Analysis – by Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and Others), Application (Residential, Commercial, and Industrial), and Connectivity (Off-Grid and On-Grid)
No. of Pages:96
Report Code:
BMIRE00027112
Category:
Energy and Power
Middle East & Africa Batteries for Solar Energy Storage Market
The batteries for solar energy storage market in Middle East & Africa is expected to grow from US$ 126.84 million in 2022 to US$ 348.85 million by 2028; it is estimated to grow at a CAGR of 18.4% from 2022 to 2028.
The decline in the price of lithium-ion batteries is holding a promising growth opportunity for the market. As per the studies conducted by the Massachusetts Institute of Technology, further steep declines in price could be possible, which could impact beneficially on items such as laptops, cell phones, stationary storage, battery storage, and electric vehicles, which still need to become more affordable for the mass uptake that is envisaged. The downfall in the price of lithium-ion batteries is primarily attributed to public-funded research, primarily in chemistry and materials science, which has contributed the most to the cost reduction of the batteries. Thus, declining prices of lithium-ion batteries hold lucrative opportunities for the battery manufacturers, augmenting the production capabilities and helping the market grow faster rate..
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Middle East & Africa batteries for solar energy storage market at a substantial CAGR during the forecast period.
Middle East & Africa Batteries for solar energy storage market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa Batteries for solar energy storage market Segmentation
The Middle East & Africa batteries for solar energy storage market is segmented on the basis of battery type, application, connectivity, and country. Based on battery type, the market is segmented into lead acid, lithium-ion, nickel cadmium, and others. In 2022, the lithium-ion segment held a larger share of the market. And others segment is expected to register a higher CAGR during the forecast period. Based on application, the Middle East & Africa batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held the largest market share in 2022 and commercial is expected to register the highest CAGR in the market during the forecast period. Based on connectivity, the Middle East & Africa batteries for solar energy storage market is segmented into on-grid and off-grid. The on-grid segment held the largest market share in 2022 and the off-grid segment is expected to register the highest CAGR in the market during the forecast period. Based on country, the Middle East & Africa batteries for solar energy storage market is segmented into South Africa, the UAE, Saudi Arabia, and Rest of MEA. In 2022, the UAE held a larger market share. On the other side, and the South Africa is expected to register a higher CAGR during the forecast period.
EnerSys; LECLANCHE; LG Electronics; Samsung SDI Co., Ltd.; and Kokam are among the leading companies in the Middle East & Africa batteries for solar energy storage market.
Middle East & Africa Batteries for Solar Energy Storage Market Strategic Insights
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Middle East & Africa Batteries for Solar Energy Storage Market Segmentation Analysis
Middle East & Africa Batteries for Solar Energy Storage Market Report Highlights
Middle East & Africa Batteries for Solar Energy Storage Report Scope
Report Attribute
Details
Market size in 2022
US$ 126.84 Million
Market Size by 2028
US$ 348.85 Million
CAGR (2022 - 2028)
18.4%
Historical Data
2020-2021
Forecast period
2023-2028
Segments Covered
By Battery Type
Lead acid
Lithium-Ion
Nickel Cadmium
By Application
Residential
Commercial
Industrial
By Connectivity
Off-Grid
On-Grid
Regions and Countries Covered
Middle East and Africa
South Africa
Saudi Arabia
UAE
Rest of Middle East and Africa
Market leaders and key company profiles
EnerSys
LECLANCHE
LG Electronics
Samsung SDI Co., Ltd.
Kokam
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Middle East & Africa Batteries for Solar Energy Storage Market Country and Regional Insights
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Identical Market Reports with other Region/Countries
The List of Companies - Middle East & Africa Batteries for Solar Energy Storage Market
EnerSys
LECLANCHE
LG Electronics
Samsung SDI Co., Ltd.
Kokam
Frequently Asked Questions
How big is the Middle East & Africa Batteries for Solar Energy Storage Market?
The Middle East & Africa Batteries for Solar Energy Storage Market is valued at US$ 126.84 Million in 2022, it is projected to reach US$ 348.85 Million by 2028.
What is the CAGR for Middle East & Africa Batteries for Solar Energy Storage Market by (2022 - 2028)?
As per our report Middle East & Africa Batteries for Solar Energy Storage Market, the market size is valued at US$ 126.84 Million in 2022, projecting it to reach US$ 348.85 Million by 2028. This translates to a CAGR of approximately 18.4% during the forecast period.
What segments are covered in this report?
The Middle East & Africa Batteries for Solar Energy Storage Market report typically cover these key segments-
Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium)
Application (Residential, Commercial, Industrial)
Connectivity (Off-Grid, On-Grid)
What is the historic period, base year, and forecast period taken for Middle East & Africa Batteries for Solar Energy Storage Market?
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Batteries for Solar Energy Storage Market report:
Historic Period : 2020-2021
Base Year : 2022
Forecast Period : 2023-2028
Who are the major players in Middle East & Africa Batteries for Solar Energy Storage Market?
The Middle East & Africa Batteries for Solar Energy Storage Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
EnerSys
LECLANCHE
LG Electronics
Samsung SDI Co., Ltd.
Kokam
Who should buy this report?
The Middle East & Africa Batteries for Solar Energy Storage Market report is valuable for diverse stakeholders, including:
Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.
Essentially, anyone involved in or considering involvement in the Middle East & Africa Batteries for Solar Energy Storage Market value chain can benefit from the information contained in a comprehensive market report.
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