As the demand for energy storage rises, sodium-ion batteries are becoming a viable alternative to conventional lithium-ion technologies. Offering affordability, sustainability, and efficiency, sodium-ion batteries are rapidly gaining popularity in industries ranging from renewable energy to electric vehicles.
A sodium-ion battery is a rechargeable battery that uses sodium ions (Na+) as charge carriers, like lithium-ion batteries. However, it utilizes sodium, which is more abundant and less expensive than lithium, making it a more cost-effective and environmentally friendly option for energy storage and applications such as renewable energy and electric vehicles.
The global sodium-ion batteries (SIB) market is expected to witness significant growth. Valued at $318.0 million in 2023, it is projected to reach $838.5 million by 2029, at a CAGR of 18.6% from 2024 to 2029. This rise indicates the growing shift towards alternate, sustainable battery technologies as industries move away from reliance on lithium.
Here, we’ll explore the key drivers, technological advancements, and trends shaping this dynamic market, along with its promising outlook for the future.