Saudi Arabia Battery Market Size & Outlook, 2023-2030
Saudi Arabia battery market, 2018-2030 (US$M)
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Saudi Arabia battery market highlights
- The Saudi Arabia battery market generated a revenue of USD 351.0 million in 2023 and is expected to reach USD 817.1 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 12.8% 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.
Battery market data book summary
| Market revenue in 2023 | USD 351.0 million |
| Market revenue in 2030 | USD 817.1 million |
| Growth rate | 12.8% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Sodium-ion |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Saudi Arabia accounted for 0.3% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, UAE battery market is projected to lead the regional market in terms of revenue in 2030.
- UAE is the fastest growing regional market in Middle East & Africa and is projected to reach USD 1,064.6 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia 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 59.49% in 2023. Horizon Databook has segmented the Saudi Arabia 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.
Saudi Arabia has abundant oil fields and oil reserves. However, as these reserves cannot last forever, authorities are looking at sustainable and renewable energy storage resources, such as lithium-ion batteries. Growing awareness about the benefits of renewable energy solutions is the biggest driver for this market.
The Middle East oil & gas market is divided into off-shore platforms, sub-sea, on-shore production, distribution infrastructure, and refineries. Offshore platforms, sub-sea exploration, and on-shore production require versatile, maintenance-free, efficient, and lightweight batteries, therefore, Li-ion batteries are preferred here over lead-acid batteries. However, distribution infrastructure and refineries utilize lithium-ion batteries owing to their low cost.
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Our clientele includes a mix of battery market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia battery market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia battery market size, by product, 2018-2030 (US$M)
Saudi Arabia Battery Market Outlook Share, 2023 & 2030 (US$M)
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