Thermal Energy Storage Market: Market Segments: By Product Type (Sensible Heat Storage, Latent Heat Storage and Thermochemical Heat Storage); By Technology (Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-based Technology and Miscibility Gap Alloy Technology); By Application (Process Heating & Cooling, District Heating & Cooling, Power Generation, Ice storage air-conditioning and Others); By End-user (Industrial, Utilities and Residential & Commercial); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Thermal energy storage systems are especially used to store energy which are also known as heat storage. It has an energy transfer process that is quick and highly efficient and does not require chemical conversion. This is among the most feasible options for eco-friendly energy savings. It temporarily retains thermal energy for utilization at a later stage in the hot or cold form.
Thermal Energy Storage Market is expected to project a notable CAGR of 14.2% in 2030.
Thermal Energy Storage Market to surpass USD 374 Million by 2030 from USD 190 Million in terms of value growing at a CAGR of 14.2% throughout the forecast period, i.e., 2020-30. The shifting preference towards the generation of renewable energy, including concentrated solar power, and the growing demand for HVAC thermal energy storage (TES) systems are key factors driving the growth of the industry.
Thermal Energy Storage Market: Segments
Thermochemical heat storage Segment to grow with the highest CAGR of 13.2% during 2019-30
Thermal Energy Storage Market is segmented by Product Type as Sensible Heat Storage, Latent Heat Storage and Thermochemical Heat Storage. The sensible heat storage segment is estimated to lead the market with a share of over 45.0% which can be attributed to increased demand for solar thermal systems, along with applicability across HVAC systems on a large scale. A main aspect of the technology that will further increase the penetration of the product is the provision of reversible charging and discharge facilities for an infinite number of cycles.
Thermal Energy Storage Market: Market Dynamics
Rapidly growing urbanization
The demand for electricity has been on the rise with rapid urbanization around the world leading to the deployment of various forms of energy-generating utilities, including CSP plants. In addition, there has been a considerable increase in power consumption for district heating and cooling purposes.
Lack of awareness about technology and High Initial Cost
Factors such as the lack of awareness of storage technology, the additional costs associated with the use of the thermal energy storage system and the need for highly qualified technicians to maintain the system are expected to hinder market growth. Thermal storage is a relatively new technology which has been introduced to the market. There are different components in the energy storage system, each having its own associated cost.
Thermal Energy Storage Market: Key Players
- BrightSource Energy Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
- SolarReserve LLC
- Abengoa SA
- Terrafore Technologies LLC
- Baltimore Aircoil Company
- Ice Energy
- Caldwell Energy
- Steffes Corporation
- Trane Technologies plc
Thermal Energy Storage Market: Regions
Thermal Energy Storage Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Thermal Energy Storage Market in Europe led the market with a lion share of more than 30% in 2019 and is projected to maintain its lead over the forecast period. A large number of thermal energy storage systems that are used for space heating, water heating, district heating and cooling, and power generation characterize this region. Due to the large number of operational TES projects across the country, along with the presence of major players, Spain is the largest contributor to regional market growth. The Asia Pacific market is expected to expand over the forecast period at the highest CAGR of 14.3%. The urbanization and population of developing nations such as China, India, South Korea, Japan, Indonesia and Malaysia are experiencing rapid growth. There are many unreliable power grids and fundamental infrastructure systems for these developing nations. This factor is expected to force industry participants to invest in these countries and thus increase the growth of thermal energy storage facilities and distribution grids.
Thermal Energy Storage Market report also contains analysis on:
Thermal Energy Storage Market Segments:
By Product Type:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Heat Storage
- Molten Salt Technology
- Electric Thermal Storage Heaters
- Solar Energy Storage
- Ice-based Technology
- Miscibility Gap Alloy Technology
- Process Heating & Cooling
- District Heating & Cooling
- Power Generation
- Ice storage air-conditioning
- Residential & Commercial
- Thermal Energy Storage Market Dynamics
- Thermal Energy Storage Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints