Africa Thermal Energy Storage Market Size (2024 - 2029)

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.

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).