Market Size of Middle East And Africa Battery Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.06 Billion |
| Market Size (2029) | USD 9.98 Billion |
| CAGR (2024 - 2029) | > 7.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East And Africa Battery Market Analysis
The Middle East And Africa Battery Market size is estimated at USD 7.06 billion in 2024, and is expected to reach USD 9.98 billion by 2029, growing at a CAGR of greater than 7% during the forecast period (2024-2029).
- The major factors driving the Middle-East and Africa battery market include declining lithium-ion battery prices, increasing adoption of electric vehicles, and growing renewable sector. Also, increasing demand from data centers is likely to drive the market as data centers are evolving digital infrastructures for cloud services, and the next generation of cloud services may be adapted to incorporate a blockchain network.
- However, the demand-supply mismatch of raw materials is likely to hinder the market growth.
- The use of energy storage with solar PV has been gaining popularity in developing countries, which is likely to create a huge opportunity for the battery market.
- The United Arab Emirates is expected to dominate the market, owing to its purchase of consumer electronics, including smartphones and automobiles, by the young and diverse population of the country.
