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South Africa Thermal Energy Storage Market
ID: MRFR/EnP/53828-HCR
200 Pages
June 2025
South Africa Thermal Energy Storage Market Research Report: By Technology (Molten Salt Storage, Water Thermal Storage, Phase Change Materials, Ice Storage), By Storage Capacity (Less than 100 MWh, 100-500 MWh, 500-1000 MWh, More than 1000 MWh), By Application (District Heating, Industrial Processes, Concentrated Solar Power, Building Heating and Cooling) andBy Material Used (Concrete, Steel, Natural Materials, Composite Materials)- Forecast to 2035
Industry Developments
Recent developments in the South Africa Thermal Energy Storage Market indicate a growing interest from key players such as Engie, ACWA Power, and General Electric, which are actively exploring innovations in energy storage solutions to complement renewable energy sources. In September 2023, SolarReserve announced a significant investment in a new thermal energy storage facility, aiming to enhance energy reliability in the region. The market is seeing accelerated growth due to government support for transitioning to renewable energy, with initiatives promoting investment in thermal energy projects. In August 2023, the National Energy Regulator of South Africa (Nersa) granted licenses for several new projects, facilitating further market expansion. Notably, recent acquisitions have transformed the landscape, such as Engie's acquisition of a local company focused on energy storage solutions in July 2023. This acquisition is expected to enhance Engie's operational capabilities in the region. Additionally, Vestas has introduced innovative turbine designs targeting the thermal storage sector, aiming to bolster the efficiency of energy generation in tandem with storage solutions. Overall, these developments reflect a dynamic and rapidly evolving industry committed to sustainable energy advancement in South Africa.
Report Scope
Report Scope:
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 59.5(USD Million) |
| MARKET SIZE 2024 | 64.38(USD Million) |
| MARKET SIZE 2035 | 300.0(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 15.018% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | Engie, SolarReserve, ACWA Power, Ceres Media, Duke Energy, Siemens, Abengoa Solar, Vestas, General Electric, Linde, SENER, Absa Group, Ferrostaal, Nersa, Andasol |
| SEGMENTS COVERED | Technology, Storage Capacity, Application, Material Used |
| KEY MARKET OPPORTUNITIES | Growing renewable energy investments, Government incentives for clean energy, Increased electricity demand management, Expanding industrial sector applications, Advancements in storage technologies |
| KEY MARKET DYNAMICS | increasing renewable energy adoption, government incentives and policies, rising energy storage demand, technological advancements, cost reduction in storage systems |
| COUNTRIES COVERED | South Africa |
FAQs
What is the expected market size of the South Africa Thermal Energy Storage Market in 2024?
The expected market size of the South Africa Thermal Energy Storage Market in 2024 is anticipated to be valued at 64.38 million USD.
How much is the market projected to grow by 2035?
By 2035, the market is projected to grow significantly, reaching an expected value of 300.0 million USD.
What is the expected compound annual growth rate (CAGR) for the South Africa Thermal Energy Storage Market from 2025 to 2035?
The expected CAGR for the South Africa Thermal Energy Storage Market from 2025 to 2035 is 15.018%.
Which technology segment will have the highest market value in 2035?
In 2035, the Water Thermal Storage segment is expected to have the highest market value, reaching 90.0 million USD.
Who are the key players in the South Africa Thermal Energy Storage Market?
Key players in the market include Engie, SolarReserve, ACWA Power, Duke Energy, Siemens, and General Electric among others.
How is the Molten Salt Storage segment expected to perform by 2035?
The Molten Salt Storage segment is expected to perform well, growing to 70.0 million USD by 2035.
What challenges might affect the South Africa Thermal Energy Storage Market's growth?
Challenges that may affect the market's growth include technological limitations and the need for significant capital investment.
How is the Ice Storage technology expected to value by 2035?
Ice Storage technology is projected to grow and reach a value of 80.0 million USD by 2035.
What impacts the competitiveness of key players in the Thermal Energy Storage Market?
The competitiveness of key players in the market can be influenced by their technology advancements and strategic partnerships.
What market opportunities are anticipated in the South Africa Thermal Energy Storage Market?
Anticipated market opportunities include increased demand for renewable energy solutions and advancements in storage technologies.
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