Middle East & Africa Battery MarketSubmitted by Bonafide Research Research
There is a significant opportunity for the development of the battery market backed by increasing renewable generation and energy storage investment, partly to counter the increased risk of an Eskom failure. In the past decade, the rechargeable lithium-ion battery market increased on average every three years due to the increased usage of mobile phones, computer tablets, and laptops. The Middle East & Africa region held the second least share in the total market followed by Latin America. However, the high initial investment required for the installation of the battery energy storage system is expected to hinder the growth of the market. Due to strong synergies between power applications and both electric vehicles and consumer electronics, much of the recent focus of battery development has been on lithium-ion batteries. The primary battery segment is expected to cross a market value of USD 1.63 Billion by the end of the forecasted period.
The automotive batteries segment is likely to witness significant demand for the battery market in the Middle East and Africa region and is expected to be the leading end-user for lithium-ion batteries in the coming years. Unlike the global market, the region was dominated by the portable segment, recorded at a value of USD 2.88 Billion in the year 2020. Moreover, expanding the 5th Generation based telecommunication network and implementation of Vision Documents in Saudi Arabia, UAE, Qatar, and Kuwait are likely to further aid the Middle East & South Africa battery market in the forecasted years. On the other hand, the automotive application segment is expected to grow with the highest anticipated CAGR of 10.97%. The lead-acid segment held the highest share historically and is likely to lose its dominance to the lithium-ion battery over the forecasted period. The lead-acid segment portrayed a historic growth rate of 3.65%. Lithium-ion systems have several advantages for grid applications, including high energy density, rapid response, very high efficiencies, and flexible operation. These features enable lithium-ion batteries to be used for most applications in principle. On the other hand, the nickel-based battery segments (nickel-cadmium & nickel-metal hydride) are expected to value over USD 0.45 Billion by the end of the forecasted period.
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Growing consumer inclination towards electric vehicles, amid increasing concerns regarding alarming pollution levels and the negative impact of climate change, has boosted the market growth in South Africa. The country is expected to dominate the region which is expected to hold to more than a quarter of the total market share. The number of people without access to electricity in the African region is expected to increase from 588 million in 2016 to about 602 million in 2030, despite efforts to boost electrification through grid connectivity. Saudi Arabia is focusing on the complete transition to renewable energy systems by 2040, and the government of the country has been making heavy investments for this purpose. Thus, the expansion of the renewable energy sector opens up growth avenues for the lead-acid battery market in the country. Jordan is expected to provide a considerable opportunity for the battery manufacturers and suppliers owing to the increasing EV adoption through a mix of incentives, infrastructure, and state fleet usage. Infrastructure development projects of Abu Dhabi Metro and Etihad Rail Network in line with booming industrialization and construction activities are expected to be on the higher side in the region which in turn, is expected to supplement the demand for batteries for activities, such as backup, lighting, and power tools. GS Yuasa Corporation is a leading company manufacturing lead-acid batteries in the region. It is planning to expand its base in the Middle East by establishing a new plant in Turkey for the production of lead-acid batteries.
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