The global sodium-ion battery market is projected to grow from USD 0.5 billion in 2023 to USD 1.2 billion by 2028, at a CAGR of 21.5 % during the forecast period. The sodium-ion battery market is experiencing significant growth driven by the rising demand for energy storage solutions, particularly in renewable energy systems and electric vehicles, where sodium-ion batteries offer a viable alternative. Cost-effectiveness is another crucial factor, as these batteries are considered more economical than lithium-ion counterparts. Moreover, sodium-ion batteries are gaining traction due to their environmentally friendly nature, using materials that are more abundant and less harmful than those in lithium-ion batteries such factors further fulfil the growth of sodium-ion battery market.

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Companies such as Faradion (UK), Contemporary Amperex Technology Co., Ltd. (China), Tiamet Energy (France), HiNa Battery Technology Co., Ltd. (China) and Jiangsu Zoolnasm Energy Technology Co Ltd (China) fall under the winners’ category. These are leading players in the sodium-ion battery market globally. These players have adopted the strategies of partnerships, acquisitions, expansions, and investments to increase their market shares.

Faradion (UK) – Faradion is a subsidiary of Indian Reliance Industries, Faradion leads in sodium-ion battery technology as the world’s first non-aqueous sodium-ion battery company. Their innovative solutions offer advantages over traditional lithium-ion and lead-acid batteries, delivering high performance at lower costs with enhanced safety features and a wider operating temperature range. Faradion’s sodium-ion batteries can be cycled to and stored at zero volts, ensuring safer cells and reduced costs. With impressive energy density, power capability, cycle life, and energy efficiency, these batteries find applications in energy storage, transportation, backup power, and remote energy needs. Reliance has acquired 100% stake in Faradion. It has a global presence across Europe, North America, South America, and Africa.

Contemporary Amperex Technology Co., Ltd (China) – Contemporary Amperex Technology Co., Ltd. specializes in sodium-ion battery manufacturing. CATL is a global leader in new energy technology, specializing in EV and energy storage batteries. With a focus on replacing fossil fuels, CATL promotes clean energy adoption and electrification intelligence. Offering high-energy density, long-life cycles, and safety features, CATL’s EV batteries are customizable to meet diverse customer needs. Its energy storage batteries support renewable energy integration and various applications. Through battery material recycling, CATL ensures resource sustainability. The company has also released its first-generation sodium-ion battery. Currently they have a target of 20 GWh production capacity by 2030. The company operates five Sodium-ion battery research and development centers, four in China and one in Europe. The company also operates 13 production bases with a presence across Asia Pacific, Europe, and North America.

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Tiamat Energy (France) – Tiamet Energy provides pioneer’s inventive solutions for energy storage needs. Focused on design, development, and production, TIAMAT specializes in leveraging Na-ion technology within its 18650 cells, offering exceptional attributes for power demands, rapid charging, and prolonged cycle longevity. Tiamat Energy focuses on designing, developing, and manufacturing sodium-ion batteries for mobility and stationary energy storage. They emphasize the stability, simplicity, safety, speed, and performance of their battery technology. Its features include fast charging in 5 minutes, high power density ranging from 2-5kW/kg, a long lifetime of 5000+ cycles up to 80% of capacity, and a high level of safety. Tiamat Energy’s product portfolio includes innovative solutions for energy storage applications, focusing on sodium-ion battery technology. At the end of 2023, Tiamet Energy has initiated its first 6 GWh-scale sodium-ion battery production line. And another 6 GWh is expected by 2030. The company has a presence across only Europe.

Hina Battery Technology Co., Ltd. (China) – HiNa Battery Technology Co., Ltd. is a pioneering manufacturing company dedicated to the advancement and production of sodium-ion batteries. With a specialized focus on sodium-ion technology, HiNa Battery stands at the forefront of innovation in the energy storage industry. It operates through three business segments, namely Energy Storage Systems, research & development, and market focus. The energy storage segment consists of manufacturing a new generation of energy storage systems, particularly sodium-ion batteries. It serves various industries, including chemical and automotive.

At the end of 2022, HiNa Battery initiated its first GWh-scale sodium-ion battery production line in Fuyang, Anhui province, China. The production line is part of a 5 GWh project and is being built in two phases, with the first phase having a capacity of 1 GWh. The company has a presence across only Asia Pacific.

Jiangsu Zoolnasm Energy Technology Co., Ltd (China) – Jiangsu Zoolnasm Energy Technology Co Ltd is a company focused on the development and production of sodium-ion batteries. Founded in January 2021 and located in Suzhou, Jiangsu province in China, the company is at the forefront of sodium-ion battery technology. Zoolnasm’s sodium-ion battery manufacturing base project in Guangde, Anhui province, marks an important milestone for the industry, being the world’s first mass production base for polyanionic sodium iron sulfate sodium-ion batteries.

Zoolnasm has secured significant funding to expand its research and development capabilities, with strategic partnerships in place for product delivery. The company’s focus on low-cost energy storage solutions positions it as a key player in the evolving battery market landscape, offering alternatives to traditional lithium-ion batteries. The planned annual capacity of Zoolnasm’s manufacturing facility includes 20 GWh of sodium-ion battery cells and 10 GWh of sodium-ion battery systems. It has a geographical presence across the Asia pacific.

Recent Development in Sodium-Ion Battery Market Industry

• In January 2024, JAC Group has made a groundbreaking move in the electric vehicle (EV) industry by introducing China’s first mass-produced electric vehicle powered by sodium-ion batteries. This milestone delivery, part of the Yiwei brand, features cutting-edge sodium-ion cylindrical cells supplied by HiNa Battery Technology.
• In February 2024, Sodion Energy has introduced India’s first Sodium Ion batteries, marking a significant advancement in energy storage technology. These Sodium Ion batteries are poised to revolutionize various sectors, including electric vehicles and home appliances, offering a versatile and sustainable energy storage solution.
• In March 2024, Contemporary Amperex Technology Co., Ltd. is planning to establish a research and development center in Hong Kong at the Hong Kong Science Park, with an expected recruitment of about 500 staff. The company’s decision to set up a research base in Hong Kong is seen as strategic, leveraging the city’s international hub status and talent pool while diversifying its markets globally.