Press Release

Latin America Energy Storage Market to Record a CAGR of Around 7.86% During 2024-30

The Latin America Energy Storage Market is projected to grow at a CAGR of around 7.86% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Factors like economic progress, population expansion, and advancements in electrification contribute to the region's increasing electricity requirements. Furthermore, the electrification of transportation & heating to achieve sectoral decarbonization is anticipated to further escalate energy demand.

Furthermore, in response to these challenges & opportunities, countries like Brazil, Chile, and Mexico are taking significant steps. They are setting ambitious renewable energy targets, offering incentives for renewable sources, and conducting renewable energy auctions. These initiatives underscore the region's acknowledgment of the value of cleaner & more resilient grids.

Hence, this climate-focused approach fuels the demand for energy storage in the forecast period, playing a crucial role in ensuring grid stability, integrating renewables, and managing the balance between supply and demand, further states the research report, “Latin America Energy Storage Market Analysis, 2024.”

Latin America Energy Storage Market Segmentation Analysis

Battery Type to Account for the Significant Share of the Market

Based on the type segment, the market is bifurcated into Battery, Pumped Storage Hydropower, Molten Salt Thermal Energy Storage, Compressed Air Energy Storage, Hydrogen Energy Storage, and Hybrid. Of them all, the Battery segment is presumed to account for a substantial share of the Latin America Energy Storage Market, owing to the ambitious undertakings in renewable integration and battery storage in the region.

Countries such as Mexico, Ecuador, Bolivia, and Brazil have witnessed a notable rise in operational and planned lithium-ion battery projects, solidifying the prominence of battery storage in the region's energy landscape. Further, with the growing count of operational projects, the battery storage sector is poised for expansion across the region in the forthcoming years.

Brazil to Hold Major Share of the Latin America Energy Storage Market

Brazil is anticipated to account for a significant portion of the Latin America Energy Storage Market in the upcoming years. Hybrid applications, combining solar power, diesel generators, and battery storage, have gained substantial traction, proving efficient solutions for various energy scenarios, especially in remote communities in recent years. These setups are particularly advantageous for tasks like crop irrigation across the region.

Additionally, the adoption of hybrid systems leads to cost savings, reduced CO2 emissions, and enhanced reliability through the integration of generation and storage. Consequently, in the coming years, there is an anticipated growth in sustainable energy demand and technological advancement across Latin America. This trend is expected to address energy needs in isolated and rural areas.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 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, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Latin America Energy Storage Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?