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Africa Thermal Energy Storage Market Growth Forecast | 2031
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Africa Thermal Energy Storage Market Growth Forecast | 2031

Segments - Africa Thermal Energy Storage Market by Applications (Power Generation and Heating and Cooling), Storage Types (Molten Salt, Heat, Ice, and Others), and Geography (South Africa, Morocco, and Rest of Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 –2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
https://growthmarketreports.com/Swapnil
Editor : Swapnil Hedau

Upcoming | Report ID :EP-2810 | 4.7 Rating | 59 Reviews | 188 Pages | Format : PDF Excel PPT

Report Description


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.

Africa Thermal Energy Storage Market Outlook

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.

  • Increasing commercialization of concentrating solar power (CSP) plants is projected to boost the market growth in the coming years.

  • Rising demand for heating & cooling applications for smart infrastructure is anticipated to spur the market growth during the forecast period.

  • Growing solar energy generation is expected to drive the market growth during the forecast period.

  • Increasing demand for continuous power supply is projected to fuel the market growth in the coming years.

  • Lack of awareness about storage technology is estimated to restrict the market growth in the projected timeline.

  • High cost of use of TES systems is estimated to restrict the market growth in the coming years.

  • Lack of skilled technicians to maintain the system can restrain the market growth.

  • High initial set-up costs varying with technology can create new challenges for the market growth.

  • 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.

Attributes

Details

Report Title

Africa thermal energy storage Market- Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Applications (Power Generation and Heating and Cooling) and Storage Types (Molten Salt, Heat, Ice, and Others)

Geography

South Africa, Morocco, and Rest of Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

SOC Ltd, Abengoa SA; ACWA Power International; SENER Group; and Engie SA

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.

Africa Thermal Energy Storage Market Application

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.

Africa Thermal Energy Storage Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Thermal Energy Storage Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Thermal Energy Storage Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Thermal Energy Storage Market - Supply Chain
  4.5. Global Thermal Energy Storage Market Forecast
     4.5.1. Thermal Energy Storage Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Thermal Energy Storage Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Thermal Energy Storage Market Absolute $ Opportunity
5. Global Thermal Energy Storage Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Thermal Energy Storage Market Size and Volume Forecast by Types
     5.3.1. Molten Salt
     5.3.2. Heat
     5.3.3. Ice
     5.3.4. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Thermal Energy Storage Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Thermal Energy Storage Market Size and Volume Forecast by Applications
     6.3.1. power generation
     6.3.2. heating and cooling
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Thermal Energy Storage Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Thermal Energy Storage Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Thermal Energy Storage Demand Share Forecast, 2019-2026
8. North America Thermal Energy Storage Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Thermal Energy Storage Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Thermal Energy Storage Market Size and Volume Forecast by Types
     8.4.1. Molten Salt
     8.4.2. Heat
     8.4.3. Ice
     8.4.4. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Thermal Energy Storage Market Size and Volume Forecast by Applications
     8.7.1. power generation
     8.7.2. heating and cooling
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Thermal Energy Storage Demand Share Forecast, 2019-2026
9. Latin America Thermal Energy Storage Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Thermal Energy Storage Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Thermal Energy Storage Market Size and Volume Forecast by Types
     9.4.1. Molten Salt
     9.4.2. Heat
     9.4.3. Ice
     9.4.4. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Thermal Energy Storage Market Size and Volume Forecast by Applications
     9.7.1. power generation
     9.7.2. heating and cooling
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Thermal Energy Storage Demand Share Forecast, 2019-2026
10. Europe Thermal Energy Storage Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Thermal Energy Storage Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Thermal Energy Storage Market Size and Volume Forecast by Types
     10.4.1. Molten Salt
     10.4.2. Heat
     10.4.3. Ice
     10.4.4. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Thermal Energy Storage Market Size and Volume Forecast by Applications
     10.7.1. power generation
     10.7.2. heating and cooling
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Thermal Energy Storage Demand Share Forecast, 2019-2026
11. Asia Pacific Thermal Energy Storage Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Thermal Energy Storage Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Thermal Energy Storage Market Size and Volume Forecast by Types
     11.4.1. Molten Salt
     11.4.2. Heat
     11.4.3. Ice
     11.4.4. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Thermal Energy Storage Market Size and Volume Forecast by Applications
     11.7.1. power generation
     11.7.2. heating and cooling
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Thermal Energy Storage Demand Share Forecast, 2019-2026
12. Middle East & Africa Thermal Energy Storage Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Thermal Energy Storage Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Thermal Energy Storage Market Size and Volume Forecast by Types
     12.4.1. Molten Salt
     12.4.2. Heat
     12.4.3. Ice
     12.4.4. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Thermal Energy Storage Market Size and Volume Forecast by Applications
     12.7.1. power generation
     12.7.2. heating and cooling
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Thermal Energy Storage Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Thermal Energy Storage Market: Market Share Analysis
  13.2. Thermal Energy Storage Distributors and Customers
  13.3. Thermal Energy Storage Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. SOC Ltd
     13.4.2. Abengoa SA
     13.4.3. ACWA Power International
     13.4.4. SENER Group
     13.4.5. Engie SA

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