South Africa Battery Market is expected to grow due to increasing demand for electronic equipment and electric vehicles throughout the forecast period.
According to TechSci Research report, “South Africa Battery Market – By Region, Competition Forecast & Opportunities, 2018-2028F”, the South Africa battery market is expected to register 7.58% CAGR during the forecast period, 2024-2028, owing to the recent regulatory amendments in South Africa towards renewable energy sources, along with current energy crisis.
Numerous energy storage projects are planned with the collaboration of both state-owned and private organisations since the South African government is keen to increase the nation’s sources of power generation and energy security. In June 2021, a government tender in South Africa awarded 540 MW of solar projects with 225 MW/ 1,140 MWh of battery storage to Scatec, an energy business with its headquarters in Norway. The company’s involvement in the initiative was a component of the Risk Mitigation Power Procurement Programme (RMPPP), which aims to expand the sources of energy dispatch in times of unpredictable demand.
The government’s programme “Renewable Energy Independent Power Producer Procurement Programme (REIPPPP)” in South Africa is largely to contribute for the country’s increase in energy storage projects. The installation of a 360 MW storage system at these locations is part of the Battery Energy Storage Systems (BESS) project, which was planned for several renewable energy plants controlled by Eskom, the state-owned utility of South Africa, in November 2021. Given these changes, the South African battery market is predicted to make significant advancements soon.
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South Africa Battery Market is segmented into technology, product type, end user, and region. Based on technology, the market is bifurcated into lithium-ion battery, lead-acid battery, and others. Based on product type, the market is further divided into SLI batteries, industrial batteries, and others. Based on end user, the market is further divided into telecom, energy storage systems, consumer electronics, automotive, and others. Based on region, the market is fragmented into Gauteng, KwaZulu-Natal, Western Cape, Eastern Cape, Mpumalanga, Limpopo, North West, Free State, and Northern Cape.
Based on technology, the Lithium-Ion Battery segment is expected to dominate the market. Rechargeable lithium-ion batteries are used most frequently in energy vehicles and electronic devices. Additionally, the power from renewable energy sources like solar and wind is stored in these batteries. Lithium-ion batteries are lightweight, maintenance-free, have a capacity that is 25–50% more than traditional batteries, and have many uses in the automotive & energy storage industries. This results in lighter, more energy-efficient vehicles. It is anticipated that the average cost of lithium-ion batteries would continue to drop, making them significantly more cost-competitive with other battery types. Electric and plug-in hybrid vehicles are propelled by lithium-ion battery systems.
Lithium-ion batteries are the only available technology capable of matching OEM specifications for automotive driving range and charging time due to its quick recharge, high energy density, and high discharge power. Lead-based traction batteries have less competition in electric or hybrid vehicles due to their higher weight and lower specific energy. The South African government made suggestions about setting up a domestic value chain to produce lithium batteries, specifically for the EV industry. During the forecast period, these innovations are anticipated to propel the lithium-ion battery market.
Based on end user, automotive sector is expected to dominate the market. According to The National Association of Automobile Manufacturers of South Africa (NAAMSA), in 2020, the automotive industry’s contribution to the gross domestic product (GDP) was 4.9%. Moreover, the report also stated that the nation’s sales of electric vehicles in the first quarter of 2023 had already surpassed more than half of all sales for the previous year. 232 electric car units have been sold since the year’s beginning, as opposed to 502 sold throughout the entire year of 2022.
Sales of new energy vehicles (NEVs), which include plug-in hybrids, conventional hybrids, and fully electric automobiles, increased overall in Q1 2023 compared to the corresponding quarter in 2022, by 18.8%. Moreover, the International Energy Agency reported that South Africa’s BEV (Battery Electric Vehicles) stock has progressively grown from just 34 units in 2013 to 896 units in 2021. Thus, the automotive sector is expected to dominate the market during the forecast period.
Key market players in the South Africa Battery Market: –
- Duracell Inc.
- Eveready (Pty) Ltd.
- Probe Corporation
- First National Battery
- Exide Industries ltd
- Potensa (Pty) Ltd.
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“South Africa Battery Market is expected to grow at an impressive CAGR during the forecast period, owing to demand from telecommunications sectors such as rise in number of data centers, increase in electric vehicles, and domestic production. Lithium-Ion Battery is expected to dominate the market as they are lightweight, maintenance-free, and have a capacity that is 25–50% more than traditional batteries and are known to have uses in the automotive and energy storage industries.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“South Africa Battery Market Segmented By Technology (Lithium-ion Battery, Lead-Acid Battery, and Others), By Product Type (SLI Batteries, Industrial Batteries, and Others), By End User (Telecom, Energy Storage Systems, Consumer Electronics, Automotive, and Others), By Region, Competition Forecast & Opportunities, 2028F” has evaluated the future growth potential of South Africa battery marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the South Africa battery market.
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