Middle East Battery Market is expected to reach USD 26.47 billion by 2030
The emergence of battery material suppliers along with robust construction and building sector are driving up demand for the Middle East battery market during the forecast period.
Middle East Battery Market was valued at USD 8.03 billion in 2022, and is predicted to reach USD 26.47 billion by 2030, with a CAGR of 16.09% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The Middle East includes Saudi Arabia, UAE, and Jordan. In Saudi Arabia, the market is influenced by global battery material suppliers that are actively pursuing strategies like business expansion. For instance, in October 2021, EV Metal Group announced its plan to build USD 3 billion plants over the next 9 years, initially to process minerals such as lithium and nickel, in Saudi Arabia. The investment plans would later be expanded to explore battery metals in Saudi Arabia.
Also, the construction and building sector remain one of the fastest-growing sectors in the Middle East region due to the growing population. Therefore, the growth of the battery market in the Middle East region is being propelled by the construction and building sector, increasing population, industrialization, and construction activities, which are expected to be higher in the country, giving ample support to supplement the demand for batteries for activities including backup, lighting, and power tools in UAE.
However, improper battery management poses a range of hazards affecting both human health and the environment. Disused or wrongly discarded batteries often find their way into landfills, where they break down over time, releasing hazardous substances. As these batteries degrade, their chemical components can infiltrate the soil, leading to pollution of underground and surface water sources. This contamination presents a substantial threat to ecosystems, resulting in detrimental effects on aquatic plants and animals due to the existence of hazardous battery elements like mercury, cadmium, lithium, and lead. Consequently, this scenario is anticipated to hinder the growth of the battery market in Middle East.
On the other hand, the increasing adoption of NDBs across diverse sectors such as automotive, aerospace, and electronics is poised to open up future opportunities in the Middle East's battery market. The emergence of NDBs signals a revolutionary departure in the realm of energy generation and storage, challenging the established norms of conventional battery technology. These Nuclear Diamond Batteries (NDBs) represent a groundbreaking advancement, harnessing the latent energy within radioactive decay of nuclear waste to generate usable power. Distinguished by their unique attributes, these exceptional systems excel in capturing and converting energy derived from radioactive decay. NDBs stand out due to their compact design, modular capabilities, cost-effectiveness, and scalability, making them adaptable and valuable across a wide spectrum, from small-scale chipsets to expansive industrial applications. By employing alpha, beta, and neutron voltaic principles within a sturdy diamond-based framework, NDBs offer a sustainable and enduring energy solution for a diverse array of applications, effectively surpassing the limitations of traditional chemical battery technologies.
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According to the report, leading players in the Middle East battery market include LG Chem Ltd., CATL, Samsung SDI Co. Ltd., BYD, SKI, ENVISIONAESC GROUP LTD., Gotion High tech Co Ltd, Primearth EV Energy Co., Ltd., Middle East Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Insights from the Middle East Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Middle East battery market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the Middle East battery market is provided in the report along with their competitive analysis.