Middle East & Africa Battery Market Size & Outlook
Middle East & Africa battery market, 2018-2030 (US$M)
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MEA battery market highlights
- The MEA battery market generated a revenue of USD 1,529.5 million in 2023.
- The market is expected to grow at a CAGR of 12.5% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Sodium-ion is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, UAE is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 1,529.5 million |
| Market revenue in 2030 | USD 3,496.3 million |
| Growth rate | 12.5% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Sodium-ion |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, MEA region accounted for 1.3% of the global battery market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Europe is the fastest growing regional market and is projected to reach USD 69,201.0 million by 2030.
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Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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Middle East & Africa 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 51.85% in 2023. Horizon Databook has segmented the Middle East & Africa 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.
Rapid industrialization coupled with improving infrastructure in the Middle East is expected to positively impact product demand. Growing construction sector, mainly in the U.A.E. and Qatar, due to economic recovery, advanced real estate regulatory framework, and increasing infrastructure projects is expected to drive the demand for stationary batteries.
Various other factors including positive demographics, favorable macroeconomics, and rising tourism activities are also promoting growth of the construction sector. Energy solutions offered by lithium batteries, such as energy efficiency, monitoring, optimization, and on-site power generation are expected to drive their market growth.
Construction of new wind farms under South African “Renewable Energy Independent Power Producer Procurement” has led to increased wind energy projects, which are expected to positively impact the demand for lead acid batteries in UPS and energy storage systems.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa battery market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA battery market size, by country, 2018-2030 (US$M)
Middle East & Africa Battery Market Outlook Share, 2023 & 2030 (US$M)
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