Latin America (LATAM) Sodium-Nickel Chloride Battery Market 2019-2028
The Latin America (LATAM) sodium-nickel chloride battery market is anticipated to grow with a CAGR of 42.9% throughout the forecast period, i.e., 2021-2028. The market attained revenue of USD 0.811 Million in 2019 and is estimated to garner USD 11.269 Million in 2028. The growing demand for reliable and uninterrupted power supply from various end-use sector, which has raised the need to develop effective and resilient energy storage systems, coupled with the rising demand for energy storage systems from the end-use sectors, such as automotive, stationary backup and on-grid/off-grid energy storage application among others, are some of the major factors anticipated to drive the growth of the market. The LATAM region is estimated to observe growth in the solar capacity by a factor of 40 by 2050 and reach a capacity of around 300GW. Moreover, Chile, Brazil, and Mexico are some of the key countries in the region which has emerged as key markets for both renewable energy generation and development of energy storage systems. Further, the region also holds several electro-corridors for electric vehicles, which is also anticipated to contribute to the growth of the market in the coming years.
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Latin America (LATAM) Sodium-Nickel Chloride Battery Market Geographical Synopsis
Amongst the countries in Latin America, Brazil recorded the highest market share in the year 2019 and is projected to reach USD 5.512 Million by the end of 2028. The country is also projected to grow with the highest CAGR of 43.3% during the forecast period. The growth of the market in Brazil can be attributed to the increasing awareness for energy storage systems among the end-users, along with the growing number of electric vehicles in the country. Additionally, increasing focus of the nation for renewable power generation sources is also anticipated to contribute to the market growth. Electricity generation from wind power in Brazil constitutes to around 56% of the total renewable power generation in the nation. Moreover, supportive policies and regulatory frame in the nation for the adoption of electric vehicles is also anticipated to contribute to the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers and Challenges Impacting the Growth of the Latin America (LATAM) Sodium-Nickel Chloride Battery Market
Growth Drivers
- Rapidly Increasing Demand for Efficient Energy Storage Technologies
- Growing Demand for Batteries for Use in Energy Storage Devices from the End-Use Sectors
Challenges
- High Cost of Sodium-Nickel Chloride Batteries
- Lesser Expected Life Cycle of the Batteries
Latin America (LATAM) Sodium-Nickel Chloride Battery Market Segmentation Synopsis
The Latin America (LATAM) sodium-nickel chloride battery market is segmented by power capacity into below 200kW, 20-400kW, and above 400kW. Among these segments, the below 200kW segment is anticipated to hold the largest market share by the end of 2028. Alternatively, the above 400kW segment is projected to grow with the highest CAGR of 142.7% during the forecast period. The market is also segmented by application into transportation and stationary applications, out of which, the stationary applications segment is projected to hold a value of USD 9.528 Million by the end of 2028.
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Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Latin America (LATAM) sodium-nickel chloride battery market that are included in our report are FZSONICK S.A., Chilwee Group Co., Ltd., Lina Energy Ltd, Battery Consult AG, Beta Research Ltd, and others.
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