Middle East & Africa Thermal Energy Storage Market Size & Outlook
Middle East & Africa thermal energy storage market, 2018-2030 (US$M)
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MEA thermal energy storage market highlights
- The MEA thermal energy storage market generated a revenue of USD 482.3 million in 2023.
- The market is expected to grow at a CAGR of 10.9% from 2024 to 2030.
- In terms of segment, commercial was the largest revenue generating application in 2023.
- Residential is the most lucrative application 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 482.3 million |
| Market revenue in 2030 | USD 993.9 million |
| Growth rate | 10.9% (CAGR from 2023 to 2030) |
| Largest segment | Commercial |
| Fastest growing segment | Residential |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Residential, Commercial, Industrial |
| Key market players worldwide | Amsted Industries, BrightSource Energy, Abengoa, Terrafore Technologies, Ice Energy, Caldwell Energy Company, Cryogel, Steffes Corporation |
Other key industry trends
- In terms of revenue, MEA region accounted for 9.6% of the global thermal energy storage market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 2,442.1 million by 2030.
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Thermal Energy Storage Market Scope
Thermal Energy Storage Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Middle East & Africa thermal energy storage 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 thermal energy storage market will help companies and investors design strategic landscapes.
Commercial was the largest segment with a revenue share of 71.43% in 2023. Horizon Databook has segmented the Middle East & Africa thermal energy storage market based on residential, commercial, industrial 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 energy 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 thermal energy storage market over the forecast period, owing to increasing foreign investment and rapidly developing infrastructure in these countries.
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Our clientele includes a mix of thermal energy storage market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa thermal energy storage market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa thermal energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA thermal energy storage market size, by country, 2018-2030 (US$M)
Middle East & Africa Thermal Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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