Published Report - Thermal Energy Storage Market Size Report | Growth & Analysis 2030

  • Report Code : TIPAR00005595
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 178
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Thermal Energy Storage Market Size Report | Growth & Analysis 2030

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[Research Report] 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. 

Analyst Perspective:

The mounting share of renewable resources in the complete power mix and increasing focus on achieving zero carbon emissions in different states and countries fuel the thermal energy storage market growth. Increasing focus on concentrated solar power and growing application of thermal energy storage for district heating and cooling, process heating and power generation is also boosting the thermal energy storage market. Europe dominated the market for thermal energy storage in 2022, followed by North America and South America, which registered the highest CAGR growth in 2022.

Thermal Energy Storage Market Overview:

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.

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Published Report - Thermal Energy Storage Market: Strategic Insights

Published Report - Thermal Energy Storage Market

  • CAGR (2022 - 2030)
    6.3%
  • Market Size 2022
    US$ 19.57 Billion
  • Market Size 2030
    US$ 31.96 Billion

Market Dynamics

GROWTH DRIVERS
  • Rising Renewable Energy Share
  • Increasing CSPs
  • Growing Heating & Cooling applications
FUTURE TRENDS
  • Application of artificial intelligence for optimization and control of thermal energy storage systems
OPPORTUNITIES
  • Application of thermal energy storage technology in the defense sector

Key Players

  • Kelvin Energy Inc
  • Baltimore Aircoil Company
  • Burns & McDonnell Inc.
  • Evapco, Inc.
  • Goss Engineering
  • Sunamp Ltd
  • CALMAC
  • Man Energy Solutions
  • Steffes, LLC

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

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
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Thermal Energy Storage Market Driver:

Growing Share of Renewables Propels Thermal Energy Storage Market Growth

The revolution of the global energy system following the Paris Agreement, which was initiated in 2015 and entered into force in 2016, is boosting the application of renewables among energy end-users. The adoption of thermal energy storage is growing due to increasing concern towards more sustainable and green energy alternatives, rising climate change concerns, and government initiatives towards boosting the usage of renewable energy across the globe. Furthermore, due to the growing energy uncertainties in Europe owing to the Russia-Ukraine war, governments of various countries realized the potential of domestically generated renewables and energy storage. Thermal energy storage (TES) technology is one of the alternatives to battery storage, which can aid the integration of renewable energy in sectors such as power generation, commercial, and residential. Deploying TES technologies in these sectors can help reduce the heating and cooling demand created by instant power generation from supply resources. TES decreases the requirement for expensive grid reinforcements for PV. It also aids in meeting periodic demand for power and supports the shift to a primarily renewable-driven energy system. Thermal storage technology can also ease the process of load shifting, resulting in better deployment of renewables and improved grid congestion. By assisting the transition to renewables and boosting electrification, TES technologies can aid in meeting long-term climate and sustainability goals. Thus, the rising deployment of renewable generation technologies drives the thermal energy storage market.

Thermal Energy Storage Market Segmental Analysis:

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 segmented 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 divided into utility and nonutility.

Based on technology, the thermal energy storage market is categorized into sensible heat storage, latent heat storage and thermochemical storage. All types of technologies are already under commercialization. However, even within the same category, some storage technologies are more mature and widely applied than others. For example, sensible storage is applied when the temperature of a material is raised or reduced. In contrast, latent storage occurs when a material's phase is changed from solid to liquid or liquid to vapor without a temperature change. In addition, thermochemical heat storage is leveraged on the surface of a material. The major application for thermal energy storage technologies is in buildings, energy production or supply systems, district systems, power plants, and industrial applications.

