New York, May 11, 2021 (GLOBE NEWSWIRE) -- The total number of electric and hybrid motor vehicle registrations in Brazil between 2008 and 2020 witnessed notable growth and reached close to 20,000. On the other hand, the Mexico City Government has laid down strategic plans to increase the electricity generation from clean energies from around 25-35% by the end of 2024. The nation also reported a growth in the sales of EVs and HVs by around 70% in 2018. Between January and September of 2019, the EV and HV sales in Mexico reached close to 1 Million units.
Research Nester has recently added a report titled “Latin America (LATAM) Sodium-Nickel Chloride Battery Market – Demand Analysis & Opportunity Outlook 2019-2028” in its repository of market research reports. Further, the report consists of an in-depth analysis of the latest trends, the opportunities and challenges associated with the market growth, market size and forecast along with pointers adopted by major players to stay ahead of their competitors.
Sodium-Nickel Chloride (NaNiCl2) battery, also known as ZEBRA battery, is widely used for manufacturing energy storage systems. In the recent years, the LATAM region has observed a surge in demand for batteries, which is anticipated to be one of the major factors contributing to the market growth. Between 2015 and 2019, the number of batteries produced in LATAM increased from 42.3 million cells to 59.4 million cells, whereas consumption of batteries in the region increased from 53.2 million cells in 2015 to 76.8 million cells in 2019. 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 is thriving primarily on account of the rising need for resilient energy storage systems, backed by the shift of the individuals towards renewable sources of energy. In 2019, the market attained a revenue of USD 0.811 Million, and is further projected to garner USD 11.269 Million in 2028. Additionally, growing adoption of electric vehicles in the region, especially in countries, such as Brazil, Mexico, and others, along with the growing deployment of solar farms is also anticipated to contribute to the market growth. According to the statistics by the International Renewable Energy Agency (IRENA), solar energy capacity in Mexico grew from 29MW in 2010 to 4440 MW in 2019, whereas in Brazil, it grew from 2MW in 2010 to 2485MW in 2019.
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The market is segmented by power capacity into below 200kW, 200-400kW, and above 400kW. Out of these segments, the below 200kW segment is projected to hold the largest market share by the end of 2029. The segment attained a value of USD 0.811 Million in 2019 and is estimated to garner USD 9.500 Million by 2028. Alternatively, the above 400kW segment is estimated to witness highest growth rate during 2024-2028. The Latin America (LATAM) sodium-nickel chloride battery market is also segmented by application into transportation and stationary applications, out of which, the stationary applications segment is projected to hold the largest market share in 2021. The transportation segment, on the other hand, is estimated to grow by a CAGR of 78.4% during 2022-2028.
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The Latin America (LATAM) sodium-nickel chloride battery market is also further sub-segmented on the basis of transportation and stationary applications.
Latin America (LATAM) Sodium-Nickel Chloride Battery Market, Segmentation by Transportation
- Electric Vehicles (EVs)
- Passenger Cars
- Buses
- Others
- Hybrid Electric Vehicles (HEVs)
- Trucks
- Buses
- Others
Latin America (LATAM) Sodium-Nickel Chloride Battery Market, Segmentation by Stationary Applications
- Residential & Commercial UPS
- Grid Support
- Micro-Wind Turbines
- Others
Impact of COVID-19 on Latin America (LATAM) Sodium-Nickel Chloride Battery Market
The coronavirus pandemic has largely impacted the sales of batteries, especially in the automobile sector, as well as other end-use applications of batteries. The sale of EVs is anticipated to dip by over 40% due to the pandemic. Undoubtedly, the impact of the pandemic can also be seen on the number of solar roof top installations, as well as on the sales of commercial UPS. The market post COVID-19 pandemic is further anticipated to witness around 3.5% annual growth rate. Despite the slow market growth in the year 2020, a gradual increase is estimated in the forthcoming years owing to the increase in demand for batteries from various end-users.
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Some of the prominent industry leaders mentioned in our report that are associated with the Latin America (LATAM) sodium-nickel chloride battery market are FZSONICK S.A., Chilwee Group Co., Ltd., Lina Energy Ltd, Battery Consult AG, Beta Research Ltd, and others.
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