region accounted the market share of 32% in 2022.North America has been actively investing in research and development related to advanced energy storage technologies. Government initiatives, research institutions, and private companies are working on sodium-ion battery technology to make it more competitive in the market. According to U.S. Energy Information Administration, as of the end of 2022, the total nameplate power capacity of active utility-scale battery energy storage systems (BESSs) in the United States was 8,842 MW, with a total energy capacity of 11,105 MWh. The majority of the BESS power capacity that was operational in 2022 was added after 2014, with about 4,807 MW installed in 2022 alone. Individual battery power capacity ratings for operational BESSs range from less than 1 MW to the 409 MW Manatee Solar Energy Centre in Florida, which commenced operations in November 2021.
- Electronics segment is Leading the Market
Electronics segmentheld a major market share of 30% in 2022.The global consumer electronics industry is constantly evolving, which is driving the expansion of the Sodium Salt Battery market.The rapid pace of technological innovation is one of the primary drivers of change in the consumer electronics industry. Companies are constantly pushing the boundaries of what’s possible, introducing new features, improved performance, and more efficient designs. Sodium-ion batteries (NIBs) are one of the promising alternatives to lithium-ion batteries. They use sodium ions as the charge carriers instead of lithium ions. Sodium is more abundant and less expensive than lithium, making it an attractive option for large-scale energy storage and potentially for consumer electronics.
- Cycle Life and Durability as a Major Challenge
One of the primary challenges for sodium salt batteries is achieving a long cycle life. Cycling stability refers to the ability of a battery to maintain its capacity and performance over multiple charge and discharge cycles. Sodium-ion batteries often suffer from capacity fade and performance degradation over time, reducing their overall cycle life compared to lithium-ion batteries CBRNE Sodium-ion batteries tend to have shorter cycle lives and lower durability compared to lithium-ion batteries. Over repeated charge and discharge cycles, the performance of sodium-ion batteries can degrade faster.Sodium salt are larger and heavier than lithium ions, which can result in slower ion diffusion within the electrode materials. This slower diffusion can affect the battery’s ability to endure a high number of charge-discharge cycles without degradation.
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Key Opportunity Analysis:
The Rising Demand for Residential Energy Storage
The residential energy storage market is growing, driven by increasing interest in solar power and the need for backup power during outages. Sodium salt batteries could provide a cost-effective alternative to lithium-ion batteries for homeowners. Sodium-ion batteries have the advantage of using abundant and low-cost materials like sodium and salt, which can make them more cost-effective compared to lithium-ion batteries. This affordability can appeal to homeowners looking for cost-efficient energy storage solutions.Sodium-ion batteries can help integrate renewable energy sources, such as solar panels and wind turbines, into residential energy systems effectively. This allows homeowners to store excess energy when it’s abundant and use it when needed, reducing reliance on the grid.the importance of residential energy storage and renewable energy sources continues to grow, the market for energy storage solutions like sodium-ion batteries is expected to expand. This creates opportunities for manufacturers, distributors, and installers in the residential energy storage sector.
Government Initiatives and Incentives
Governments in various countries have been allocating funding for research and development in energy storage technologies, including sodium salt batteries. Funding often goes to universities, research institutions, and private companies to accelerate the development of this technology.Governments often collaborate with industry players to support the growth of the sodium-ion battery market. These partnerships can involve joint research projects, pilot programs, or demonstration projects. Governments may revise regulations to encourage the use of sodium-ion batteries in specific applications, such as renewable energy storage or electric vehicles, they establish standards or safety guidelines that promote the adoption of this technology.Some regions or countries may mandate a certain percentage of energy storage capacity to come from alternative technologies like sodium-ion batteries. This creates a market demand for such batteries.
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The Report also Covers the Following Areas:
- Sodium Salt Battery Market Size and Forecast
- Sodium Salt Battery Market Trends
- Sodium Salt Battery Market Analysis by Type
Sodium Salt Battery Market 2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Sodium Salt Battery Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Sodium Salt Battery Market
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic has caused production and distribution disruptions in the Sodium Salt Battery Market, resulting in supply network interruptions and shortages. As a result, changes in customer demand and behaviour have occurred, requiring firms to adapt in order to keep their competitive advantage. Aside from the pandemic, political and economic changes have had an impact on the Sodium Salt Battery industry. International trade wars, changes in government legislation, and currency fluctuations, for example, can all have an impact on the business.
Russia-Ukraine war has broader consequences on the global economy, including energy prices, supply chains, and trade flows. Geopolitical tensions and sanctions affected international trade and cooperation, potentially impacting the ability of companies in the sodium-ion battery industry to collaborate or source materials from affected regions.
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List of Key Market Players in Sodium Salt Battery Market:
The Global Sodium Salt Battery Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- GE Energy
- NGK INSULATORS, LTD. (NAS Batteries)
- Altech Batteries Ltd
- Faradion (Faradion Sodium Ion Battery)
- CATL
- HiNa Battery Technology Co., Ltd
- Altris (Altris Sodium Ion Battery)
- Aquion Energy
- AMTE Power
- TIAMAT Energy
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Mr. Venkat Reddy IndustryARC Email: sales@industryarc.com USA: (+1) 518-282-4727
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