The Latin America, Middle East and Africa Thermal Energy Storage Market would witness market growth of 10.6% CAGR during the forecast period (2022-2028).
The increased usage of renewable over the last two decades has increased the importance of energy storage research and development. Concerns about rising fuel prices and the obvious negative impacts of greenhouse gas emissions are driving initiatives to utilize renewable energy sources around the world. Due to limited energy resources and increased energy use, demand for innovative energy technology is increasing.
By utilizing renewable energy sources, advanced energy technologies assist in reducing energy usage and enhancing energy supply. Solar and wind power are two of the most intermittent renewable energy sources. As a result, thermal energy storage (TES) technology is now widely used throughout the world.
Thermal energy storage technology has been utilized to store energy for more than a decade. Peak energy demand is also shifted towards off-peak hours using these devices. These technologies can be used for everything from seasonal solar energy storage at high temperatures to heating, ventilation, and air conditioning (HVAC) at low temperatures.
Growing incentives for renewable energy in Africa (such as concentrated solar power), growing demand for thermal energy storage systems in ventilation, heating, and air conditioning (HVAC) applications, government subsidies for thermal energy storage, and advancements in functional materials are some of the major factors driving supply for the market studied in the region.
The largest market by application is likely to be power generation using thermal energy storage systems, with the majority of demand from African countries such as South Africa, Algeria, and others. The country has significant solar energy capabilities and plans to issue many tenders for renewable energy capacity, providing considerable opportunities for market participants.
Due to substantial installations of CSP with thermal energy storage and a growing preference for standby power for commercial and industrial uses, South Africa is likely to be the biggest market for thermal energy storage in Africa. The grid in South Africa is being tested by rising demand due to the country's developing economy. As a result, the country is moving toward CSP combined with thermal energy storage. The thermal energy storage industry in Africa is projected to be driven by the infiltration of solar sources. The government of South Africa included bidding rounds for CSP facilities with energy storage in its Renewable Energy Independent Power Supplier Purchasing Program.
The Brazil market dominated the LAMEA Thermal Energy Storage Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $720.4 million by 2028. The Argentina market is poised to grow at a CAGR of 11.2% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 10.3% during (2022 - 2028).
Based on Technology, the market is segmented into Sensible, Thermochemical, and Latent. Based on Storage Material, the market is segmented into Water, Molten Salt, Phase Change Material (pcm), and Others. Based on End-user, the market is segmented into Commercial & Industrial, Utilities, and Residential. Based on Application, the market is segmented into Heating, Power Generation, and Cooling. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Thermal Energy Storage Market is Predict to reach $35.4 Billion by 2028, at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Baltimore Aircoil Company, Inc.(Amsted Industries), Steffes, LLC, Dunham Bush Limited (Yantai Moon Group Co Ltd) (Moon Environment Technology Co., Ltd.), Evapco, Inc., SR ENERGY (SolarReserve), Caldwell Energy Company, Abengoa, BrightSource Energy, Inc., Terrafore Technologies, LLC, and Goss, Inc.
By Technology
By Storage Material
By End-user
By Application
By Country
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