WELLESLEY, Mass., Jan. 18, 2018 (GLOBE NEWSWIRE) — Growing consumer need for more durable and longer-lasting batteries, rising demand in consumer electronics and electric vehicles, and increasingly stringent environmental regulations are supporting big growth in the global market for sodium-ion batteries. In a new report, Sodium-ion Batteries: Materials, Technologies and Global Markets to 2022, BCC Research estimates the market will grow from $420 million in 2017 to $1.2 billion by 2022, indicating a compound annual growth rate (CAGR) of 23.9%.
Consumer and industry need for inexpensive batteries also has bolstered demand in the sodium-ion battery market. The wide availability of sodium-ion batteries, which cost less than lithium-ion and nickel-cadmium batteries, render them less vulnerable to price fluctuation. Penetration of the portable devices market is a major driver for energy storage devices such as removable batteries and portable power banks. Companies are developing compact sodium-ion batteries for use in portable electronic devices.
Due to high-energy density, long cycle life, high efficiency of charge/discharge and lesser cost, the sodium-sulfur battery type segment should grow the fastest (24.6% CAGR). The segment is expected to grow from $227.8 million in 2016 to $857.5 million in 2022. Zebra batteries and Na-oxygen batteries are increasing market gain, as well, but high operating temperature requirement, high internal resistance and limited sizes and capabilities are hindering market growth.
Research Highlights
- The global industrial application segment is estimated to grow at a 24.9% CAGR.
- The superior properties of sodium-ion batteries make them ideal for industrial applications; sodium-ion batteries have a discharge cycle life of greater than 10,000 cycles and volumetric energy density of greater than 20 kWh per cubic meter lifetime of over 10 years.
- The portable device segment is expected to achieve the highest growth rate (24% CAGR) among end-user markets.
“Manufacturers are increasing moving toward sodium-ion batteries for development of more efficient power solutions,” said Anuj Pathak, BCC Research analyst and author of the report. “Among energy storage technologies, room-temperature stationary lithium-ion batteries have attracted great attention, particularly in large-scale electric energy storage applications. But their high cost and scarcity of resources have redirected attention to sodium-ion batteries as a potential solution for large-scale energy storage and grid level applications. Sodium is cheaper and more abundant than lithium, which makes it a cost-effective alternative, especially for applications where weight and energy density are non-factors. Sodium-ion batteries possess excellent electrochemical features, in terms of charge-discharge, columbic efficiency, reversibility, and high specific discharge capacity. These batteries are also safe from short circuits, and can be completely drained (to zero charge) without damaging the active materials, unlike lithium-ion batteries.”
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