The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Latin America Energy Storage Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Latin America Energy Storage Industry (2024-2030):
According to the latest report, The Latin America Energy Storage Market is estimated to grow at a CAGR of around 7.86% during the forecast period, i.e., 2024-30. The report demonstrates the prominent factors propelling the exponential growth of the Latin America Energy Storage industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2024-30
- CAGR (2024-30): 7.86%
What are the major Driver the Latin America Energy Storage industry?
Growing Remote Power Systems to Propel Market Growth – Countries like Chile, Argentina, Colombia, etc., are witnessing growing demand for remote power systems due to the increasing frequency & severity of natural disasters, inflating demand for renewable energy, and increasing cost of electricity. Scaling from nano grids to microgrids, these systems diverge from the conventional centralized grid model and can embrace a bottom-up energy paradigm emphasizing flexibility and modularity. A key motivator for these remote power systems lies in their capacity to substitute expensive diesel fuel with renewable sources such as solar photovoltaic (PV) and wind. However, by integrating renewable sources and energy storage, these systems optimize resource utilization, stabilize power supply, and reduce peak loads.
Furthermore, with the region progressively leaning towards a more sustainable and resilient energy future, the Energy Storage Market in Latin America is set to experience an upward trajectory in the forthcoming years. This growth is driven by the convergence of renewable energy, dependable power supply, and inventive business models tailored to address the distinct challenges and opportunities within the region.
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Latin America Energy Storage Market Segmentation
The Latin America Energy Storage Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Type
- Battery
- Lithium-ion Battery- Market Size & Forecast 2019-2030, USD Million
- Lead-acid Battery- Market Size & Forecast 2019-2030, USD Million
- Sodium-based Battery- Market Size & Forecast 2019-2030, USD Million
- Flow Battery- Market Size & Forecast 2019-2030, USD Million
- Pumped Hydro Storage- Market Size & Forecast 2019-2030, USD Million
- Compressed Air Energy Storage- Market Size & Forecast 2019-2030, USD Million
- Thermal Energy Storage- Market Size & Forecast 2019-2030, USD Million
- By End Users
- Residential- Market Size & Forecast 2019-2030, USD Million
- Commercial & Industrial- Market Size & Forecast 2019-2030, USD Million
- Utilities- Market Size & Forecast 2019-2030, USD Million
- By Country
- Mexico
- Brazil
- Argentina
- Chile
- Colombia
- Peru
- Rest of Latin America
As per the regional aspect, the Latin America Energy Storage Market is expected to be dominated by Latin America by capturing the potential market share.
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Top Companies in the Latin America Energy Storage Market
AES Corporation, ENGIE, Acummuladores Moura SA, Siemens Energy Corporation, Tesla, LG Chem, Voith GmbH & Co. KGaA, BYD Company, Enersys, Mitsubishi Heavy Industries Ltd., and Others
Latin America Energy Storage Industry Recent Development:
2024: AES Andes began commercial operations of Andes Solar llb, a 180MW solar/112MW battery storage system in Chile, it is one of the largest energy storage projects in Latin America.
2022: Engie partnered with Sungrow, a leading global inverter & energy storage system supplier, to supply 638 MWh of its DC-coupled liquid-cooled energy storage system (ESS) solution to Chile.
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