Africa Thermal Energy Storage Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The report covers Africa Thermal Energy Storage Companies and the market is segmented by Application (Power Generation and Heating and Cooling), Storage Type (Molten Salt, Heat, Ice, and Other Storage Types), and Geography (South Africa, Morocco, and Rest of Africa). The market size and forecasts are provided terms of revenue (USD Billion) for all the above segments.

Africa Thermal Energy Storage Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Africa Thermal Energy Storage Market Size

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Africa Thermal Energy Storage Market Summary
Study Period 2021 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2021 - 2023
CAGR 10.00 %
Market Concentration Medium

Major Players

Africa Thermal Energy Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Africa Thermal Energy Storage Market Analysis

The Africa Thermal Energy Storage Market is expected to register a CAGR of greater than 10% during the forecast period.

The market is negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, factors, such as growing impetus for renewable energy generation in Africa (like concentrated solar power, increasing demand for thermal energy storage systems in heating, ventilation, and air conditioning (HVAC) application), government incentives for thermal energy storage systems, and advancements in material sciences, are some of the major factors driving the demand for the market studied in the region.
  • On the other hand, the declining battery costs leading to an increase in installations of battery storage and high costs of developing and installing thermal energy storage systems associated with thermal energy storage are expected to hinder the growth of the market in Africa.
  • Nevertheless, Algeria's energy requirements are heavily dependent on natural gas, which amounts to about 93% of power generation in the country. However, the country has enormous solar energy potential and is planning to release several tenders for renewable capacity creating ample opportunity for the market players.
  • South Africa is expected to be the largest market for thermal energy storage in the Africa region, due to large deployments of CSP with thermal energy storage, along with increasing demand for backup power for commercial and industrial applications.

Africa Thermal Energy Storage Industry Overview

The African thermal energy storage market is moderately consolidated. Some of the major companies (in no particular order) include Eskom Holdings SOC Ltd, Abengoa SA, ACWA Power International, SENER Group, and Engie SA, among others.

Africa Thermal Energy Storage Market Leaders

  1. Eskom Holdings SOC Ltd

  2. Abengoa SA

  3. ACWA Power International

  4. SENER Group

  5. Engie SA

  6. *Disclaimer: Major Players sorted in no particular order
Africa Thermal Energy Storage Market Concentration
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Africa Thermal Energy Storage Market News

  • In December 2021, Namibia Power Corporation Ltd (NamPower), the national electric power utility of the country, announced a tender for a project combining concentrated solar power (CSP) with energy storage of 50MW-130MW. It is anticipated that the proposed project will cost between USD 600 million and USD 1 billion.
  • In November 2021, ENGIE has completed the acquisition of Abengoa's indirect stake in Xina Solar One (Pty) Ltd. After completion of the transaction, ENGIE will own 40% of the Xina Solar One 100 MW Concentrated Solar Power (CSP) plant and 46% of the Xina Operations & Maintenance Company (Pty) Ltd company.

Africa Thermal Energy Storage Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD billion, till 2027
  • 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 Forces 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 Substitutes Products and Services
    • 4.7.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 By Application
    • 5.1.1 Power Generation
    • 5.1.2 Heating and Cooling
  • 5.2 By Storage Type
    • 5.2.1 Molten Salt
    • 5.2.2 Heat
    • 5.2.3 Ice
    • 5.2.4 Other Storage Types
  • 5.3 By Geography
    • 5.3.1 South Africa
    • 5.3.2 Morocco
    • 5.3.3 Rest of 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 Abengoa SA
    • 6.3.2 ACWA Power International
    • 6.3.3 Azelio AB
    • 6.3.4 BrightSource Energy Inc.
    • 6.3.5 Engie SA
    • 6.3.6 Eskom Holdings SOC Ltd
    • 6.3.7 SENER Group
    • 6.3.8 SolarReserve LLC
    • 6.3.9 Calmac
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Africa Thermal Energy Storage Industry Segmentation

Thermal energy storage is a technology that enables the transfer and storage of heat energy or energy from ice or water or cold air. This method is integrated into new technologies that complement solar and hydroelectric power sources. The thermal energy storage applications can be applied in the following fields in concentrated solar power plants to supply dispatchable power even during the night, In thermal power plants to operate more and rapid load changes, To provide heat supply security in combined heat and power plants and to separate the heat and power generation temporarily, To recover and utilize heat lost in process industries.

Africa thermal energy storage market is segmented by application, storage type, and geography. By application, the market is segmented into power generation and heating and cooling. By storage type, the market is segmented into molten salt, heat, ice, and other storage types. The report also covers the market size and forecasts for the thermal energy storage market across major countries in the region. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).

By Application Power Generation
Heating and Cooling
By Storage Type Molten Salt
Heat
Ice
Other Storage Types
By Geography South Africa
Morocco
Rest of Africa
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Africa Thermal Energy Storage Market Research FAQs

What is the current Africa Thermal Energy Storage Market size?

The Africa Thermal Energy Storage Market is projected to register a CAGR of greater than 10% during the forecast period (2025-2030)

Who are the key players in Africa Thermal Energy Storage Market?

Eskom Holdings SOC Ltd, Abengoa SA, ACWA Power International, SENER Group and Engie SA are the major companies operating in the Africa Thermal Energy Storage Market.

What years does this Africa Thermal Energy Storage Market cover?

The report covers the Africa Thermal Energy Storage Market historical market size for years: 2021, 2022, 2023 and 2024. The report also forecasts the Africa Thermal Energy Storage Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Thermal Energy Storage in Africa Industry Report

Statistics for the 2025 Africa Thermal Energy Storage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Africa Thermal Energy Storage analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.