Market Size of South America Energy Storage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.39 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Energy Storage Market Analysis
The South America energy storage market is expected to grow at a CAGR of approximately 7.39% during the forecast period. Factors such as the declining prices of lithium-ion batteries with increased application range and improved adoption and increased demand for uninterrupted power supply are expected to drive the South America energy storage market. Moreover, the growing renewable energy sector which demands a higher need for energy storage is expected to promulgate the market. However, the demand-supply mismatch of raw materials such as a shortage of minerals required for lithium-ion batteries is expected to restrain the growth of the energy storage market in the region.
- Batteries segment is expected to be the largest market during the forecast period in South America, owing to an increasing shift toward higher levels of renewable energy into grids and the need for long-term energy storage.
- The Compressed air energy storage (CAES) can achieve an efficiency of 70-80%, which is a significant improvement from the current 25-35%. Achieving such high efficiency can help CAES becoming a mainstream energy storage technology, in turn, allowing this technology to explore significant untapped potentials and creating opportunities for the market players.
- In South America, Brazil is expected to be the dominate during the forecast period marked by increasing energy demand from residential as well as industrial and commercial sector.
