Report : South & Central America Batteries for Solar Energy Storage Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and Others), Application (Residential, Commercial, and Industrial), and Connectivity (Off-Grid and On-Grid)
At 17.3% CAGR, the South & Central America Batteries for Solar Energy Storage Market is speculated to be worth US$ 5,058.12 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America batteries for solar energy storage market was valued at US$ 176.11 million in 2022 and is expected to reach US$ 458.12 million by 2028, registering an annual growth rate of 17.3% from 2022 to 2028. Dropping in prices of lithium-ion batteries and expansion of grid infrastructure projects.
The decline in the price of lithium-ion batteries is holding a promising growth opportunity for the market. As per the studies conducted by the Massachusetts Institute of Technology, further steep declines in price could be possible, which could impact beneficially on items such as laptops, cell phones, stationary storage, battery storage, and electric vehicles, which still need to become more affordable for the mass uptake that is envisaged. The downfall in the price of lithium-ion batteries is primarily attributed to public-funded research, primarily in chemistry and materials science, which has contributed the most to the cost reduction of the batteries. Thus, declining prices of lithium-ion batteries hold lucrative opportunities for the battery manufacturers, augmenting the production capabilities and helping the market grow faster.
On the contrary, high initial investment in battery manufacturing.
- Based on battery type, the South & Central America batteries for solar energy storage market is segmented into lead acid, lithium-ion, nickel cadmium, and others. The lithium-ion segment held 92.7% market share in 2022, amassing US$ 163.33 million. It is projected to garner US$ 424.36 million by 2028 to expand at 17.2% CAGR during 2022–2028.
- Based on application, the South & Central America batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held 63.2% market share in 2022, amassing US$ 111.36 million. It is projected to garner US$ 299.96 million by 2028 to expand at 18.0% CAGR during 2022–2028.
- Based on connectivity, the South & Central America batteries for solar energy storage market is segmented into on-grid and off-grid. The off-grid segment held 73.3% market share in 2022, amassing US$ 129.16 million. It is projected to garner US$ 330.05 million by 2028 to expand at 16.9% CAGR during 2022–2028
- Based on country, the South & Central America batteries for solar energy storage market has been segmented into Brazil, Argentina, and Rest of SAM. Our regional analysis states that Brazil captured 70.1% market share in 2022. It was assessed at US$ 123.39 million in 2022 and is likely to hit US$ 321.17 million by 2028, exhibiting a CAGR of 17.3% during the forecast period.
Key players dominating the South & Central America batteries for solar energy storage market are EnerSys; LECLANCHE; LG Electronics; Kokam; and Samsung SDI Co., Ltd. among others.
- In 2021, Kokam has entered into a contract for providing battery energy storage system to Electricité de Tahiti (EDT), a subsidiary of ENGIE. This will reduce the diesel fuel consumption thereby strengthening the grid.
- In 2021, Samsung has launched PRiMX its battery brand which stands for ‘Prime Battery for Maximum Experience.’ this will be applied across all its batteries to ensure higher quality and improved performance.
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