At 21.2% CAGR, the Middle East & Africa Batteries for Solar Energy Storage Market is projected to be worth US$ 5,058.12 million by 2028, says Business Market Insights   

According to Business Market Insights’ research, the Middle East & Africa batteries for solar energy storage market was valued at US$ 126.84 million in 2022 and is expected to reach US$ 5,058.12 million by 2028, registering an annual growth rate of 18.4% from 2022 to 2028. Reducing prices of lithium-ion batteries and surging in awareness about renewable energy and supportive government incentives and regulatory policies.               

Renewable energy sources play a crucial role in securing sustainable energy with lower emissions. The growing awareness for saving energy has been promoted among citizens to increase the use of solar, wind, biomass, waste, and hydropower energies. It is evident that clean energy is less harmful and often cheaper. Solar energy storage systems are devices that reserve energy for later consumption after sundown or during energy demand peaks. Hence, developed and developing economies are strongly promoting and adopting solar energy as an alternative to conventional energy sources. The growing awareness about renewable energy sources among consumers is reflected in the increase in demand for solar energy. As per the data published by International Renewable Energy Agency (IRENA), the increase in installed capacity of solar energy by PV modules every year is anticipated to further increase in coming years, which is augmenting the demand for storage solutions. The rise in demand for solar energy is driven by an increase in environmental pollution and the provision of government incentives & tax rebates to install solar panels. Supportive government policies and regulations for installing solar panels are driving the market. Thus, such supportive regulations, policies, and incentive schemes are propelling olar energy usage, further aiding the demand for battery storage solutions.  

On the contrary, higher initial investment in battery manufacturing. 

• Based on battery type, the Middle East & Africa batteries for solar energy storage market is segmented into lead acid, lithium-ion, nickel cadmium, and others. The lithium-ion segment held 88.1% market share in 2022, amassing US$ 111.68 million. It is projected to garner US$ 307.18 million by 2028 to expand at 18.4% CAGR during 2022–2028.
• Based on application, the Middle East & Africa batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held 58.4% market share in 2022, amassing US$ 74.25 million. It is projected to garner US$ 190.78 million by 2028 to expand at 17.0% CAGR during 2022–2028.
• Based on connectivity, the Middle East & Africa batteries for solar energy storage market is segmented into on-grid and off-grid. The off-grid segment held 74.4% market share in 2022, amassing US$ 94.32 million. It is projected to garner US$ 254.96 million by 2028 to expand at 18.0% CAGR during 2022–2028
• Based on country, the Middle East & Africa batteries for solar energy storage market has been segmented into South Africa, the UAE, Saudi Arabia, and Rest of Middle East & Africa.  Our regional analysis states that the UAE captured 32.6% market share in 2022. It was assessed at US$ 41.31 million in 2022 and is likely to hit US$ 112.87 million by 2028, exhibiting a CAGR of 18.2% during the forecast period.  

Key players dominating the Middle East & Africa batteries for solar energy storage market are EnerSys; LECLANCHE; LG Electronics; Kokam; and Samsung SDI Co., Ltd. among others.

• In 2021, The ABSL Lithium-ion (Li-ion) batteries of EnerSys has been implemented into NASA James Webb Space Telescope launch. In 2012, Northrop Grumman has selected EnerSys to offer batteries then in 2018 for additional 8s44p battery.

• In 2022, AlphaESS has formed strategic partnership with Maxeon Solar Technologies, Ltd., global solar innovation and channel company. under this partnership AlphaESS is integrated clean energy solution for its residential customers.

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