Thermal Energy Storage Market
The thermal energy storage market was valued at USD 26.2 billion in 2021, and it is expected to expand from USD 29.47 billion in 2022 to USD 67.22 billion by 2030, exhibiting a compound yearly growth rate (CAGR) of 12.50% during the forecast period (2022 - 2030).
The thermal energy storage (TES) market revolves around technologies that store thermal energy for later use, balancing supply and demand for heating or cooling in buildings, industrial processes, and energy grids. TES systems capture heat or cold energy when it is abundant and store it for use during peak demand or when energy prices are higher. There are three primary types of TES: sensible heat storage, latent heat storage, and thermochemical storage, each varying in their mechanism of storing thermal energy.
TES plays a vital role in enhancing energy efficiency, integrating renewable energy sources, and reducing greenhouse gas emissions. In regions with a significant solar energy potential, such as the Middle East and North Africa, TES systems are increasingly integrated with concentrated solar power (CSP) plants. This allows the generation of electricity even when the sun is not shining, helping to stabilize the grid.
The global TES market is driven by the need to decarbonize the energy sector, reduce reliance on fossil fuels, and enhance energy security. Government policies encouraging the use of renewable energy, as well as rising energy costs, are further propelling market growth. However, challenges such as the high initial investment and lack of standardized technologies may impede its expansion. Nonetheless, advancements in materials science and the adoption of smart grid technologies are expected to support the future growth of the TES market.
The thermal energy storage market refers to the industry involved in the development, production, and deployment of systems and technologies for storing thermal energy. Thermal energy storage (TES) systems are designed to capture and store thermal energy in order to use it at a later time when needed. This technology helps to improve energy efficiency, reduce peak demand, and enhance the integration of renewable energy sources into the grid.
There are various types of thermal energy storage technologies available, including sensible heat storage, latent heat storage, and thermochemical storage. Sensible heat storage involves storing heat in a material by increasing its temperature, such as using heated water or molten salts. Latent heat storage involves storing heat through a phase change, such as the solid-liquid transition of materials like paraffin wax or phase change materials (PCMs). Thermochemical storage uses chemical reactions to store and release heat energy.
Regional Analysis
North America, particularly the United States and Canada, has seen significant growth in thermal energy storage applications. The focus has been on renewable energy integration, grid stabilization, and reducing peak demand. Several large-scale TES projects have been implemented, such as concentrated solar power (CSP) plants with thermal storage in the southwestern United States.
Europe has been at the forefront of adopting thermal energy storage technologies. The region has been actively investing in sustainable energy solutions and has supported the deployment of TES systems. Countries like Germany, Spain, and Denmark have been leaders in implementing TES, primarily in district heating and cooling systems, as well as solar thermal applications.
Asia, particularly China and India, has shown a growing interest in thermal energy storage. China has been investing heavily in renewable energy and has integrated TES in concentrated solar power projects. In India, TES has been utilized in solar power plants and industrial applications. Other countries in Southeast Asia, such as Singapore and Malaysia, are also exploring TES solutions.
Market Segmentation
Thermal Energy Storage market has been segmented into Technology, Storage Material, End User.
Technology : Sensible Heat Storage , Latent Heat Storage , Thermochemical Storage
Material : Water , Molten Salt , Phase Change Material ,
End User : Commercial & Industrial , Utilities , Residential
Key Players
Caledonian MacBrayne (UK), Ice Energy (US), Steffes Corporation (US), Burns & McDonnell (US), DN Tanks (US), FAFCO, Inc (US), Abengoa Solar (Spain), Brightsource Energy, Inc. (US), Baltimore Aircoil Company (US), Solarreserve, LLC (US), Calmac (UK), and Cristopia Energy Systems (India)
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