Latin America Battery Energy Storage System Market is expected to reach US$ 10.25 Bn by 2026 from US$ XX Bn in 2018 at CAGR of XX % during a forecast period.

Latin America Battery Energy Storage System market by Application

Latin America Battery Energy Storage System Market is segmented by element, battery type, connection type, ownership, application, and geography. Based on element, the Latin America Battery Energy Storage System Market is divided into hardware, battery, and others. On the basis of battery type, the market is divided into sodium–sulphur batteries, lithium-ion batteries, flow batteries, advanced lead-acid batteries, and others. By connection type, the market is bifurcated into off-grid connection, and on-grid connection. Utilities, residential, non-residential, and others formed the various application areas for the Latin America Battery Energy Storage System Market.

Energy storage systems have provided a wide array of technological approaches that are used to manage power supply for creating a more resilient energy infrastructure therefore bringing cost savings to utilities as well as consumers. Battery energy storage systems or BESS are getting installed in huge numbers across various electricity distribution networks, remote area power supplies, homes, and other commercial installations. Using these battery energy storage system within the power system have effectively been implemented for the demand-side management. Battery energy storage systems help in enhancing the security as well as stability of the large power grids and the power quality levels thereby improving the transmission capacity, as well as increasing reliability. All these factors have helped boost the market in Latin America which also promotes renewable energy that are assessed to large-scaled grids. Battery energy storage systems play an important part in the electrical grids thereby leading the energy storage technologies that are applying in power system making it one of the key trend for the future power grid.

Based on battery type, Lithium-ion batteries segment is dominating battery energy storage system market. Lithium-ion is a low maintenance battery, and driver that most other chemistries cannot claim. There is no memory and no organize cycling is required to extend the battery's life. Self-discharge is less than half compared to nickel-cadmium, making lithium-ion well suited for modern fuel gauge uses. Lithium-ion cells cause small harm when disposed.

On the basis of connection type, On-grid connection is expected to register a highest CAGR of over the forecast period. Based on of application, the battery energy storage system market is segmented based on residential, non-residential, and utilities. Utilities segment is expected to account for major revenue share of the market and is expected to register a CAGR of 28% over the forecast period.

Latin America over the last few years have seen a huge expansion in the number of manufacturing industries across different verticals. Factors such as rise in demand for electricity along with growth in infrastructure have boosted the market growth in Latin America. Brazil and Mexico remain the two major countries of the Latin America that have contributed to the rise in demand for Battery Energy Storage Systems.

Some key players in the battery energy storage system market are ABB Limited, LG Chem, NEC Corporation, Panasonic, Samsung SDI Ltd., AEG Power Solutions, General Electric, Hitachi Chemical Co. Ltd., Siemens AG, and Tesla Inc., Toshiba, AES Tietê, ENGIE, LG Chem, Kinetech Power Systems, Arenko.