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.
Scope of the Study
Market Segments Covered in the Report:
By Technology
- Sensible
- Thermochemical
- Latent
By Storage Material
- Water
- Molten Salt
- Phase Change Material (pcm)
- Others
By End-user
- Commercial & Industrial
- Utilities
- Residential
By Application
- Heating
- Power Generation
- Cooling
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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
- Goss, Inc.
TABLE 1 LAMEA Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 2 LAMEA Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 3 LAMEA Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 4 LAMEA Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 5 LAMEA Sensible Market by Country, 2018 - 2021, USD Million
TABLE 6 LAMEA Sensible Market by Country, 2022 - 2028, USD Million
TABLE 7 LAMEA Thermochemical Market by Country, 2018 - 2021, USD Million
TABLE 8 LAMEA Thermochemical Market by Country, 2022 - 2028, USD Million
TABLE 9 LAMEA Latent Market by Country, 2018 - 2021, USD Million
TABLE 10 LAMEA Latent Market by Country, 2022 - 2028, USD Million
TABLE 11 LAMEA Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 12 LAMEA Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 13 LAMEA Water Market by Country, 2018 - 2021, USD Million
TABLE 14 LAMEA Water Market by Country, 2022 - 2028, USD Million
TABLE 15 LAMEA Molten Salt Market by Country, 2018 - 2021, USD Million
TABLE 16 LAMEA Molten Salt Market by Country, 2022 - 2028, USD Million
TABLE 17 LAMEA Phase Change Material (pcm) Market by Country, 2018 - 2021, USD Million
TABLE 18 LAMEA Phase Change Material (pcm) Market by Country, 2022 - 2028, USD Million
TABLE 19 LAMEA Others Market by Country, 2018 - 2021, USD Million
TABLE 20 LAMEA Others Market by Country, 2022 - 2028, USD Million
TABLE 21 LAMEA Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 22 LAMEA Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 23 LAMEA Commercial & Industrial Market by Country, 2018 - 2021, USD Million
TABLE 24 LAMEA Commercial & Industrial Market by Country, 2022 - 2028, USD Million
TABLE 25 LAMEA Utilities Market by Country, 2018 - 2021, USD Million
TABLE 26 LAMEA Utilities Market by Country, 2022 - 2028, USD Million
TABLE 27 LAMEA Residential Market by Country, 2018 - 2021, USD Million
TABLE 28 LAMEA Residential Market by Country, 2022 - 2028, USD Million
TABLE 29 LAMEA Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 30 LAMEA Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 31 LAMEA Heating Market by Country, 2018 - 2021, USD Million
TABLE 32 LAMEA Heating Market by Country, 2022 - 2028, USD Million
TABLE 33 LAMEA Power Generation Market by Country, 2018 - 2021, USD Million
TABLE 34 LAMEA Power Generation Market by Country, 2022 - 2028, USD Million
TABLE 35 LAMEA Cooling Market by Country, 2018 - 2021, USD Million
TABLE 36 LAMEA Cooling Market by Country, 2022 - 2028, USD Million
TABLE 37 LAMEA Thermal Energy Storage Market by Country, 2018 - 2021, USD Million
TABLE 38 LAMEA Thermal Energy Storage Market by Country, 2022 - 2028, USD Million
TABLE 39 Brazil Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 40 Brazil Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 41 Brazil Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 42 Brazil Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 43 Brazil Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 44 Brazil Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 45 Brazil Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 46 Brazil Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 47 Brazil Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 48 Brazil Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 49 Argentina Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 50 Argentina Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 51 Argentina Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 52 Argentina Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 53 Argentina Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 54 Argentina Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 55 Argentina Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 56 Argentina Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 57 Argentina Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 58 Argentina Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 59 UAE Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 60 UAE Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 61 UAE Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 62 UAE Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 63 UAE Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 64 UAE Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 65 UAE Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 66 UAE Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 67 UAE Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 68 UAE Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 69 Saudi Arabia Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 70 Saudi Arabia Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 71 Saudi Arabia Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 72 Saudi Arabia Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 73 Saudi Arabia Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 74 Saudi Arabia Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 75 Saudi Arabia Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 76 Saudi Arabia Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 77 Saudi Arabia Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 78 Saudi Arabia Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 79 South Africa Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 80 South Africa Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 81 South Africa Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 82 South Africa Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 83 South Africa Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 84 South Africa Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 85 South Africa Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 86 South Africa Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 87 South Africa Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 88 South Africa Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 89 Nigeria Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 90 Nigeria Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 91 Nigeria Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 92 Nigeria Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 93 Nigeria Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 94 Nigeria Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 95 Nigeria Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 96 Nigeria Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 97 Nigeria Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 98 Nigeria Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 99 Rest of LAMEA Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 100 Rest of LAMEA Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 101 Rest of LAMEA Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 102 Rest of LAMEA Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 103 Rest of LAMEA Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 104 Rest of LAMEA Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 105 Rest of LAMEA Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 106 Rest of LAMEA Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 107 Rest of LAMEA Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 108 Rest of LAMEA Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 109 Key Information – Baltimore Aircoil Company, Inc.
TABLE 110 Key Information – Steffes, LLC
TABLE 111 Key Information – Dunham-Bush Limited
TABLE 112 Key Information – Evapco, Inc.
TABLE 113 Key Information – SR ENERGY
TABLE 114 Key Information – Caldwell Energy Company
TABLE 115 Key Information – Abengoa
TABLE 116 Key Information – New BrightSource, Ltd.
TABLE 117 Key Information – Terrafore Technologies, LLC
TABLE 118 Key Information – Goss, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 Recent strategies and developments: Baltimore Aircoil Company, Inc.
FIG 3 Recent strategies and developments: Steffes Corp.