Thermal Energy Storage Market to Reach US$ 10.16 Billion by 2030: Coherent Market Insights, Inc.
Thermal energy storage (TES) is an innovative technology that enables the capture and retention of thermal energy for later use. It offers a sustainable and efficient solution for managing energy demand and reducing reliance on traditional energy sources.
Burlingame, July 14, 2023 (GLOBE NEWSWIRE) — According to Coherent Market Insights, The global thermal energy storage market size was valued at US$ 4.65 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.2% from 2023 to 2030.
Thermal energy storage (TES) is a form of energy storage. Thermal energy storage means heating or cooling a medium in order to use energy later when it is needed. The most common application for thermal energy storage is in solar thermal systems. However, due to its wide range of benefits, TES is used in many other applications. It is much cheaper than electricity storage and it has high potential of integrating intermittent renewable energy sources into the heating or cooling sector. Thermal energy storage also helps reduce CO2 emissions and costs by making sure energy is used when it is cheaper and there is more renewable energy in the mix.
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Key Trends and Analysis of the Global Thermal Energy Storage Market:
Growing preference for renewable energy generation is one of the key trends expected to augment growth of the global thermal energy storage market. For instance, renewable energy sources and CSP (concentrated solar power) are gaining wider acceptance owing to the increasing demand for efficient and reliable power generation technology. In January 2022, Chinese government planned to start/complete 11 CSP projects with thermal energy storage by 2024. By 2024 China will build 30 Concentrated Solar Power Projects as a part of gigawatt-scale renewable energy complexes in each province, appropriately reflecting the urgency and scale needed for climate action
Global Thermal Energy Storage Market – Drivers
Increasing demand for TES technologies to propel market growth
In May 2023, Israel’s Brenmiller Energy announced the inauguration of the world’s first thermal energy storage (TES) Gigafactory. A new facility will be Brenmiller’s primary manufacturing hub, with the production lines expected to reach full capacity by the end of 2023, producing up to four gigawatt-hours (GWh) of the company’s bGen TES modules annually. The bGen TES system uses renewable energy resources, as well as waste heat, to heat crushed rocks to very high temperatures. This heat can then be stored for minutes, hours or even days before being used for industrial and power generation processes. With the increasing need for enhance energy efficiency coupled with continuous energy utilization efforts, the demand for TES is also increasing rapidly.
Thermal Energy Storage Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 4.65 Bn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||10.2%||2030 Value Projection:||US$ 10.16 Bn|
|Companies covered:||BrightSource Energy, Inc., EnergyNest AS., Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns & McDonnell, Inc., and DC Pro Engineering|
|Restraints & Challenges:||
Increasing carbon dioxide (CO2) emissions to drive market growth
Thermal energy storage (TES) helps reduce CO2 emissions as well as costs by making sure energy is used when it is cheaper and there is more renewable energy in the mix. Global carbon dioxide (CO2) emissions from energy combustion and industrial processes grew by 0.9% (321 Mt) in 2022 to a new all-time high of 36.8 Gt, according to the International Energy Agency (IEA). Moreover, global energy-related CO2 emissions grew by 0.9%, or 321 million tons in 2022, reaching a new high of more than 36.8 billion tons. This in turn is expected to increase the use of renewable energy resources as well as the demand for thermal energy storage (TES), driving the growth of the global thermal energy storage market during the forecast period.
Global Thermal Energy Storage Market – Restrain
Availability of alternate technologies to hamper market growth
One of the key factors expected to hamper the growth of the global thermal energy storage market is the availability of alternate energy storage technologies. For instance, the thermal energy can be stored in a wide variety of ways, such as by altering the way heat is absorbed and/or released, or by conducting chemical reactions that take advantage of thermal properties of certain materials. Common methods include sensible heat and latent heat (types of heat transfer), thermo-chemical conversion, phase change materials, ice & chilled water storage. Hence, the availability of alternate technologies or presence of substitute is expected to hamper the market growth.
Global Thermal Energy Storage Market – Opportunities
Favorable government initiatives to promote the adoption of TES systems is expected to offer significant growth opportunities for players in the market.
Countries such as the United States and Canada have implemented policies such as subsidies, tax credits, and feed-in tariffs to promote the adoption of thermal energy storage (TES) systems. India has also taken the number of initiatives with a view to promoting energy storage technologies. For instance, Clean Energy Materials Initiative (CEMI) supports research and development of energy conservation and storage technologies to maximize the resource use efficiency. In November 2022, the Enel Group and Brenmiller Energy Ltd. inaugurated an innovative, sustainable energy storage system in Santa Barbara, Tuscany. The goal of TES project is to build an innovative storage system in Santa Barbara, accelerating the energy transition.
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Global Thermal Energy Storage Market – Key Developments
In August 2022, Kyoto Group in Norway signed a letter of intent with Glomma Papp, a cardboard manufacturer, to enter a supply agreement for Kyoto’s thermal energy storage molten-salt-based solution, Heatcube. This system is expected to be commissioned in 2023.
In July 2022, China announced the installation of 1.3 GW of CSP with 12,000 MWh of thermal storage. The project will likely be installed in the Xinjiang province, bringing China’s commercial total to 3 GW.
In January 2022, the European Union and European Investment Bank collaborated with Malta Inc., the grid-scale thermal energy storage provider, to execute Sun2Store thermal energy storage (TES) project in Spain.
Key Market Takeaways:
Global thermal energy storage market is expected to exhibit a CAGR of 10.2X% during the forecast period. The global thermal energy storage market is growing rapidly due to the shifting preference towards renewable energy generation and rising demand for TES systems.
On the basis of Type, Sensible Heat Storage Segment is expected to dominate the market during the forecast period and this is attributed to the growing demand for solar thermal energy storage systems across the globe.
On the basis of Technology, Molten Salt Technology Segment is expected to dominate the market during the forecast period and this is attributed to the growing adoption of concentrated solar power (CSP) technologies worldwide.
On the basis of Storage Material, Molten Salt Segment is expected to dominate the market during the forecast period and this is attributed to the growing adoption of CSP technologies and increasing capacity of CSP worldwide.
On the basis of Application, Power Generation Segment is expected to dominate the market during the forecast period and this is attributed to the growing preference for renewable energy generation or increasing use of renewable energy sources.
On the basis of End User, Utilities Segment is expected to dominate the market during the forecast period and this is attributed to the increase in energy generation.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period owing to increasing demand for thermal energy storage (TES) technologies and increasing carbon dioxide (CO2) emissions in the region.
Key players operating in the global thermal energy storage market include EnergyNest AG, Ice Energy, Abengao Solar S.A., Baltimore Aircoil Company Inc., Burns & McDonnell Inc., DC Pro Engineering, and BrightSource Energy Inc., among others.
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Global Thermal Energy Storage Market, By Type
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical heat Storage
Global Thermal Energy Storage Market, By Technology
- Molten Salt Technology
- Electric Thermal Storage Heater
- Solar Energy Storage
- Ice- Based Technology
- Miscibility Gap Alloy Technology (MGA)
Global Thermal Energy Storage Market, By Storage Material
- Molten Salt
- Phase Change Material
Global Thermal Energy Storage Market, By Application
- Process Heating & Cooling
- District Heating & Cooling
- Power Generation
- Ice storage air- conditioning
Global Thermal Energy Storage Market, By End User
- Residential & Commercial
Global Thermal Energy Storage Market, By Region
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