Global Sodium-ion Batteries demand is expected to reach $58.20 Billion by 2024 and is estimated to grow at a CAGR of over 50% from 2018 to 2024.
Sodium-ion batteries are a direct replacement for lithium-ion (Li-ion) batteries, enabling current Li-ion battery manufacturers to use prevailing equipment to produce batteries utilizing next generation materials. Na-ion materials have lower material costs as compared to Li-ion materials. Additionally, cathode and electrolyte costs can be ~ 50 % of cell costs, thereby resulting in substantial overall cost reduction.
Sodium is far more abundant in the earth’s crust than lithium making the sodium-ion technology more sustainable. Further, sodium-ion materials can be processed in the same way as lithium-ion materials at every step allowing current battery manufacturers to use existing equipment to construct sodium-ion batteries.
Sodium-ion batteries Market, By Application, 2018 – 2024 (USD billion)
The battery market is highly dependent on the availability of conducting materials which has significantly instigated manufacturers to adopt the Na-ion technology to develop batteries that are power efficient and considerably cheaper. Manufacturers understand the potential of sodium in the battery business owing to the rising concerns associated with raw material availability, cost and efficiency pertaining to lithium.
Present collectors in sodium-ion cells can be fabricated from aluminum rather than the more costly copper essential in lithium cells. This further reduces the overall product cost which may result in increasing adoption of sodium-ion batteries over the coming years. Furthermore, improved thermal stability and transport safety makes sodium as more preferred material over lithium.
The industry is also witnessing the increasing emphasis on the use of sodium-ion batteries in the automobile sector. Development of a more sustainable, stable, and cost-effective solution to electric vehicle power has significantly instigated manufacturers to invest in R&D to develop these solutions.
“Optimal Price Point (OPP) for Sodium-ion Batteries”
Estimated Average car cost – $ xx globally. However, with large scale technology potential, OPP, and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Increasingly complex energy systems to encourage the development of sodium-ion batteries”
The industry is witnessing increasing need of a new generation of battery technology to address the existing and future challenges associated with lithium-ion batteries. The society is observing increasing requirement of better batteries to be used in consumer electronics and electric cars. This has significantly instigated the development of sodium-ion batteries to overcome the existing challenges associated with power and efficiency.
“Increasing number of manufacturers emphasize on the development of more efficient power solutions”
The global battery market is noticing a shift from the development of lithium-ion batteries to sodium-ion batteries. Escalating need to develop a more sustainable and stable power solution is driving the development of sodium-ion batteries. Existing battery manufacturers are increasingly investing in R&D to develop low-cost and power efficient sodium-ion batteries.
Faradion Ltd., AGM Batteries, and Naiades are among the first technology movers in the global sodium-ion battery market. Noticing the high interest in high energy density sodium ion (Na-ion) batteries over the last few years, Faradion started its research on the development of sodium-ion batteries which will be launched in the market over the next two years.
Sodium-ion technology has revealed definite energy densities in full cells beyond those of other known sodium-ion constituents. Manufacturers have already developed materials with energy densities surpassing the Li-ion material lithium iron phosphate, dismissing the misconception that sodium-ion materials will be unable to attain high energy densities.
Initial research and electrochemical tests show that the rate capabilities of Na-ion materials are as good as conventional Li-ion materials.