Middle East & Africa Thermal Energy Storage Market Forecast to 2030
Middle East & Africa Thermal Energy Storage Market Forecast to 2030 – Regional Analysis – by Technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), Storage Material (Water, Molten Salt, PCM, Others), Application (Power Generation, Process Heating and Cooling, District Heating and Cooling), and End User (Utility, Nonutility)
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Description
Application of artificial intelligence for optimization and control of thermal energy storage systems Fuels Middle East & Africa Thermal Energy Storage Market
Energy storage systems are crucial for boosting the operational efficiency of existing energy sources; these systems help reduce energy consumption and costs, decrease environmental impacts, and improve the power grids’ flexibility and consistency. To improve thermal energy storage systems, artificial intelligence is being integrated into these systems. Different research and development activities are being conducted to understand and implement the viability of artificial intelligence for predicting, optimizing, and monitoring the performance of energy systems that encompass thermal energy storage facilities. Various studies have been led to observe the viability of applying artificial intelligence techniques, such as artificial neural networks (ANN), particle swarm optimization (PSO), adaptive neuro-fuzzy inference system (ANFIS), and square vector machine (SVM), in the energy storage sector. In addition, the global energy trend is shifting toward renewables, and various large-scale solar, wind, and geothermal projects are being initiated across the globe. The development of effective and high-capacity energy storage systems can assist in overcoming the intermittent issue of renewable energy as it can store and discharge energy during a shortage. The implementation of AI in such systems offers various benefits, including rapid decision-making, minimization of human errors, and digital assistance. Further, traditional computing demands a lot of labor and time and can only resolve one issue at a time; as a result, the implementation of AI is rising in these systems. The utilization of AI and other advanced technologies helps optimize operations, forecast energy production and consumption, enhance the system’s efficiency, and reduce energy costs. This factor is expected to fuel the thermal energy storage market growth in the coming years.
Middle East & Africa Thermal Energy Storage Market Overview
The Middle East & Africa (MEA) consists of major countries such as South Africa, Saudi Arabia, and the UAE. Continuous and stable energy supply throughout day and night, increase in the number of concentrated solar power projects, and cost-efficient approach for energy storage fuel the thermal energy storage market in the Middle East & Africa. Coal, oil, and gas are the major shareholders of energy production; however, with the changing world scenario, the share of renewables is also making its presence slowly but steadily across the Middle East & Africa. The growing number of initiatives toward deploying renewables for meeting the long-term climate change goals is another key reason for thermal energy storage market expansion in countries of the Middle East & Africa. Global inflation and rising energy prices impact the countries’ renewable energy sector. Rise in energy prices, supply chain constraints, and dependence on market conditions fuel the necessity for thermal energy storage. In addition, the need for a consistent and constant power supply, coupled with aging grid infrastructure, is fueling the thermal energy storage market growth across the MEA.
Middle East & Africa Thermal Energy Storage Market Revenue and Forecast to 2030 (US$ Million)
Middle East & Africa Thermal Energy Storage Market Segmentation
The Middle East & Africa thermal energy storage market is segmented into technology, storage material, application, end user, and country.
Based on technology, the Middle East & Africa thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held the largest share of the Middle East & Africa thermal energy storage market in 2022.
Based on storage material, the Middle East & Africa thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held the largest share of the Middle East & Africa thermal energy storage market in 2022.
Based on application, the Middle East & Africa thermal energy storage market is segmented into power generation, process heating and cooling, and district heating and cooling. The district heating and cooling segment held the largest share of the Middle East & Africa thermal energy storage market in 2022.
Based on end user, the Middle East & Africa thermal energy storage market is segmented into utility and nonutility. The utility segment held a larger share of the Middle East & Africa thermal energy storage market in 2022.
Based on country, the Middle East & Africa thermal energy storage market is segmented int o South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa thermal energy storage market in 2022.
Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Evapco Inc, and MAN Energy Solutions SE are some of the leading companies operating in the Middle East & Africa thermal energy storage market.
Summary Info
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According to The Research Team’ research, the Middle East & Africa thermal energy storage market was valued at US$ 2,088.36 million in 2022 and is expected to reach US$ 4,078.64 million by 2030, registering a CAGR of 8.7% from 2022 to 2030. Rising renewable energy share and growing adoption in concentrated solar plants are among the critical factors attributed to the Middle East & Africa thermal energy storage market expansion.
The revolution of the global energy system following the Paris Agreement which was introduced in 2015 and entered into force in 2016, is boosting the application of renewables among the end-users of energy. The adoption of thermal energy storage is growing due to increasing concern towards more sustainable and green energy alternatives, rising climate change concerns, and government initiatives towards boosting the usage of renewable energy across the globe. The renewable industry includes power sources, primarily wind, hydroelectric, and solar. According to IEA, solar PV generation grew by 270 TWh than 2021 and reached almost 1,300 TWh in 2022. Wind electricity generation increased by a record 265 TWh than 2021 and accounted for more than 2,100 TWh in 2022.
