Colombia Battery Market Size & Outlook, 2023-2030
Colombia battery market, 2018-2030 (US$M)
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Colombia battery market highlights
- The Colombia battery market generated a revenue of USD 639.7 million in 2023 and is expected to reach USD 1,867.8 million by 2030.
- The Colombia market is expected to grow at a CAGR of 16.5% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Nickel-based is the most lucrative product segment registering the fastest growth during the forecast period.
Battery market data book summary
| Market revenue in 2023 | USD 639.7 million |
| Market revenue in 2030 | USD 1,867.8 million |
| Growth rate | 16.5% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Nickel-based |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lead Acid, Lithium Ion, Nickel-based, Sodium-ion, Flow Battery, Small Sealed Lead-acid Batteries |
| Key market players worldwide | BYD Co Ltd ADR, GS Yuasa Corp, Hitachi Ltd, Johnson Controls International PLC, LG Chem, NEC Corp, Panasonic Holdings Corp, Samsung Electronics Co Ltd, Toshiba Corporation |
Other key industry trends
- In terms of revenue, Colombia accounted for 0.5% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Latin America, Brazil battery market is projected to lead the regional market in terms of revenue in 2030.
- Brazil is the fastest growing regional market in Latin America and is projected to reach USD 6,058.9 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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Colombia battery market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to battery market will help companies and investors design strategic landscapes.
Lithium ion was the largest segment with a revenue share of 35.83% in 2023. Horizon Databook has segmented the Colombia battery market based on lead acid, lithium ion, nickel-based, sodium-ion, flow battery, small sealed lead-acid batteries covering the revenue growth of each sub-segment from 2018 to 2030.
In Colombia, extensive investments in low-cost and energy-efficient batteries for electric vehicles and grid storage are expected to spur the demand for lithium-ion batteries over the next few years. For instance, in April 2021, Colombian power generator Emgesa S.A. E.S.P unveiled Colombia's first battery energy storage facility at the Termozipa thermal power plant, about 40 km north of Bogotá.
The 7MW/3.9MWh storage system, built in 20 months with an investment of over USD 5.7 million, will store energy and transfer it to the National Interconnected System when needed, to meet demand, thereby postponing the need for more generating energy.
The installation, carried out by Emgesa S.A. E.S.P and an almost entirely local construction team, is capable of lighting around 70,000 homes. These batteries have a good discharge life cycle, power density, and high energy, which make them suitable for microgrids with renewable energy sources.
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Horizon Databook provides a detailed overview of country-level data and insights on the Colombia battery market , including forecasts for subscribers. This country databook contains high-level insights into Colombia battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Colombia battery market size, by product, 2018-2030 (US$M)
Colombia Battery Market Outlook Share, 2023 & 2030 (US$M)
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