(MENAFN- America News Hour)
The sodium-ion battery market is expected to grow at a CAGR of around 5% during the forecast period. Sodium-ion battery is expected to be an alternative to the lithium-ion battery for energy storage, as it is much safer to use and is cheaper. The primary driver of the market is the increasing demand for cleaner energy, with rising greenhouse gas emissions around the world. Uses of sodium-ion batteries for electricity storage, generated through solar or wind create no air pollution. However, the non-matured technology of the battery is expected to hinder the market growth during the forecast period.
– Stationary Energy Storage is expected to be the one significant application of the sodium-ion battery. The amount of energy generated by renewable sources, such as solar and wind, is increasing, and energy stores are an essential process to ensure continuity of energy supply.
– Wind and solar PV power are expected to drive strong growth in renewable energy, while hydro is likely to remain a key source. By 2030, solar, along with wind, is expected to produce more than 50% of the total generation in Australia, Germany, Mexico, and the United Kingdom. By 2050, solar PV, wind, and hydro, together, are estimated to produce approximately 80% of the global electricity generation. As the sodium-ion battery is an alternative with additional benefits, storing the energy of solar and wind, thus it is expected to have an opportunity with the growing solar and wind energy market.
– Europe is expected to dominate the market, with the majority of the companies commercializing the battery technology are located in the region. Moreover, with the rising renewable energy, such as wind and solar, the region is expected to dominate the market during the forecast period.
Key Market Trends
Click Here to Download Sample Report >>
Stationary Energy Storage as a Significant Segment
– The stationary energy storage segment includes batteries that find applications in telecom, data centers, UPS, ESS, medical equipment, railroad signaling, diesel generator starting, controls, solar power generation systems, wind power generation systems, and switchgear applications.
– Owing to unstable electrical power, the telecom tower companies are adopting diesel generators, batteries, and other devices, to provide back-up and assure network availability.
– However, unregulated diesel prices and carbon dioxide emissions are acting as barriers to the use of diesel generators. Therefore, the telecom tower companies are continuously moving toward energy-efficient solutions, as fuel costs amount to 30% of the telecom towers' operational expenditures. Thus, the companies are leveraging high-efficiency lithium-ion batteries coupled with renewable energy such as solar at several sites. An increase in solar energy uses expected to increase the uses of lithium-ion batteries for energy storage.
– Sodium-ion batteries, with additional benefits, such as cheaper cost, higher energy density, and higher safety features, are expected to replace lithium-ion batteries. Sodium-ion batteries are 30% less expensive than lithium-ion batteries, with high sodium availability on Earth's crust. At the same time, cobalt used in Lithium-ion is costly, and there are significant ethical concerns regarding its mining practices.
Europe to Dominate the Market
– Europe is expected to dominate the market, with the higher company participating in the development and commercialization of the sodium-ion battery. Demonstration for stationary energy storage in various projects is underway and expected to come online shortly.
– Faradion, a company based in England, demonstrated the world's first sodium-ion battery-powered vehicle, in collaboration with Williams Advanced Engineering and Oxford University. Moreover, in January 2020, the company has worked on the Innovate UK funded project Low-Cost Storage of Renewable Energy to demonstrate the use of Na-ion technology for solar energy storage.
– Construction of sodium-ion batteries is similar to that of lithium-ion batteries; the only difference is the cathode, which makes it easier to use sodium-ion batteries instead of lithium-ion batteries in applications, like in the transportation sector. Deployment of sodium-ion batteries is expected to reduce the cost of electric vehicles in the coming years.
– Moreover, NAIADES, an EU-funded project in France, demonstrated the feasibility of Na-ion battery. The overall purpose of the project was to develop a battery technology based on the sodium-ion technology for sustainable Electric Energy Storage (EES) that would bring a radical decrease in the cost of the lithium-ion technology while ensuring sustainability and performance in terms of safety, cycle life, and energy density.
– The growing activities of manufacturing and application of sodium-ion batteries in Europe are expected to drive the market over the study period.
The sodium-ion battery market is consolidated. The key players in the market include Faradion Limited, AGM Batteries Ltd, NGK Insulators Ltd, TIAMAT SAS, HiNa Battery Technology Co. Ltd, Altris AB, and Natron Energy Inc.
Click Here to Download Sample Report >>
Table of Contents :
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
5 MARKET SEGMENTATION
5.1.1 Stationary Energy Storage
5.2.1 North America
5.2.4 South America
5.2.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Faradion Limited
6.3.2 AGM Batteries Ltd
6.3.3 NGK Insulators Ltd
6.3.4 TIAMAT SAS
6.3.5 HiNa Battery Technology Co. Ltd
6.3.6 Altris AB
6.3.7 Natron Energy Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Access Full Report, here:
About SDKI :
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
For more information, please contact:
Shibuya Data Count
Tel: + 81 3 45720790
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.