The global thermal energy storage market size was valued at USD 4.1 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 9.45% from 2020 to 2027.
Shifting preference towards renewable energy generation, including concentrated solar power, and rising demand for thermal energy storage (TES) systems in HVAC are among the key factors propelling the industry growth. Growing need for enhanced energy efficiency, coupled with continuing energy utilization efforts, will positively influence the thermal energy storage demand. For instance, in September 2018, the Canadian government updated a financial incentive plan “Commercial Energy Conservation and Efficiency Program” that offers USD 15,000 worth rebates for commercial sector energy upgrades.
Gather more insights about the market drivers, restrains and growth of the Thermal Energy Storage Market
The market in the U.S. is projected to witness substantial growth in the forthcoming years on account of increasing number of thermal energy storage projects across the country. For instance, in 2018, the U.S. accounted for 33% of the 18 under construction projects and 41% of the total 1,361 operational projects globally. Presence of major industry players in the country is expected to further propel the TES market growth in the U.S.
The U.S. Department of Energy (DoE) evaluates thermal energy storage systems for their safety, reliability, cost-effective nature, and adherence to environmental regulations and industry standards. It also stated that Europe and the Asia Pacific display higher fractions of grid energy storage as compared to North America. Rising need for a future with clean energy is prompting governments across the globe to take efforts towards developing innovative energy storage systems.
The primary challenge faced by the thermal energy storage sector is the economical storage of energy. An important advancement in this sector has been the usage of lithium-ion batteries. These batteries exhibit high energy density and long lifespans of 500 deep cycles, i.e. the number of times they can be charged from 20% to their full capacity before witnessing a deterioration in performance. They can also be utilized in electric vehicles, district cooling and heating, and power generation.
Thermal Energy Storage Market Segmentation
Grand View Research has segmented the global thermal energy storage market report on the basis of product type, technology, storage material, application, end user, and region:
Product Type Outlook (Revenue, USD Million, 2016 - 2027)
• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Heat Storage
Technology Outlook (Revenue, USD Million, 2016 - 2027)
• Molten Salt Technology
• Electric Thermal Storage Heaters
• Solar Energy Storage
• Ice-based Technology
• Miscibility Gap Alloy Technology
Storage Material Outlook (Revenue, USD Million, 2016 - 2027)
• Molten Salt
• Phase Change Material
• Water
Application Outlook (Revenue, USD Million, 2016 - 2027)
• Process Heating & Cooling
• District Heating & Cooling
• Power Generation
• Ice storage air-conditioning
• Others
End-user Outlook (Revenue, USD Million, 2016 - 2027)
• Industrial
• Utilities
• Residential & Commercial
Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Russia
o Germany
o Spain
• Asia Pacific
o China
o India
o Japan
o South Korea
• Central & South America
o Brazil
• Middle East and Africa (MEA)
o Saudi Arabia
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Key Companies & Market Share Insights
Industry participants are integrating advanced technologies into the existing technology to enhance the product demand through the provision of improved thermal energy management systems. Furthermore, eminent players are emphasizing on inorganic growth ventures as a part of their strategic expansion. Some of the prominent players in the global thermal energy storage market include:
• BrightSource Energy Inc.
• SolarReserve LLC
• Abengoa SA
• Terrafore Technologies LLC
• Baltimore Aircoil Company
• Ice Energy
• Caldwell Energy
• Cryogel
• Steffes Corporation
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