Sodium Salt Battery Market - Forecast(2024 - 2030)

Sodium Salt Battery Market Overview:

Sodium Salt Battery Market size is estimated to reach $1.5 billion by 2030, growing at a CAGR of 11.8% during the forecast period 2023-2030. The market for Sodium Salt Battery is primarily driven by the increasing demand for energy storage solutions to support renewable energy sources such as solar and wind, sodium salt batteries have gained popularity owing to their ability to store significant amounts of energy.

The increasing demand for Sodium Salt Battery's market is attributed to the increased use of renewable energy sources such as wind and solar power has created a demand for efficient energy storage systems. According to International Energy Agency, renewables become the largest source of global electricity generation by 2025. Their share of the power mix is expected to rise by 10 percentage points throughout the projected period, reaching 38% in 2027. Renewables are the only electrical production source whose share is predicted to rise, while coal, natural gas, nuclear, and oil generation are expected to decline. Wind and solar PV electricity more than doubles in the next five years, accounting for over 20% of global power output by 2027.

Market Snapshot:
Sodium Salt Battery Market - Report Coverage:

The “Sodium Salt Battery Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Sodium Salt Battery Market.

COVID-19 /Ukraine Crisis - Impact Analysis: 

• The COVID-19 pandemic has disrupted manufacturing and distribution in the Sodium Salt Battery Market, causing supply network outages and shortages. As a result, changes in customer demand and behavior have occurred, necessitating adaptation by enterprises in order to maintain their competitive edge. 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.

Key Take aways:

• North America is Leading the Market : Geographically, the North American region accounted for the highest market share with a share of 32% in 2022. system. 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  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 Socapacitylar Energy Centre in Florida, which commenced operations in November 2021. These all initiatives are accelerating the sodium salt battery market in North America.

• Sodium-Ion Batteries are Leading the Market : Sodium-Ion Batteries accounted for the highest market share with a share of 43% in 2022.Sodium-ion batteries have gained attention due to several potential advantages, including the abundance of sodium as a resource (compared to lithium), lower cost, and potential for use in grid-scale energy storage. Researchers and companies have been working on improving the performance and commercial viability of sodium-ion batteries. Sodium-ion batteries have some potential advantages, including the abundance of sodium as a raw material and lower cost compared to lithium-ion batteries. They are being explored for various applications, including grid energy storage, electric vehicles, and renewable energy integration.

• Sodium-Sulfur Batteries to Register Highest Growth : Sodium-Sulfur Batteries segment is analyzed to grow with the highest CAGR 12.3%during the forecast period 2023-2030. This is owing to sodium-sulfur (Na-S) batteries were gaining attention as a potential energy storage technology due to their high energy density and potential for use in various applications, including grid energy storage and electric vehicles. The growth of renewable energy sources like wind and solar has created a need for efficient energy storage systems. Sodium-sulfur batteries can store excess energy generated during periods of high renewable energy production and release it when energy demand is high or renewable energy generation is low. Owing to the intermittent nature of renewable energy production, power providers have begun to implement energy storage systems alongside renewable energy installations. The sodium-sulfur batteries are high-temperature products well suited for grid-scale applications. As a result, several businesses have begun to use NAS batteries in renewable plus energy storage systems.

• The Rising Demand from Consumer Electronics Across the Globe is Driving the Market. : Consumer electronics, such as smartphones, laptops, tablets, and other gadgets, have witnessed a consistent increase in demand over the years. This is attributed to factors like technological advancements, changing consumer preferences, and increased connectivity. Sodium salt batteries are a type of rechargeable battery technology. They have garnered attention as a potential alternative to traditional lithium-ion batteries due to their lower cost and the abundant availability of sodium as a raw material. Demand for consumer electronics is a significant driver for the sodium salt batteries market. In other words, manufacturers and consumers are looking for alternative battery technologies like sodium-ion to meet the energy storage needs of modern electronic devices. According to India Brand Equity Foundation India aims to achieve electronics manufacturing worth US$ 300 billion in electronics exports of US$ 120 billion by FY26. As a result demand for sodium salt batteries in consumers electronics industry is increasing.

• Inadequate Industrial Supply Chain as A Major Challenge : Sodium salt batteries were gaining attention as a potential alternative to lithium-ion batteries due to their lower cost and the abundant availability of sodium. However, one of the significant challenges facing the sodium-ion battery market is the inadequate industrial supply chain. The lack of standardized components and manufacturing processes for sodium-ion batteries made it challenging for companies to scale up production efficiently. This is resulting in higher costs and longer lead times in setting up production lines. Sodium-ion batteries require specific materials, including cathode materials, anode materials, and electrolytes. The supply chain for these materials was not as well-established as it was for lithium-ion battery materials, which is leading to material shortages and increased prices. According to the 2022 Supply Chain Disruptions Study, 71.8% of companies are dealing with global supply chain disruptions which also include sodium salt battery companies, among them 57.7% companies attempting to overcome continuing transportation capacity limitations.

Sodium Salt Battery Market Share (%) By Region, 2022

Key Market Players:

Product launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Sodium Salt Battery Market. The top 10 companies in this industry are listed below:

1. GE Energy
2. NGK INSULATORS, LTD. (NAS Batteries)
3. Altech Batteries Ltd
4. Faradion (Faradion Sodium Ion Battery)
5. CATL
6. HiNa Battery Technology Co., Ltd
7. Altris (Altris Sodium Ion Battery)
8. Aquion Energy
9. AMTE Power
10. TIAMAT Energy

Scope of the Report: