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Middle East & Africa Batteries for Solar Energy Storage Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and Others), Application (Residential, Commercial, and Industrial), and Connectivity (Off-Grid and On-Grid)
- Report Code : BMIRE00027112
- Pages : 96
The batteries for solar energy storage market in Middle East & Africa is expected to grow from US$126.84 million in 2022 to US$ 348.85 million by 2028; it is estimated to grow at a CAGR of 18.4% from 2022 to 2028.
The decline in the price of lithium-ion batteries is holding a promising growth opportunity for the market. As per the studies conducted by the Massachusetts Institute of Technology, further steep declines in price could be possible, which could impact beneficially on items such as laptops, cell phones, stationary storage, battery storage, and electric vehicles, which still need to become more affordable for the mass uptake that is envisaged. The downfall in the price of lithium-ion batteries is primarily attributed to public-funded research, primarily in chemistry and materials science, which has contributed the most to the cost reduction of the batteries. Thus, declining prices of lithium-ion batteries hold lucrative opportunities for the battery manufacturers, augmenting the production capabilities and helping the market grow faster rate..
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Middle East & Africa batteries for solar energy storage market at a substantial CAGR during the forecast period.
Middle East & Africa Batteries for solar energy storage market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa Batteries for solar energy storage market Segmentation
The Middle East & Africa batteries for solar energy storage market is segmented on the basis of battery type, application, connectivity, and country. Based on battery type, the market is segmented into lead acid, lithium-ion, nickel cadmium, and others. In 2022, the lithium-ion segment held a larger share of the market. And others segment is expected to register a higher CAGR during the forecast period. Based on application, the Middle East & Africa batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held the largest market share in 2022 and commercial is expected to register the highest CAGR in the market during the forecast period. Based on connectivity, the Middle East & Africa batteries for solar energy storage market is segmented into on-grid and off-grid. The on-grid segment held the largest market share in 2022 and the off-grid segment is expected to register the highest CAGR in the market during the forecast period. Based on country, the Middle East & Africa batteries for solar energy storage market is segmented into South Africa, the UAE, Saudi Arabia, and Rest of MEA. In 2022, the UAE held a larger market share. On the other side, and the South Africa is expected to register a higher CAGR during the forecast period.
EnerSys; LECLANCHE; LG Electronics; Samsung SDI Co., Ltd.; and Kokam are among the leading companies in the Middle East & Africa batteries for solar energy storage market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Middle East & Africa Batteries for Solar Energy Storage Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Middle East & Africa Batteries for Solar Energy Storage Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Surging Awareness About Renewable Energy and Supportive Government Incentives and Regulatory Policies
5.2 Market Restraints
5.2.1 Higher Initial Investment in Battery Manufacturing
5.3 Market Opportunities
5.3.1 Reducing Prices of Lithium-Ion Batteries
5.4 Impact Analysis of Drivers and Restraints
6. Middle East & Africa Batteries for Solar Energy Storage – Market Analysis
6.1 Middle East & Africa Batteries for Solar Energy Storage Market Overview
6.2 Middle East & Africa Batteries for Solar Energy Storage Market Revenue Forecast and Analysis
7. Middle East & Africa Batteries for Solar Energy Storage Market Analysis – by Battery Type
7.1 Overview
7.2 Middle East & Africa Batteries for Solar Energy Storage Market Breakdown, by Battery Type
7.3 Lead Acid
7.3.1 Overview
7.3.2 Lead Acid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
7.4 Lithium-Ion
7.4.1 Overview
7.4.2 Lithium-Ion: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
7.5 Nickel Cadmium
7.5.1 Overview
7.5.2 Nickel Cadmium: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
8. Middle East & Africa Battery for Solar Energy Storage Market Analysis – by Application
8.1 Overview
8.2 Middle East & Africa Batteries for Solar Energy Storage Market Breakdown, by Application
8.3 Residential
8.3.1 Overview
8.3.2 Residential: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
8.4 Commercial
8.4.1 Overview
8.4.2 Commercial: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
8.5 Industrial
8.5.1 Overview
8.5.2 Industrial: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
9. Middle East & Africa Battery for Solar Energy Storage Market Analysis – by Connectivity
9.1 Overview
9.2 Middle East & Africa Batteries for Solar Energy Storage Market Breakdown, by Connectivity
9.3 Off-Grid
9.3.1 Overview
9.3.2 Off-Grid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
9.4 On-Grid
9.4.1 Overview
9.4.2 On-Grid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
10. Middle East & Africa Batteries for Solar Energy Storage Market – Country Analysis
10.1 Overview
10.1.1 MEA Batteries for Solar Energy Storage Market Breakdown, By Country
10.1.1.1 Saudi Arabia Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.1.1 Saudi Arabia Batteries for Solar Energy Storage Market Breakdown, by Battery Type
10.1.1.1.2 Saudi Arabia Batteries for Solar Energy Storage Market Breakdown, by Application
10.1.1.1.3 Saudi Arabia Batteries for Solar Energy Storage Market Breakdown, by Connectivity
10.1.1.2 UAE Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.2.1 UAE Batteries for Solar Energy Storage Market Breakdown, by Battery Type
10.1.1.2.2 UAE Batteries for Solar Energy Storage Market Breakdown, by Application
10.1.1.2.3 UAE Batteries for Solar Energy Storage Market Breakdown, by Connectivity
10.1.1.3 South Africa Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.3.1 South Africa Batteries for Solar Energy Storage Market Breakdown, by Battery Type
10.1.1.3.2 South Africa Batteries for Solar Energy Storage Market Breakdown, by Application
10.1.1.3.3 South Africa Batteries for Solar Energy Storage Market Breakdown, by Connectivity
10.1.1.4 Rest of MEA Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.4.1 Rest of MEA Batteries for Solar Energy Storage Market Breakdown, by Battery Type
10.1.1.4.2 Rest of MEA Batteries for Solar Energy Storage Market Breakdown, by Application
10.1.1.4.3 Rest of MEA Batteries for Solar Energy Storage Market Breakdown, by Connectivity
11. Industry Landscape
11.1 Market Initiative
11.2 New Development
12. Company Profiles
12.1 EnerSys
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 LECLANCHE
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 LG Electronics
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Samsung SDI Co., Ltd.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Kokam
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Middle East & Africa Batteries for Solar Energy Storage Market Revenue Forecast and Forecast to 2028 (US$ Million)
Table 2. Middle East & Africa Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – By Country (US$ million)
Table 3. Saudi Arabia Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Battery Type (US$ million)
Table 4. Saudi Arabia Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Application (US$ million)
Table 5. Saudi Arabia Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Connectivity (US$ million)
Table 6. UAE Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Battery Type (US$ million)
Table 7. UAE Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Application (US$ million)
Table 8. UAE Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Connectivity (US$ million)
Table 9. South Africa Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Battery Type (US$ million)
Table 10. South Africa Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Application (US$ million)
Table 11. South Africa Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Connectivity (US$ million)
Table 12. Rest of MEA Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Battery Type (US$ million)
Table 13. Rest of MEA Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Application (US$ million)
Table 14. Rest of MEA Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 – by Connectivity (US$ million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. Middle East & Africa Batteries for Solar Energy Storage Market Segmentation
Figure 2. Batteries for Solar Energy Storage Market Segmentation – By Country
Figure 3. Middle East & Africa Batteries for Solar Energy Storage Market Overview
Figure 4. Middle East & Africa Batteries for Solar Energy Storage Market, by Battery type
Figure 5. Middle East & Africa Batteries for Solar Energy Storage Market, by Country
Figure 6. Middle East & Africa: PEST Analysis
Figure 7. Middle East & Africa: Batteries for Solar Energy Storage Market- Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. Middle East & Africa Batteries for Solar Energy Storage Market: Impact Analysis of Drivers and Restraints
Figure 10. Middle East & Africa Batteries for Solar Energy Storage Market Revenue Forecast and Analysis (US$ Million)
Figure 11. Middle East & Africa Batteries for Solar Energy Storage Market Breakdown, by Battery Type, 2021 & 2028 (%)
Figure 12. Lead Acid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Lithium-Ion: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. Nickel Cadmium: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. Others: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Middle East & Africa Batteries for Solar Energy Storage Market Breakdown, by Application, 2021 & 2028 (%)
Figure 17. Residential: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Commercial: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Industrial: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Middle East & Africa Batteries for Solar Energy Storage Market Breakdown, by Connectivity, 2021 & 2028 (%)
Figure 21. Off-Grid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. On-Grid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. Geographic Overview of Middle East & Africa Batteries for Solar Energy Storage Market
Figure 24. MEA Batteries for Solar Energy Storage Market Breakdown, By Country, 2021 & 2028 (%)
Figure 25. Saudi Arabia Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
Figure 26. UAE Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
Figure 27. South Africa Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
Figure 28. Rest of MEA Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Middle East & Africa batteries for solar energy storage market.
