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
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.
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.
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.
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