MEA Battery Energy Storage System Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
MEA Battery Energy Storage System Market Analysis
The Middle East and Africa Battery Energy Storage System Market is expected to grow at a CAGR of over 5.2% during the forecast period.
COVID-19 moderately impacted the market in 2020. Currently. The market has reached pre-pandemic levels.
- In the Middle East and African region, the demand for batteries has increased in the Middle East as a preferred energy storage solution primarily due to technological innovation and the reduction of battery costs. Major factors driving the market are the increasing levels of renewable energy penetration, demand for reliable and uninterrupted power supply, and aging grid infrastructure.
- However, the high initial investment required for the installation of the battery energy storage system is expected to hinder the growth of the market studied.
- Digital technologies, such as the Internet of Things (IoT) and machine learning, have engendered the creation of innovative software platforms that advance the technical capabilities and economic viability, and bankability of battery storage, which in turn, is likely to provide an opportunity in the market.
- The United Arab Emirates is to witness significant growth in the Middle East and Africa battery energy storage system market across the region during the forecast period.
MEA Battery Energy Storage System Market Trends
This section covers the major market trends shaping the MEA Battery Energy Storage System Market according to our research experts:
Lithium-ion Battery Segment to Dominate the Market
- In terms of technology, lithium-ion batteries are in huge demand in the Middle East and Africa Advance Energy Storage Market. These batteries are also being used for the storage of energy from renewable energy sources such as solar and wind in the region.
- Due to strong synergies between power applications and both electric vehicles and consumer electronics, much of the recent focus of battery development has been on lithium-ion batteries.
- Lithium-ion battery storage is driven by the factors such as increased usage in the automotive industry and the declining costs of batteries.
- Lithium-ion systems have a number of advantages for grid applications, including high energy density, rapid response, very high efficiencies, and flexible operation. These features enable lithium-ion batteries to be used for most applications in principle.
- The demand has been growing at a negligible rate in the less developed nations of the Middle East & Africa. In the Middle Eastern region, most of the countries are dependent on crude oil production.
- In Africa, lithium-ion battery deployment is on the rise. The cost has dropped considerably in the past decade, primarily as the Li-ion market can provide longer ranges to electric cars, which is showing to be probably ten times more lucrative than the storage market.
- It's a commercially available technology with a decade of deployment that provides some certainty of performance.
United Arab Emirates is Expected to Witness Significant Growth in the Market
- United Arab Emirates is an emerging market in the renewable energy sector. It is expected to undertake several renewable energy projects that are likely to foster the increase in demand for battery storage systems.
- One of the main drivers in the country is the steps taken in reliance on clean and renewable energy, which is leading the country to invest significantly in the development of renewable storage systems. Renewable energy projects will generate more than 70 GW of power by 2050, witnessing an investment of USD 700 billion.
- The country's renewable energy installed capacity reached 2706 MW in 2021, and the strong push for the adoption of renewable energy led by investments such as the USD 27.2 billion Dubai Green Fund to support the Shams Dubai initiative, a program aimed at promoting the installation of rooftop solar panels.
- Additionally, The 'UAE Energy Strategy 2050' aims to increase the contribution of clean energy to the country's overall national energy mix, to 50%, by 2050, thereby creating demand for energy storage systems in the forecast period.
- Among the Middle-Eastern countries, UAE has the most favorable environments for energy storage and is one of the Arab countries with ongoing energy storage projects with serious future adoption ambitions.
MEA Battery Energy Storage System Industry Overview
The Middle East and Africa Battery Energy Storage System Market is consolidated. Some of the key players in the market (not in a particular order) include Philadelphia Solar LTD, NGK INSULATORS, LTD., Eaton Corporation PLC, Tesla Inc, and Vanadiumcorp Resource Inc.
MEA Battery Energy Storage System Market Leaders
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Philadelphia Solar LTD
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NGK INSULATORS, LTD.
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Eaton Corporation PLC
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Tesla Inc
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Vanadiumcorp Resource Inc
*Disclaimer: Major Players sorted in no particular order
MEA Battery Energy Storage System Market News
- December 2022: China-based clean power provider Sungrow signed a Memorandum of Understanding with Saudi Arabia-based power generation company ACWA Power to deliver an energy storage system for NEOM city. Sungrow will deliver a 536 megawatt/600 megawatt-hour plant for the Giga project under the provisions of the MoU.
- December 2022: Eskom, South Africa's principal utility and grid operator, has begun work on its first battery energy storage system (BESS) with Hyosung Heavy Industries. It will generate 8MW of power and store 32MWh of energy, and it will be erected in 7-12 months with a connection to Eskom's Elandskop substation. The project will cost a total of USD 630 million.
- November 2022: ALEC Energy completed the installation of a TES.POD system, Azelio's thermal long-duration energy storage technology. The device was installed in an off-grid microgrid configuration at a visitor center in Dubai's Mohammed bin Rashid Al Maktoum Solar Complex (MBR), which incorporates a Concentrated Solar Power (CSP) system dubbed Noor Energy 1.
MEA Battery Energy Storage System Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Force Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Li-Ion Battery
5.1.2 Lead Acid Battery
5.1.3 Others
5.2 Application
5.2.1 Residential
5.2.2 Commercial and Industrial
5.2.3 Utility
5.3 Geography
5.3.1 United Arab Emirates
5.3.2 Saudi Arabia
5.3.3 South Africa
5.3.4 Egypt
5.3.5 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 NGK INSULATORS, LTD.
6.3.2 Eaton Corporation PLC
6.3.3 Philadelphia Solar LTD
6.3.4 Tesla Inc
6.3.5 Vanadiumcorp Resource Inc
6.3.6 Eskom Holdings SOC Ltd
6.3.7 Sumitomo Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
MEA Battery Energy Storage System Industry Segmentation
Energy storage is the technique of storing energy in specific equipment or systems so that it can be used when needed later. This enables businesses and sectors to save energy and use it when demand rises, or grid failures occur.
The Middle-East and Africa Battery Energy Storage System Market is segmented by Technology, Application, and Geography. By technology, the market is segmented into lithium-ion battery, lead-acid battery, and others. By application, the market is segmented into residential, commercial and industrial, and utility. The report also covers the market size and forecasts for the Middle East and Africa battery energy storage system market across the major countries. For each segment, the market sizing and forecasts are based on the revenue (USD Billion).
| Technology | |
| Li-Ion Battery | |
| Lead Acid Battery | |
| Others |
| Application | |
| Residential | |
| Commercial and Industrial | |
| Utility |
| Geography | |
| United Arab Emirates | |
| Saudi Arabia | |
| South Africa | |
| Egypt | |
| Rest of Middle-East and Africa |
MEA Battery Energy Storage System Market Research FAQs
What is the current Middle-East and Africa Battery Energy Storage System Market size?
The Middle-East and Africa Battery Energy Storage System Market is projected to register a CAGR of greater than 5.20% during the forecast period (2024-2029)
Who are the key players in Middle-East and Africa Battery Energy Storage System Market?
Philadelphia Solar LTD , NGK INSULATORS, LTD. , Eaton Corporation PLC, Tesla Inc and Vanadiumcorp Resource Inc are the major companies operating in the Middle-East and Africa Battery Energy Storage System Market.
What years does this Middle-East and Africa Battery Energy Storage System Market cover?
The report covers the Middle-East and Africa Battery Energy Storage System Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Middle-East and Africa Battery Energy Storage System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
MEA Battery Energy Storage System Industry Report
Statistics for the 2024 MEA Battery Energy Storage System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. MEA Battery Energy Storage System analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