● Highlights key business priorities in order to assist companies to realign their business strategies
● The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa batteries for solar energy storage market, thereby allowing players across the value chain to develop effective long-term strategies
● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
● Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the batteries for solar energy storage market, as well as those hindering it
● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
The List of Companies – Middle East & Africa Batteries for Solar Energy Storage Market
● EnerSys
● LECLANCHE
● LG Electronics
● Samsung SDI Co., Ltd.
● Kokam
At 21.2% CAGR, the Middle East & Africa Batteries for Solar Energy Storage Market is speculated to be worth US$ 5,058.12 million by 2028, says The Insight Partners
According to The Insight Partners’ research, the Middle East & Africa batteries for solar energy storage market was valued at US$ 126.84 million in 2022 and is expected to reach US$ 5,058.12 million by 2028, registering an annual growth rate of 18.4% from 2022 to 2028. Reducing prices of lithium-ion batteries and surging in awareness about renewable energy and supportive government incentives and regulatory policies.
Renewable energy sources play a crucial role in securing sustainable energy with lower emissions. The growing awareness for saving energy has been promoted among citizens to increase the use of solar, wind, biomass, waste, and hydropower energies. It is evident that clean energy is less harmful and often cheaper. Solar energy storage systems are devices that reserve energy for later consumption after sundown or during energy demand peaks. Hence, developed and developing economies are strongly promoting and adopting solar energy as an alternative to conventional energy sources. The growing awareness about renewable energy sources among consumers is reflected in the increase in demand for solar energy. As per the data published by International Renewable Energy Agency (IRENA), the increase in installed capacity of solar energy by PV modules every year is anticipated to further increase in coming years, which is augmenting the demand for storage solutions. The rise in demand for solar energy is driven by an increase in environmental pollution and the provision of government incentives & tax rebates to install solar panels. Supportive government policies and regulations for installing solar panels are driving the market. Thus, such supportive regulations, policies, and incentive schemes are propelling olar energy usage, further aiding the demand for battery storage solutions.
On the contrary, higher initial investment in battery manufacturing.
Based on battery type, the Middle East & Africa batteries for solar energy storage market is segmented into lead acid, lithium-ion, nickel cadmium, and others. The lithium-ion segment held 88.1% market share in 2022, amassing US$ 111.68 million. It is projected to garner US$ 307.18 million by 2028 to expand at 18.4% CAGR during 2022–2028.
Based on application, the Middle East & Africa batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held 58.4% market share in 2022, amassing US$ 74.25 million. It is projected to garner US$ 190.78 million by 2028 to expand at 17.0% CAGR during 2022–2028.
Based on connectivity, the Middle East & Africa batteries for solar energy storage market is segmented into on-grid and off-grid. The off-grid segment held 74.4% market share in 2022, amassing US$ 94.32 million. It is projected to garner US$ 254.96 million by 2028 to expand at 18.0% CAGR during 2022–2028
Based on country, the Middle East & Africa batteries for solar energy storage market has been segmented into South Africa, the UAE, Saudi Arabia, and Rest of Middle East & Africa. Our regional analysis states that the UAE captured 32.6% market share in 2022. It was assessed at US$ 41.31 million in 2022 and is likely to hit US$ 112.87 million by 2028, exhibiting a CAGR of 18.2% during the forecast period.
Key players dominating the Middle East & Africa batteries for solar energy storage market are EnerSys; LECLANCHE; LG Electronics; Kokam; and Samsung SDI Co., Ltd. among others.
In 2021, The ABSL Lithium-ion (Li-ion) batteries of EnerSys has been implemented into NASA James Webb Space Telescope launch. In 2012, Northrop Grumman has selected EnerSys to offer batteries then in 2018 for additional 8s44p battery. In 2022, AlphaESS has formed strategic partnership with Maxeon Solar Technologies, Ltd., global solar innovation and channel company. under this partnership AlphaESS is integrated clean energy solution for its residential customers.
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