Sophia Costa, head of new business at Holu Solar said market analysts expect Brazil’s lithium battery sector to grow at a CAGR of 20% to 30% through 2030. “We have observed that the battery energy storage system (BESS) market is booming globally with the use of lithium-ion batteries becoming a reality in many parts of the world,” said Costa.
Holu’s Costa observed batteries were prominent during the Intersolar South America trade show held in São Paulo at the end of August 2024. She added, hundreds of manufacturers are bringing energy storage products to Brazil.
Environmental concerns are paramount, particularly regarding the ecological impact of mining and battery disposal. Furthermore, Brazil''s strategic position in the global market for batteries, particularly as a supplier of raw materials, adds another layer of complexity and potential for growth.
When exploring the battery industry in Brazil, several key considerations emerge. The country is witnessing a surge in demand for batteries, particularly in electric vehicles and renewable energy storage, driven by government incentives and a commitment to sustainability.
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The conditions are in place for the country’s battery energy storage market to expand at a compound annual growth rate (CAGR) of 20% to 30%, as Holu Solar’s Sophia …
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