Sodium Ion battery Market: Definition and Introduction
Lithium-ion batteries, for long, has been considered as a premier choice for energy storage applications. However, with depleting resources for lithium, and the high cost associated with mining and refining, the global focus is shifting towards finding alternatives to lithium-ion batteries. In the light of the same, scientists have been able to develop and commercialize sodium-ion batteries, which are not only cheaper, but also are efficient in their operation. Changing lifestyle, especially among the developing countries, has led to the exponential growth of the electronics industry, including, laptops, mobiles, and other digital gadgets, where lithium-ion batteries have traditionally remained an integral part.
The e-commerce industry growth, along with the expansion of the traditional brick and mortar market for electronics and gadgets is expected to propel the market for energy storage systems and batteries, wherein sodium-ion batteries are estimated to come into picture as a viable power backup option. Sodium ions are profoundly active and good carrier of charge, which makes the sodium ion batteries an efficient power storage alternative. Key characteristics of sodium ion batteries includes reversibility, excellent electrochemical features, rapid response, and others. The main raw materials for sodium ion batteries include electrolyte material, barrier material, encapsulating material & separators, and others. Sodium ion batteries are commonly utilized for LED flashlights across electronics end users. Moreover, sodium ion batteries are increasingly being used across diverse end-use industries for power storage applications, ranging from household electrical and electronics to the industrial and automotive. Considering these important aspects of applications and relative ease in manufacturing, the demand for sodium ion batteries is expected to increase over the forecast period (2017–2025), creating significant growth opportunities for manufacturers across the globe.
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Sodium Ion battery Market: Dynamics
Rising demand for electronics, mobiles, laptops, electronic toys, remote access devices, cameras & other electronics have paved the way for growth of the global sodium ion battery market across the world. Development of smart cities, smart buildings and smart infrastructure is expected to lead to achieving new heights in the global sodium ion battery market. Moreover, development in the electric vehicles market is also expected to be proven a contributing factor for the market growth at global level. Sodium ion batteries, gaining traction in the aerospace and military applications for battery backup, may further drive their growth over the coming years.
Sodium Ion battery Market: Segmentation
The sodium ion battery market is segmented on the basis of application or end use industries, technology type, and regions.
On the basis of application / end use industries, the global sodium ion battery market is segmented as the below:
- Heavy goods & engineering (electric vehicles)
- Electrical & electronics
- Drone & remote access devices
- Military & aerospace application
On the basis of technology, the global sodium ion battery market is segmented as the below:
- Sodium-sulfur batteries
- Sodium-salt batteries
- Sodium-oxygen batteries
Sodium Ion battery Market: Regional outlook
Among geographies, North America is expected to hold significant share at the global level in the sodium ion battery market. Asia Pacific and Japan market are also expected to create sustainable market opportunities due high market growth of electronic devices in the region throughout the forecast period. Moreover, on account of the overall macroeconomic growth, sales of electronic gadgets is expected to be the key driving factor for the sodium ion batteries market in the developing regions. Led by UK, Germany, France, Italy and Spain, the Europe market is also expected to witness palpable growth between the forecast years.
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Sodium Ion battery Market: Participants
Some of the key participants identified across the global sodium ion battery market value chain are as the following:
- AGM Batteries Ltd.
- Faradion Ltd.
- Storage Publishing Ltd (ESPL).
- Panasonic Corporation
- Nrgtek Inc.
- Aquion Energy