The Africa thermal energy storage market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 10% during 2023 – 2031. The growth of the market is attributed to increasing adoption of renewable energy sources.
Thermal energy storage (TES) systems particularly allow the transfer and store of heat energy for later use. TES is also known as heat storage. It is extremely efficient method of shifting energy, which does not include chemical conversion.
It reduces carbon dioxide release and energy consumption of end-users and decreases the demand for energy during peak hours. TES is mostly used in solar plants, thermal power plants, combined heat & power plants, and process industries including other energy storage applications.
During the COVID-19 pandemic, strict lockdowns in Africa was implemented in first half of 2020 to control the infection, which has affected on supply chain to major area and impacted on electricity demand and power sector investment.
Africa Thermal Energy Storage Market Trends, Drivers, Restraints, and Opportunities
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Increasing commercialization of concentrating solar power (CSP) plants is projected to boost the market growth in the coming years.
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Rising demand for heating & cooling applications for smart infrastructure is anticipated to spur the market growth during the forecast period.
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Growing solar energy generation is expected to drive the market growth during the forecast period.
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Increasing demand for continuous power supply is projected to fuel the market growth in the coming years.
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Lack of awareness about storage technology is estimated to restrict the market growth in the projected timeline.
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High cost of use of TES systems is estimated to restrict the market growth in the coming years.
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Lack of skilled technicians to maintain the system can restrain the market growth.
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High initial set-up costs varying with technology can create new challenges for the market growth.
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Increase in adoption of renewable technology can create lucrative opportunities during the forecast period.
Scope of Africa Thermal Energy Storage Market Report
The report on the Africa thermal energy storage market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Africa thermal energy storage Market- Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Power Generation and Heating and Cooling) and Storage Types (Molten Salt, Heat, Ice, and Others)
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Geography
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South Africa, Morocco, and Rest of Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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SOC Ltd, Abengoa SA; ACWA Power International; SENER Group; and Engie SA
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Africa Thermal Energy Storage Market Segment Insights
Heating and cooling segment to hold a significant market share
Based on applications, the market is divided into power generation and heating and cooling. The power generation segment is anticipated to hold a key share of the market in the coming years due to increase in effective generation capacity during high-demand period. Moreover, the results in higher load factor for the plants and helping them to generate energy in a stable way are major factors fostering the segment growth.
However, the heating and cooling segment is anticipated to expand at a rapid pace during the forecast period owing to increasing energy efficiency, energy security, and energy reliability as well as reduction of energy costs, and reduction of GHG emissions.
Molten salt segment is expected to grow at a rapid pace
On the basis of storage types, the Africa thermal energy storage market is segmented into molten salt, heat, ice, and others. The ice segment is expected to represent a key share of the market in the upcoming years due to exchanged warm water for building cooling thermal load during on-peak conditions. On the other hand, the molten salt segment is anticipated to expand at a rapid pace during the forecast period owing to low costs, non-toxicity, non-flammability, high thermal stabilities, and low vapor pressures.
Morocco is estimated to account a major market share
In terms of regions, the Africa thermal energy storage market is classified as South Africa, Morocco, and Rest of Africa. South Africa is anticipated to dominate the market CAGR during the forecast period. The country’s market growth can be attributed shift toward CSP with energy storage. However, the market in Morocco is expected to exhibit a rapid growth rate in the coming years due to increase in energy use.
Segments
The Africa thermal energy storage market has been segmented on the basis of
Applications
- Power Generation
- Heating and Cooling
Storage Types
- Molten Salt
- Heat
- Ice
- Others
Geography
- South Africa
- Morocco
- Rest of Africa
Key Players
Competitive Landscape
Key players competing in the Africa thermal energy storage market includes SOC Ltd, Abengoa SA; ACWA Power International; SENER Group; and Engie SA.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
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