Report : Middle East & Africa Thermal Energy Storage Market Forecast to 2030 – Regional Analysis – by Technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), Storage Material (Water, Molten Salt, PCM, Others), Application (Power Generation, Process Heating and Cooling, District Heating and Cooling), and End User (Utility, Nonutility)
At 8.7% CAGR, the Middle East & Africa Thermal Energy Storage Market is speculated to be worth US$ 4,078.64 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa thermal energy storage market was valued at US$ 2,088.36 million in 2022 and is expected to reach US$ 4,078.64 million by 2030, registering a CAGR of 8.7% from 2022 to 2030. Rising renewable energy share and growing adoption in concentrated solar plants are among the critical factors attributed to the Middle East & Africa thermal energy storage market expansion.
The revolution of the global energy system following the Paris Agreement which was introduced in 2015 and entered into force in 2016, is boosting the application of renewables among the end-users of energy. The adoption of thermal energy storage is growing due to increasing concern towards more sustainable and green energy alternatives, rising climate change concerns, and government initiatives towards boosting the usage of renewable energy across the globe. The renewable industry includes power sources, primarily wind, hydroelectric, and solar. According to IEA, solar PV generation grew by 270 TWh than 2021 and reached almost 1,300 TWh in 2022. Wind electricity generation increased by a record 265 TWh than 2021 and accounted for more than 2,100 TWh in 2022.
Thermal energy storage (TES) technology is one of the alternatives like battery storage, which can aid the integration of renewable energy in sectors such as power generation, commercial, and residential. Deploying TES technologies in these sectors can help reduce the heating and cooling demand created by instant power generation from supply resources. TES decreases the requirement for expensive grid reinforcements for PV. It also aids in meeting periodic demand for power and supports the shift to a primarily renewable-driven energy system. Thermal storage technology can also ease the process of load shifting, resulting in better deployment of renewables and improved grid congestion. By assisting the transition to renewables and boosting electrification, TES technologies can aid in meeting long-term climate and sustainability goals. Thus, the rising deployment of renewable generation technologies is driving the thermal energy storage market.
On the contrary, lack of technology readiness hampers the Middle East & Africa thermal energy storage market.
Based on technology, the Middle East & Africa thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held 50.8% share of Middle East & Africa thermal energy storage market in 2022, amassing US$ 1,061.07 million. It is projected to garner US$ 1,925.62 million by 2030 to expand at 7.7% CAGR during 2022–2030.
Based on storage material, the Middle East & Africa thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held 39.9% share of Middle East & Africa thermal energy storage market in 2022, amassing US$ 833.24 million. It is projected to garner US$ 1,562.14 million by 2030 to expand at 8.2% CAGR during 2022–2030.
Based on application, the Middle East & Africa thermal energy storage market is segmented into low power generation, process heating and cooling, and district heating and cooling. The district heating and cooling segment held 45.9% share of Middle East & Africa thermal energy storage market in 2022, amassing US$ 958.47 million. It is projected to garner US$ 1,824.69 million by 2030 to expand at 8.4% CAGR during 2022–2030.
Based on end user, the Middle East & Africa thermal energy storage market is segmented into utility and nonutility. The utility segment held 58.0% share of Middle East & Africa thermal energy storage market in 2022, amassing US$ 1,210.83 million. It is projected to garner US$ 2,286.16 million by 2030 to expand at 8.3% CAGR during 2022–2030.
Based on country, the Middle East & Africa thermal energy storage market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 49.3% share of Middle East & Africa thermal energy storage market in 2022. It was assessed at US$ 1,029.14 million in 2022 and is likely to hit US$ 1,957.75 million by 2030, exhibiting a CAGR of 8.4% during 2022–2030.
Key players operating in the Middle East & Africa thermal energy storage market are Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Evapco Inc, and MAN Energy Solutions SE, among others.
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