South Africa Energy Storage Systems Market Size & Outlook
South Africa energy storage systems market, 2018-2030 (US$M)
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South Africa energy storage systems market highlights
- The South Africa energy storage systems market generated a revenue of USD 541.4 million in 2022 and is expected to reach USD 1,461.4 million by 2030.
- The South Africa market is expected to grow at a CAGR of 13.2% 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.
Energy storage systems market data book summary
| Market revenue in 2022 | USD 541.4 million |
| Market revenue in 2030 | USD 1,461.4 million |
| Growth rate | 13.2% (CAGR from 2022 to 2030) |
| Largest segment | Pumped hydro |
| Fastest growing segment | Advanced |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 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, South Africa accounted for 0.2% of the global energy storage systems market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, South Africa energy storage systems market is projected to lead the regional market in terms of revenue in 2030.
- South Africa is the fastest growing regional market in Middle East & Africa and is projected to reach USD 1,461.4 million by 2030.
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Energy Storage Systems Market Scope
Energy Storage Systems Market Companies
| Name | Profile | # Employees | HQ | Website |
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South 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 90.3% in 2022. Horizon Databook has segmented the South Africa energy storage systems market based on pumped hydro, advanced covering the revenue growth of each sub-segment from 2018 to 2030.
Rising renewable energy generation in the country is one of the factors driving the market. The country is known for its oil fields and oil reserves. However, as these reserves cannot last forever, the authorities in this region are looking at sustainable and renewable energy storage resources such as the battery energy storage system, flywheel systems and others. Growing awareness about the benefits of renewable energy resources is the biggest driver of the market in the country.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Africa energy storage systems market , including forecasts for subscribers. This country databook contains high-level insights into South Africa energy storage systems market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Africa energy storage systems market size, by technology, 2018-2030 (US$M)
South Africa Energy Storage Systems Market Outlook Share, 2022 & 2030 (US$M)
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