Middle East & Africa Thermal Energy Storage Market
No. of Pages: 75 | Report Code: BMIRE00029426 | Category: Energy and Power
No. of Pages: 75 | Report Code: BMIRE00029426 | Category: Energy and Power
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.
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.
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 into 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.
Strategic insights for the Middle East & Africa Thermal Energy Storage provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 2,088.36 Million |
| Market Size by 2030 | US$ 4,078.64 Million |
| Global CAGR (2022 - 2030) | 8.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East & Africa Thermal Energy Storage refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Middle East & Africa Thermal Energy Storage Market is valued at US$ 2,088.36 Million in 2022, it is projected to reach US$ 4,078.64 Million by 2030.
As per our report Middle East & Africa Thermal Energy Storage Market, the market size is valued at US$ 2,088.36 Million in 2022, projecting it to reach US$ 4,078.64 Million by 2030. This translates to a CAGR of approximately 8.7% during the forecast period.
The Middle East & Africa Thermal Energy Storage Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Thermal Energy Storage Market report:
The Middle East & Africa Thermal Energy Storage Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Thermal Energy Storage Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Thermal Energy Storage Market value chain can benefit from the information contained in a comprehensive market report.
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