Thermal Energy Storage Market Regional Analysis:

The Europe thermal energy storage market size was valued at US$ 7,183.0 million in 2022 and is projected to reach US$ 10,497.1 million by 2030; it is expected to grow at a CAGR of 4.9% from 2022 to 2030. The European thermal energy storage market is segmented into Germany, France, Italy, Russia, the UK and the Rest of Europe. In  Europe, Germany secured the largest market share in 2022. In Germany, the government is focused on improving energy security and self-sufficiency in energy supply for commercial and residential usage. District heating is one of the major thermal energy storage applications in Germany. The country has launched various TES projects, including hot-water tanks, with the highest capacity as large-scale heating TES installations in district heating systems. With the growing proliferation of solar thermal district heating schemes, thermal storage technologies are being widely adopted to store surplus heat supply, which can be discharged when there is low solar availability, especially during the night, rainy season, or winter. TES supports the change of heat output to encounter changing demand and balance out the supply fluctuations. These factors help in providing cost-efficient decarbonized heating. The application of sensible and latent heat storage technologies in the cold chain, HVAC for buildings, targets for greenhouse gas emissions, and ambition of achieving a net zero carbon emission economy is driving the demand for thermal energy storage in the country.

Thermal Energy Storage Market Key Player Analysis:

The thermal energy storage market consists of players such as Goss Engineering Inc., Evapco Inc., Burns & McDonnell Consultants Inc., Baltimore Aircoil Co, BrightSource Energy Inc (Kelvin Energy Inc), Sunamp Ltd, Calmac Corp, MAN Energy Solutions SE, Steffes LLC, Abengoa SA.

Thermal Energy Storage Market Report Scope

Report Attribute Details
Market size in 2022 US$ 19.57 Billion
Market Size by 2030 US$ 31.96 Billion
Global CAGR (2022 - 2030) 6.3%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Type
  • Sensible Heat Storage
  • Latent Heat Storage
  • Thermochemical Storage
By Storage Material
  • Water
  • Molten Salt
  • PCM
  • Others
By Application
  • District Heating and Cooling
  • Power Generation
  • Process Heating and Cooling
By End User
  • Utility
  • Nonutility
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Kelvin Energy Inc
  • Baltimore Aircoil Company
  • Burns & McDonnell Inc.
  • Evapco, Inc.
  • Goss Engineering
  • Sunamp Ltd
  • CALMAC
  • Man Energy Solutions
  • Steffes, LLC
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Recent Developments: 

    Business strategies such as mergers and acquisitions are highly adopted by companies in the thermal energy storage market. A few recent key thermal energy storage market developments are listed 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 develop 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, as well as the chance for Steffes to grow its presence in the provinces of Quebec and Nova Scotia through Master's contractor network.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type, Storage Material, Application, and End User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    What are the driving factors impacting the global thermal energy storage market?

    Growing share of renewables and concentrated solar plants are driving the thermal energy storage market.

    What are the future trends of the global thermal energy storage market?

    Application of AI for optimization and control of thermal energy storage systems is emerging as a future trend the global thermal energy storage market.

    Which are the key players holding the major market share of thermal energy storage market?

    The key players, holding majority shares, in thermal energy storage market includes include Kelvin Energy Inc., Abengoa SA, Baltimore Aircoil Company, and MAN Energy Solutions are among the key companies that offer thermal energy storage systems.

    Which is the fastest growing regional market?

    South America is anticipated to grow with the highest CAGR over the forecast period.

    Which countries are registering a high growth rate during the forecast period?

    The countries anticipated to grow with the highest CAGR are US, Argentina, South Africa, South Korea, Russia, Italy, Australia, India, and China.

    What is the global market size for the thermal energy storage market in 2022?

    The thermal energy storage market was valued at US$ 19,572.24 million in 2022 and is projected to reach US$ 31,964.26 million by 2030; it is expected to grow at a CAGR of 6.3% during 2022–2030.

    The List of Companies - Thermal Energy Storage Market

    1. Kelvin Energy Inc
    2. Baltimore Aircoil Company
    3. Burns & McDonnell Inc.
    4. Evapco, Inc.
    5. Goss Engineering
    6. Sunamp Ltd
    7. CALMAC
    8. Man Energy Solutions
    9. Steffes, LLC
    10. Abengoa S.A.

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