Thermal Energy Storage Market Size Worth $31.9 Bn, Globally, by 2030 | Exclusive Report by The Insight Partners
Thermal Energy Storage Market is growing at a CAGR of 6.3% from 2022 to 2030.
Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Thermal Energy Storage Market Forecast to 2030 –COVID-19 Impact and Global Analysis – by Type (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), Storage Material (Water, Molten Salt, PCM, Others), Application (District Heating and Cooling, Power Generation, Process Heating and Cooling), End User (Utility, Nonutility) and Geography (North America, Europe, Asia Pacific, Middle East and Africa, South America),” the market size is expected to reach US$ 31.9 billion by 2030 from US$ 13.6 billion in 2022, with an estimated CAGR of 6.3% from 2022 to 2030.
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Growing Focus Concentrated Solar Plants to Fuel Thermal Energy Storage Market Growth During Forecast Period
Thermal energy storage (TES) is a kind of energy storage. Thermal energy storage means heating or cooling a medium to leverage the energy when required later. Thermal energy storage can strike balanced energy consumption between day and night. Various technologies, such as sensible heat storage, latent heat storage, and thermochemical storage, can be used for thermal energy storage. Sensible thermal energy storage is considered one of the feasible options to decrease energy consumption and lower CO2 emissions. They utilize water or rock for storing and distributing heat energy. Sensible thermal energy storage is most appropriate for residential buildings. Latent heat storage systems accumulate energy without the medium alterations in temperature but rather rely on the modifying state of a medium. The phase change materials can store heat in their mass as latent heat. These materials are used in building and solar applications, accumulating and storing excess building heat. Thermochemical heat storage systems are based on chemical reactions. Thermal energy storage technology, such as molten-salt storage, is widely used at concentrated solar plants.
Sodium chloride (NaCl), KCl, and MgCl 2 have potential applications in high-temperature thermal energy storage in CSP plants. Major countries such as the US, China, Germany, and South Africa focus on deploying CSPs and investing in advanced technologies to enhance the operational efficiency of the plants. CSP technologies leverage mirrors to reflect and concentrate daylight onto receivers that accumulate light energy and transform it into thermal energy or heat. This thermal energy can then be applied for industrial heat applications or to provide heat to a turbine or heat engine that can drive a generator and generate electricity. CSP deployment is increasing globally owing to the benefits of dispatchable thermal energy storage, including significant cost reductions achieved by the industry. In addition, peaking power plants or peaker plants supply electricity when the demand is elevated or act as a baseload source that can fulfill electricity demands as per the requirement because they are equipped with thermal energy storage. Thus, the rise in the development of the renewable energy sector and favorable government initiatives toward using a sustainable approach to reduce carbon emissions are fueling the investment in concentrated solar power plants (CSPs), which is driving the market growth.
Global Thermal Energy Storage Market Scope:
|Market Size Value in||USD 13.6 Billion in 2022|
|Market Size Value by||USD 31.9 Billion by 2030|
|Growth rate||CAGR of 6.3% from 2022 to 2030|
|Segments covered||Offering, Type, End-User|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Thermal Energy Storage Market: Competitive Landscape and Key Developments
BrightSource Energy Inc. (Kelvin Energy), Abengoa SA, Baltimore Aircoil Company, and MAN Energy Solutions are among the key companies summarized during this market study and among the leading market players profiled in the thermal energy storage market report. Several other essential thermal energy storage market participants were evaluated for a holistic view of the market and its ecosystem. The report provides detailed thermal energy storage market insights, which help the key players strategize their market growth. A few developments are mentioned below:
In 2023, MAN Energy Solutions and Vicinity Energy signed a Memorandum of Understanding (MoU) on heat pumps as a low-carbon energy source for district heating. The firms worked together to advocate for and produce low-temperature source heat pump systems for steam generation and their application in district energy systems.
In 2023, Burns & McDonnell Consultants Inc. increased its footprint in the UK transmission market by joining the SSEN Transmission engineering, procurement, and construction (EPC) substations framework.
In 2023, in Nevada, Evapco installed its first low-charge ammonia (R717) split refrigeration systems at a cold storage facility in Reno. The project was conducted in collaboration with Ti Cold, a specialist contractor that sees technology as revolutionary for the industry.
In 2022, Steffes, LLC of Dickinson, North Dakota, the North American leader in Electric Thermal Storage systems, expanded its distribution partnership with The Master Group (Master) for the Canadian market. The deal offers The Master Group the rights to distribute and resale residential Steffes heating products in the Canadian market and the chance for Steffes to grow its presence in the provinces of Quebec and Nova Scotia through Master’s contractor network.
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Thermal Energy Storage Market: Industry Overview
The thermal energy storage market is segmented based on type, storage material, application, and end user. By type, the thermal energy storage market is bifurcated into sensible heat storage, latent heat storage and thermochemical storage. By storage material, the thermal energy storage market is classified into water, molten salt, phase change material (PCM) and others. The market for the application segment is further segmented into district heating and cooling, power generation, process heating and cooling. Based on the end user, the thermal energy storage market is segmented into utility and nonutility. The thermal energy storage market is segmented by region into Europe, Asia Pacific, North America, the Middle East & Africa, and South America.
The global thermal energy storage market is segregated into five major regions—North America, Europe, APAC, the MEA, and SAM. In 2022, Europe led the largest global thermal energy storage market share, followed by North America and APAC. The demand for thermal energy storage is increasing rapidly in Asia Pacific. Climate change concerns, targets of the Paris Agreement, and the inclination toward renewable energy for power generation are driving factors for the European thermal energy storage market. The use of thermal energy storage technologies as a cost-effective measure to manage energy imbalances in times of crisis or supply shortage is a major boost for the market. The US and Canada are major North American thermal energy storage technology users. The growing government policies and mandates favoring renewable energy resources, focusing on increasing the share of renewable sources in the overall power mix, and aiming to achieve the new zero carbon emission targets are major drivers for the North American thermal energy storage market. Sensible heat storage technology for heating and cooling buildings has positive outlooks in North America, followed by latent heat storage technology in the commercial sector. In Asia Pacific, China, Australia, and India are notable countries in thermal energy storage implementation. The growing number of solar, wind, and concentrated solar power projects in countries such as China, Australia, and India positively impact the thermal energy storage market. The growing investment in overall energy storage infrastructure for facilitating better energy utilization management, when required, is boosting the thermal energy storage market in Asia Pacific. Saudi Arabia, the UAE, and South Africa are major countries in the thermal energy storage market across the Middle East & Africa.
Go through further research published by The Insight Partners:
Solar Thermal Market – Global Analysis and Forecast to 2030
Thermal Power Plant Market – Global Analysis and Forecast to 2030
Moltan Salt Solar Energy Thermal Storage Market – Global Analysis and Forecast to 2030
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