Latin America (LATAM) Sodium-Nickel Chloride Battery Market

Latin America (LATAM) Sodium-Nickel Chloride Battery Market Segmentation by Power Capacity (Below 200kW, 200-400kW, and Above 400kW); by Application {Transportation (Electric Vehicles, Hybrid Electric Vehicles), Stationary Applications (Residential & Commercial UPS, Grid Support, Micro-Wind Turbines, Others)} – Demand Analysis & Opportunity Outlook 2028

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Report ID: 3039 | Published On: Feb 01, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


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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.

Latin America (LATAM) Sodium-Nickel Chloride Battery Market


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


Latin America (LATAM) Sodium-Nickel Chloride Battery Market
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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.

Latin America (LATAM) Sodium-Nickel Chloride Battery Market


Key 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.

Latin America (LATAM) Sodium-Nickel Chloride Battery Market

Key Questions Answered in the Report

1) What are the major factors driving the growth of the Latin America (LATAM) sodium-nickel chloride battery market?

Ans: Growing demand for energy storage systems is one of the major factors driving the market growth.

2) What would be the CAGR of Latin America (LATAM) sodium-nickel chloride battery market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 42.9% over the forecast period, i.e., 2021-2028.

3) What are the challenges affecting the Latin America (LATAM) sodium-nickel chloride battery market growth?

Ans: The concern for the high cost of batteries having sodium-nickel chloride is one of the major factors estimated to act as barriers to the growth of the market.

5) Who are the major players dominating the Latin America (LATAM) sodium-nickel chloride battery market?

Ans: The major companies in the market are FZSONICK S.A., Chilwee Group Co., Ltd., Lina Energy Ltd, Battery Consult AG, Beta Research Ltd, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the Latin America (LATAM) sodium-nickel chloride battery market?

Ans: The market is segmented by power capacity, and by application.

8) Which segment under power capacity segment is projected to hold the dominating share in the Latin America (LATAM) sodium-nickel chloride battery market?

Ans: The below 200kW segment is anticipated to hold the largest market share by the end of 2028.

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