Market Size of Africa Thermal Energy Storage Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Africa Thermal Energy Storage Market Analysis
Africa thermal energy storage market is projected to register a CAGR of over 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.