Thermal energy storage (TES) technology is one of the alternatives like battery storage, which can aid the integration of renewable energy in sectors such as power generation, commercial, and residential. Deploying TES technologies in these sectors can help reduce the heating and cooling demand created by instant power generation from supply resources. TES decreases the requirement for expensive grid reinforcements for PV. It also aids in meeting periodic demand for power and supports the shift to a primarily renewable-driven energy system. Thermal storage technology can also ease the process of load shifting, resulting in better deployment of renewables and improved grid congestion. By assisting the transition to renewables and boosting electrification, TES technologies can aid in meeting long-term climate and sustainability goals. Thus, the rising deployment of renewable generation technologies is driving the thermal energy storage market.
On the contrary, lack of technology readiness hampers the Middle East & Africa thermal energy storage market.
Based on technology, the Middle East & Africa thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held 50.8% share of Middle East & Africa thermal energy storage market in 2022, amassing US$ 1,061.07 million. It is projected to garner US$ 1,925.62 million by 2030 to expand at 7.7% CAGR during 2022–2030.
Based on storage material, the Middle East & Africa thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held 39.9% share of Middle East & Africa thermal energy storage market in 2022, amassing US$ 833.24 million. It is projected to garner US$ 1,562.14 million by 2030 to expand at 8.2% CAGR during 2022–2030.
Based on application, the Middle East & Africa thermal energy storage market is segmented into low power generation, process heating and cooling, and district heating and cooling. The district heating and cooling segment held 45.9% share of Middle East & Africa thermal energy storage market in 2022, amassing US$ 958.47 million. It is projected to garner US$ 1,824.69 million by 2030 to expand at 8.4% CAGR during 2022–2030.
Based on end user, the Middle East & Africa thermal energy storage market is segmented into utility and nonutility. The utility segment held 58.0% share of Middle East & Africa thermal energy storage market in 2022, amassing US$ 1,210.83 million. It is projected to garner US$ 2,286.16 million by 2030 to expand at 8.3% CAGR during 2022–2030.
Based on country, the Middle East & Africa thermal energy storage market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 49.3% share of Middle East & Africa thermal energy storage market in 2022. It was assessed at US$ 1,029.14 million in 2022 and is likely to hit US$ 1,957.75 million by 2030, exhibiting a CAGR of 8.4% during 2022–2030.
Key players operating in the Middle East & Africa thermal energy storage market are Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Evapco Inc, and MAN Energy Solutions SE, among others.
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Middle East & Africa Thermal Energy Storage Market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa Thermal Energy Storage Market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Middle East & Africa Thermal Energy Storage Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. Middle East & Africa Thermal Energy Storage Market – Key Industry Dynamics
5.1 Middle East & Africa Thermal Energy Storage Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Rising share of renewables
5.2.2 Growing adoption in Concentrated Solar Plants
5.2.3 Increasing Applications of Thermal Energy Storage
5.2.4 Growing Focus on Building Robust Storage Infrastructure
5.3 Market Restraints
5.3.1 Lack of Technology Readiness Levels
5.3.2 Lack of Decarbonization Policies in Underdeveloped Economies
5.3.3 Uncertainties Associated with Future Energy System Development
5.4 Market Opportunities
5.4.1 Application of Thermal Energy Storage Technology in Defense Sector
5.4.2 Deployment of Thermal Energy Storage Technology for Electric Vehicles at Extreme Temperatures
5.5 Future Trends
5.5.1 Application of AI for Optimization and Control of Thermal Energy Storage Systems
5.6 Impact of Drivers and Restraints:
6. Thermal Energy Storage Market – Middle East & Africa Market Analysis
6.1 Middle East & Africa Thermal Energy Storage Market Revenue (US$ Million), 2022 – 2030
6.2 Middle East & Africa Thermal Energy Storage Market Forecast and Analysis
7. Middle East & Africa Thermal Energy Storage Market Analysis – Technology
7.1 Sensible Heat Storage
7.1.1 Overview
7.1.2 Sensible Heat Storage: Middle East & Africa Thermal Energy Storage Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Latent Heat Storage
7.2.1 Overview
7.2.2 Latent Heat Storage: Middle East & Africa Thermal Energy Storage Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Thermochemical Storage
7.3.1 Overview
7.3.2 Thermochemical Storage: Middle East & Africa Thermal Energy Storage Market Revenue and Forecast to 2030 (US$ Million)
8. Middle East & Africa Thermal Energy Storage Market Analysis – Storage Material
8.1 Water
8.1.1 Overview
8.1.2 Water: Middle East & Africa Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Molten Salt
8.2.1 Overview
8.2.2 Molten Salt: Middle East & Africa Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Phase Change Material (PCM)
8.3.1 Overview
8.3.2 Phase Change Material: Middle East & Africa Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others: Middle East & Africa Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9. Middle East & Africa Thermal Energy Storage Market Analysis – Application
9.1 Power Generation
9.1.1 Overview
9.1.2 Power Generation: Middle East & Africa Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9.2 Process Heating and Cooling
9.2.1 Overview
9.2.2 Process Heating and Cooling: Middle East & Africa Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9.3 District Heating and Cooling
9.3.1 Overview
9.3.2 District Heating and Cooling: Middle East & Africa Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
10. Middle East & Africa Thermal Energy Storage Market Analysis – End User
10.1 Utility
10.1.1 Overview
10.1.2 Utility: Middle East & Africa Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
10.2 Nonutility
10.2.1 Overview
10.2.2 Nonutility: Middle East & Africa Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
