Middle East & Africa Energy Storage Systems Market Size & Outlook
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MEA energy storage systems market highlights
- The MEA energy storage systems market generated a revenue of USD 6,460.8 million in 2022.
- The market is expected to grow at a CAGR of 11.5% from 2023 to 2030.
- In terms of segment, pumped hydro was the largest revenue generating technology in 2022.
- Advanced is the most lucrative technology segment registering the fastest growth during the forecast period.
- Country-wise, South Africa is expected to register the highest CAGR from 2023 to 2030.
MEA data book summary
| Market revenue in 2022 | USD 6,460.8 million |
| Market revenue in 2030 | USD 15,383.1 million |
| Growth rate | 11.5% (CAGR from 2022 to 2030) |
| Largest segment | Pumped hydro |
| Fastest growing segment | Advanced |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Pumped Hydro, Advanced |
| Key market players worldwide | Altair Engineering Inc Class A, Ecolab Inc, Electrovaya Inc, GE Aerospace, Longfor Group Holdings Ltd, LG Chem, Safety Insurance Group Inc, Showa Paxxs Corp, Furukawa Battery Co Ltd, Fluence Energy Inc, Samsung SDI Co Ltd GDR - 144A |
Other key industry trends
- In terms of revenue, MEA region accounted for 2.9% of the global energy storage systems market in 2022.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 84,397.0 million by 2030.
Key Regions: U.S. , UK , Japan , South Africa , Canada
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Energy Storage Systems Market Scope
Energy Storage Systems Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Furukawa Battery Co Ltd | View profile | 2574 | Hoshikawa SF Building, 2-4-1 Hoshikawa, Hodogaya-Ku, Yokohama, Kanagawa Prefecture, Japan, 240-0006 | http://www.furukawadenchi.co.jp |
| Showa Paxxs Corp | View profile | 793 | 2-12 Ichigayahonmura-cho, Shinjuku-ku, Tokyo, Japan, 162-0845 | http://www.showa-paxxs.co.jp |
| Safety Insurance Group Inc | View profile | 539 | 20 Custom House Street, Boston, MA, United States, 02110 | |
| Electrovaya Inc | View profile | 97 | 6688 Kitimat Road, Mississauga, ON, Canada, L5N 1P8 | https://www.electrovaya.com |
| Longfor Group Holdings Ltd | View profile | 29116 | No. 8 Beiyuan Street, Building 6, Beijing Longfor Blue Engine Industrial Park, Beijing, China, People's Republic of, 100012 | https://www.longfor.com |
| Samsung SDI Co Ltd GDR - 144A | View profile | 12452 | 150-20 Gongsero-ro, Giheung-gu, Gyeonggi-do, Yongin, Korea, Republic of | http://www.samsungsdi.co.kr |
| Ecolab Inc | View profile | 48000 | 1 Ecolab Place, Saint Paul, MN, United States, 55102 | https://www.ecolab.com |
| Fluence Energy Inc | View profile | 1112 | 4601 Fairfax Drive, Suite 600, Arlington, VA, United States, 22203 | https://www.fluenceenergy.com |
| LG Chem | View profile | 10001+ | Seoul, Seoul-t'ukpyolsi, South Korea, Asia | https://www.lgchem.com |
| Altair Engineering Inc Class A | View profile | 3200 | 1820 East Big Beaver Road, Troy, MI, United States, 48083 | https://www.altair.com |
| GE Aerospace | View profile | 125000 | One Financial Center, Suite 3700, Boston, MA, United States, 02111 | https://www.geaerospace.com |
Middle East & Africa energy storage systems 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 energy storage systems market will help companies and investors design strategic landscapes.
Pumped hydro was the largest segment with a revenue share of 72.34% in 2022. Horizon Databook has segmented the Middle East & Africa energy storage systems market based on pumped hydro, advanced covering the revenue growth of each sub-segment from 2018 to 2030.
Middle East and African region has several concentrating solar power (CSP) projects which utilizes thermal energy storage. CSP projects are installed and under construction in countries such as United Arab Emirates (UAE), Saudi Arabia and Morocco.
The regional government has been actively investing in renewable energy storage plants and facilities and are emphasizing on applications of district cooling by thermal storage methods. Such initiatives are anticipated to propel the market growth over the forecast period.
African countries such as Egypt, Tunisia, South Africa, and Morocco, are expected to witness growth in their energy storage systems market over the forecast period, owing to increasing foreign investment and rapidly developing infrastructure in these countries. These developments in the region will boost the growth of the market over the forecast period.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa energy storage systems market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa energy storage systems market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA energy storage systems market size, by country, 2018-2030 (US$M)
Middle East & Africa Energy Storage Systems Market Outlook Share, 2022 & 2030 (US$M)
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