
Published On: Oct 2022
Published On: Oct 2022
At 17.3% CAGR, the South & Central America Batteries for Solar Energy Storage Market is projected to be worth US$ 5,058.12 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America batteries for solar energy storage market was valued at US$ 176.11 million in 2022 and is expected to reach US$ 458.12 million by 2028, registering an annual growth rate of 17.3% from 2022 to 2028. Dropping in prices of lithium-ion batteries and expansion of grid infrastructure projects.
The decline in the price of lithium-ion batteries is holding a promising growth opportunity for the market. As per the studies conducted by the Massachusetts Institute of Technology, further steep declines in price could be possible, which could impact beneficially on items such as laptops, cell phones, stationary storage, battery storage, and electric vehicles, which still need to become more affordable for the mass uptake that is envisaged. The downfall in the price of lithium-ion batteries is primarily attributed to public-funded research, primarily in chemistry and materials science, which has contributed the most to the cost reduction of the batteries. Thus, declining prices of lithium-ion batteries hold lucrative opportunities for the battery manufacturers, augmenting the production capabilities and helping the market grow faster.
On the contrary, high initial investment in battery manufacturing.
Key players dominating the South & Central America batteries for solar energy storage market are EnerSys; LECLANCHE; LG Electronics; Kokam; and Samsung SDI Co., Ltd. among others.
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