The thermal energy storage market is projected to reach US$ 31,964.26 million by 2030 from US$ 19,572.24 million in 2022, with an estimated CAGR of 6.3% from 2022 to 2030. The growing proliferation of renewable resources in the overall power mix and increasing focus on achieving zero carbon emissions in different states and countries fuel the thermal energy storage market growth. The volatile geopolitical scenarios worldwide have shown the importance of energy storage facilities in managing energy emergencies. In many energy storage facilities, thermal storage is one of the most cost-efficient and feasible options, driving the application of thermal energy storage technologies in residential, commercial, and industrial sectors globally.
Thermal Energy Storage Market Analysis
The energy resources for power generation primarily include coal, natural gas, nuclear, oil, and biomass. Renewable resources consist of solar, wind, and hybrid resources. After producing energy by leveraging different available resources, producers primarily distribute the generated energy to end-use or application areas. The generated energy is transmitted to end-use areas as per requirement, but the surplus amount of produced energy is stored for later usage. Advantages of using energy storage Include a balanced supply of energy, reduced costs in peak hours, and proper utilization of stored surplus energy when required. BrightSource Energy Inc., Abengoa SA, Baltimore.
Thermal Energy Storage Market Overview
The end users of thermal energy storage include power plants, commercial and residential establishments, and industries such as manufacturing, textile, transportation, and food & beverages. The evolving energy scenario across the globe is creating a demand for energy storage infrastructure. The storage infrastructure allows the storage of energy and its usage as per the requirement. Thermal energy storage is also critical owing to the required balance of energy supply and demand for heating and cooling applications. It also enhances flexibility in electricity-only applications, including thermal power plant retrofits. Advancements in storage systems and a rise in research and development in energy management systems are contributing to the growth of the storage infrastructure.
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Thermal Energy Storage Market: Strategic Insights
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Thermal Energy Storage Market: Strategic Insights
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Thermal Energy Storage Market Drivers and Opportunities
The Growing Adoption of Concentrated Solar Plants is Expected to be the Prime Driver for the Thermal Energy Storage Market
Thermal energy storage technology, such as molten-salt storage, is widely leveraged 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. 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. Thus, the increase in the expansion 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.
Utilization of Thermal Energy Storage Technology in the Defense Sector
Defense applications impose a set of challenges on the usage of energy storage infrastructure. A stable, reliable, and steady power supply is important in defense applications. Phase change materials (PCM) are one of the most promising technologies in thermal energy storage. PCMs are being significantly employed and researched for enhancing the thermal performance of buildings by stabilizing temperature peaks as well as power-saving functions where heating or cooling is essential. Thus, the rise in the application of thermal energy storage technology in the defense sector is likely to create lucrative opportunities for the thermal energy storage market growth during the forecast period.
Thermal Energy Storage Market Report Segmentation Analysis
Key segments that contributed to the derivation of the thermal energy storage market analysis are type, storage material, application, and end-user.
- Based on the type, the thermal energy storage market has been divided into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held a larger market share in 2023.
- In terms of storage material, the market has been segmented into water, molten salt, PCM, and others. The water segment dominated the market in 2023.
- In terms of application, the market has been segmented into district heating and cooling, power generation, process heating, and cooling. The district heating and cooling segment dominated the market in 2023.
- In terms of end-user, the market has been segmented into utility and nonutility. The utility segment dominated the market in 2023.
Thermal Energy Storage Market Share Analysis by Geography
The geographic scope of the Thermal Energy Storage Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Europe is leading the thermal energy storage market in 2023. The Europe thermal energy storage market is segmented into Germany, France, Italy, the UK, and Russia. In solar power plants, district heating is a major application area of thermal energy storage. Europe has over 200 solar district heating programs, predominantly in Germany, Austria, Denmark, and Sweden. The demand for energy in the industrial, commercial, and residential sectors is growing rapidly; hence, governments of various countries in Europe are focused on developing alternative solutions to conventional power supply. The favorable government policies and mandates in line with the net zero carbon emission and clean energy targets are creating the demand for sustainable storage infrastructure, including thermal storage in Europe.
Thermal Energy Storage Market Regional Insights
The regional trends and factors influencing the Thermal Energy Storage Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Thermal Energy Storage Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Thermal Energy Storage Market
Thermal Energy Storage Market Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 19,572.24 Million |
| Market Size by 2030 | US$ 31,964.26 Million |
| Global CAGR (2022 - 2030) | 6.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Thermal Energy Storage Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Thermal Energy Storage Market are:
- Goss Engineering Inc.
- Evapco Inc.
- Burns & McDonnell Consultants Inc.
- Baltimore Aircoil Co
- BrightSource Energy Inc (Kelvin Energy Inc)
- Sunamp Ltd
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Thermal Energy Storage Market top key players overview
Thermal Energy Storage Market News and Recent Developments
The Thermal Energy Storage Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Thermal Energy Storage Markets market and strategies:
- In April 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 develop low-temperature source heat pump systems for steam generation and their application in district energy systems. (Source: MAN Energy Solutions, Press Release/Company Website/Newsletter)
- In September 2022, Sunamp, a UK-based thermal storage technology company, signed a partnership agreement with Faradise Energy, a construction and engineering firm Compremum S.A subsidiary, to reduce gas use in Poland. Sunamp increased the distribution of its energy-efficient thermal batteries throughout Central and Eastern Europe as part of its international expansion strategy. Sunamp's Thermino series of heat batteries for hot water was distributed in Poland by Faradise Energy, with a focus on heat pump and solar PV-compatible variants. (Source: Sunamp Ltd., Press Release/Company Website/Newsletter)
Thermal Energy Storage Market Report Coverage and Deliverables
The “Thermal Energy Storage Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Storage Material, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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