Saudi Arabia Thermal Energy Storage Market Size & Outlook
Saudi Arabia thermal energy storage market, 2018-2030 (US$M)
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Saudi Arabia thermal energy storage market highlights
- The Saudi Arabia thermal energy storage market generated a revenue of USD 160.7 million in 2023 and is expected to reach USD 329.8 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 10.8% 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.
Thermal energy storage market data book summary
| Market revenue in 2023 | USD 160.7 million |
| Market revenue in 2030 | USD 329.8 million |
| Growth rate | 10.8% (CAGR from 2023 to 2030) |
| Largest segment | Commercial |
| Fastest growing segment | Residential |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Saudi Arabia accounted for 3.2% of the global thermal energy storage market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, UAE thermal energy storage 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 598.6 million by 2030.
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Thermal Energy Storage Market Scope
Thermal Energy Storage Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia 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 72.31% in 2023. Horizon Databook has segmented the Saudi Arabia thermal energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
Saudi Arabia accounted for the significant market share in the Middle East and Africa thermal energy storage systems market in 2019. Due to a very high ambient temperature, heating, ventilating and air conditioning (HVAC) system, accounts for maximum share of the total electrical energy consumption in buildings in Saudi Arabia.
Moreover, demand for electrical energy is growing owing to the rapidly expanding cities and industries. Power utilities in Saudi Arabia faces a shortage of electricity during the summer period mainly due to the high consumption of electricity in the air conditioning.
Ice storage system and chilled water storage are the most suited thermal energy storage concepts for Saudi Arabia. Further, favorable policies, and regulations, are being provided in the Saudi Arabia for renewable power projects and energy storage projects has driven the market for thermal energy storage in the country.
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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 country-level data and insights on the Saudi Arabia thermal energy storage market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia thermal energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia thermal energy storage market size, by application, 2018-2030 (US$M)
Saudi Arabia Thermal Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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