Sodium-ion Battery Market Size, Share, Growth Analysis, By Technology Type(Sodium-Salt Battery, Sodium-Sulfur Battery, Sodium-Air Battery, Others), By Battery Component(Cathode Material, Anode Material, Others), By Application(Consumer Electronics, Energy Storage Systems (ESS), Automotive, Aerospace & Defense), By Capacity(Low-Capacity Batteries (0-1000 mAh), Medium-Capacity Batteries (1000-5000 mAh)), By Region - Industry Forecast 2024-2031

Sodium-Ion Battery Market size was valued at USD 450.00 Million in 2022, and is poised to grow from USD 547.20 Million in 2023 to USD 2615.86 Million by 2031, growing at a CAGR of 21.60% in the forecast period (2024-2031).

The sodium-ion battery (NIB or SIB) is a form of rechargeable battery similar to the lithium-ion battery, except it uses sodium ions (Na+) as charge carriers instead of lithium ions (Li+). Its operating principle and cell construction are nearly equivalent to those of commercially available lithium-ion battery types, except that sodium compounds are employed instead of lithium compounds.

The sodium-ion battery has had a global impact as a large-scale and low-cost alternative to lithium-ion batteries. The sodium metal in sodium-ion batteries has a larger ionic radius than lithium metal in lithium-ion batteries, which results in fewer changes in the materials during electrochemical cycling, offering higher stability than the lithium-ion battery. Sodium-ion batteries have outstanding characteristics such as low cost, comparable energy densities and power storage to other counterparts, increased safety with improved thermal stability, and exceptional cycle life, among others. In general, sodium-ion batteries are more suited for stationary applications than mobile applications.

US Sodium-ion Battery Market  is poised to grow at a sustainable CAGR for the next forecast year.