The Latin America, Middle East and Africa Battery Energy Storage System Market would witness market growth of 28.5% CAGR during the forecast period (2021-2027).
Energy Storage Systems are a type of equipment that can efficiently and easily store a variety of different types of energy that can then be used as needed. Factors like the rise in demand for continuous power supply from critical infrastructures and the growing need for grid energy storage systems as a result of constant grid modernization would drive the growth of the battery energy storage system market in the forecast period. Additionally, some of the key market trends are an increase in the adoption of lithium-ion batteries in the renewable energy sector due to their low costs & improved performance, the rising popularity of adopting a low-carbon and less fossil-fuel-based economy, and the ongoing renewable energy revolution.
Jordan is a developing market that is set to embark on a number of renewable energy projects. In addition, Jordan's dependency on energy imports is one of the key motivations, prompting the country to invest heavily in the development of renewable energy storage systems. Al Badiya is the first firm in the Middle East and Africa to own a solar power plant with energy storage technology.
In 2019, the country's installed renewable energy capacity reached 1400.9 MW, and the strong push for renewable energy adoption resulted in two projects: one combining photovoltaic generation with Li-ion battery energy systems with a storage capacity of 12.6 MWh, and the other as a standalone battery plant with a storage capacity of 60 MWh. Azelio, a Swedish thermal energy storage developer, announced plans to build roughly 25 MW of energy storage in Jordan through 2023 under a newly signed commercial agreement at the start of 2020.
The Brazil market dominated the LAMEA Battery Energy Storage System Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $251.6 million by 2027. The Argentina market is anticipated to grow at a CAGR of 29.2% during (2021 - 2027). Additionally, The UAE market would showcase a CAGR of 28.2% during (2021 - 2027).
Based on Ownership, the market is segmented into Utility-Owned, Third-Party Owned, and Customer-Owned. Based on Battery Type, the market is segmented into Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, and Others. Based on Energy Capacity, the market is segmented into Above 500 MWh, Between 100 to 500 MWh, and Below 100 MWh. Based on Connection type, the market is segmented into On-grid, and Off-grid. Based on Application, the market is segmented into Utility, Commercial, and Residential. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Battery Energy Storage System Market is Predict to reach $14.5 Billion by 2027, at a CAGR of 25.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., Honeywell International, Inc., Panasonic Corporation, Hitachi, Ltd., Siemens AG, Johnson Controls International PLC, Toshiba Corporation, LG Energy Solutions Ltd., and Samsung SDI Co., Ltd.
By Ownership
By Battery Type
By Energy Capacity
By Connection type
By Application
By Country
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