11. Middle East & Africa Thermal Energy Storage Market – Country Analysis
11.1 Middle East & Africa Thermal Energy Storage Market
11.1.1 Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts and Analysis – By Country
11.1.1.1 Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts and Analysis – By Country
11.1.1.2 South Africa: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.2.1 South Africa: Middle East & Africa Thermal Energy Storage Market Breakdown by Technology
11.1.1.2.2 South Africa: Middle East & Africa Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.2.3 South Africa: Middle East & Africa Thermal Energy Storage Market Breakdown by Application
11.1.1.2.4 South Africa: Middle East & Africa Thermal Energy Storage Market Breakdown by End User
11.1.1.3 Saudi Arabia: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.3.1 Saudi Arabia: Middle East & Africa Thermal Energy Storage Market Breakdown by Technology
11.1.1.3.2 Saudi Arabia: Middle East & Africa Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.3.3 Saudi Arabia: Middle East & Africa Thermal Energy Storage Market Breakdown by Application
11.1.1.3.4 Saudi Arabia: Middle East & Africa Thermal Energy Storage Market Breakdown by End User
11.1.1.4 UAE: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.4.1 UAE: Middle East & Africa Thermal Energy Storage Market Breakdown by Technology
11.1.1.4.2 UAE: Middle East & Africa Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.4.3 UAE: Middle East & Africa Thermal Energy Storage Market Breakdown by Application
11.1.1.4.4 UAE: Middle East & Africa Thermal Energy Storage Market Breakdown by End User
11.1.1.5 Rest of MEA: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.5.1 Rest of MEA: Middle East & Africa Thermal Energy Storage Market Breakdown by Technology
11.1.1.5.2 Rest of MEA: Middle East & Africa Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.5.3 Rest of MEA: Middle East & Africa Thermal Energy Storage Market Breakdown by Application
11.1.1.5.4 Rest of MEA: Middle East & Africa Thermal Energy Storage Market Breakdown by End User
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. COMPANY PROFILES
13.1 Evapco Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Burns & McDonnell Consultants Inc
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Baltimore Aircoil Co
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 MAN Energy Solutions SE
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
14. Appendix
14.1 About The Research Team
14.2 Word Index
LIST OF TABLES
Table 1. Middle East & Africa Thermal Energy Storage Market Segmentation
Table 2. Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Technology
Table 4. Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Storage Material
Table 5. Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Application
Table 6. Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – End User
Table 7. Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 8. South Africa: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 9. South Africa: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 10. South Africa: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 11. South Africa: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 12. Saudi Arabia: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 13. Saudi Arabia: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 14. Saudi Arabia: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 15. Saudi Arabia: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 16. UAE: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 17. UAE: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 18. UAE: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 19. UAE: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 20. Rest of MEA: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 21. Rest of MEA: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 22. Rest of MEA: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 23. Rest of MEA: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 24. List of Abbreviation
LIST OF FIGURES
Figure 1. Middle East & Africa Thermal Energy Storage Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Middle East & Africa Thermal Energy Storage Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Middle East & Africa Thermal Energy Storage Market Revenue (US$ Million), 2022 – 2030
Figure 6. Middle East & Africa Thermal Energy Storage Market Share (%) – Technology, 2022 and 2030
Figure 7. Sensible Heat Storage: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Latent Heat Storage: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Thermochemical Storage: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. Middle East & Africa Thermal Energy Storage Market Share (%) – Storage Material, 2022 and 2030
Figure 11. Water: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Molten Salt: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Phase Change Material: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Others: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. Middle East & Africa Thermal Energy Storage Market Share (%) – Application, 2022 and 2030
Figure 16. Power Generation: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Process Heating and Cooling: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. District Heating and Cooling: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Middle East & Africa Thermal Energy Storage Market Share (%) – End User, 2022 and 2030
Figure 20. Utility: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Nonutility Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Middle East & Africa Thermal Energy Storage Market, By Key Country – Revenue (2022) (US$ Million)
Figure 23. Middle East & Africa Thermal energy storage Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 24. South Africa: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 25. Saudi Arabia: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 26. UAE: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 27. Rest of MEA: Middle East & Africa Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
The List of Companies – Middle East & Africa Thermal Energy Storage Market
o Baltimore Aircoil Co
o Burns & McDonnell Consultants Inc
o Evapco Inc
o MAN Energy Solutions SE
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