Press release
Thermal Energy Storage Market - Global Size, Share | 2030
The thermal energy storage market size was valued at $20.8 billion in 2020, and is estimated to reach $51.3 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.
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Some common methods of thermal energy storage include:
Sensible Heat Storage: Sensible heat storage involves storing thermal energy by increasing or decreasing the temperature of a solid or liquid material. Heat is added or extracted from the storage medium using a heat exchanger. Common materials used for sensible heat storage include water, molten salts, and various phase-change materials (PCMs).
Latent Heat Storage: Latent heat storage stores thermal energy by changing the phase of a material, such as from solid to liquid or liquid to gas. During the phase change, the material absorbs or releases a significant amount of heat without a significant change in temperature. PCM materials, such as paraffin wax or certain salts, are commonly used for latent heat storage.
Thermochemical Storage: Thermochemical storage uses chemical reactions to store and release thermal energy. During the charging process, heat is used to drive an endothermic reaction, converting the material into a higher-energy state. During discharge, the exothermic reaction releases the stored heat.
The key players operating and profiled in the report include BrightSource, Energy Inc., Abengoa SA, Baltimore Aircoil Company, Terrafore Technologies LLC, Dunham-Bush Holding Bhd., Caldwell Energy Company, Evapco Inc., Goss Engineering, Steffes Corporation, and MAN Energy Solutions. Other players that operate in the thermal energy storage market are Turbine Air Systems, Sunwell Technologies, EnergyNest, DC Pro Engineering, LIME, DN Tanks, and others.
The thermal energy storage system market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as rise in demand for thermal energy storage, owing to surge in need for heating & cooling applications.
Rapid investment in the renewable energy sector in Europe and Asia-Pacific fuels the growth of the thermal energy storage market.
High cost associated with installation of thermal energy storage system and rise in use of other forms of storage including battery and pumped storage restrain the growth of the market globally.
Increase in investment on integration of thermal energy storage with solar power and rapid investment toward renewable energy sector is anticipated to provide potential opportunities in the upcoming years.
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Thermal energy storage has various applications in different sectors:
Renewable Energy Integration: In solar thermal power plants, excess heat from solar collectors can be stored in thermal energy storage systems and used to generate electricity during periods of low solar radiation, such as cloudy days or at night. This enables continuous power generation and grid stability.
District Heating and Cooling: Thermal energy storage can be used in district heating and cooling systems to store excess heat or cold generated during off-peak hours and release it when demand is high.
Industrial Processes: Many industrial processes require a constant and reliable supply of heat. Thermal energy storage can help maintain process temperatures during intermittent heat source operation or provide heat during peak demand periods.
Building Heating and Cooling: In buildings, thermal energy storage systems can store excess heat or cold and release it during peak heating or cooling demand, reducing the need for continuous operation of heating or cooling systems.
The advantages of thermal energy storage include its ability to smooth out fluctuations in energy supply and demand, improve energy efficiency, and increase the utilization of renewable energy sources. By providing a means to store and dispatch energy, thermal energy storage contributes to a more stable, reliable, and sustainable energy system.
Regenerate response
In 2020, Europe dominated the global thermal energy storage market with more than 37.2% of the share, in terms of revenue, and is expected to grow at the fastest rate, registering a CAGR of 8.4% throughout the forecast period.
In addition, it is one of the most feasible eco-friendly solutions of energy saving, which store cold winter air for air conditioning during summer and stock solar energy for space heating during winter. It is widely used in numerous applications to maintain the supply and demand for energy.
In 2020, the molten salt segment anticipated to grow at a highest rate of 8.9% in terms of revenue during the thermal energy storage market forecast period.
Power generation is the rapidly growing application segment in the global thermal energy storage system market, and is expected to grow at a CAGR of 15.7% during 2021-2030.
In 2020, the sensible storage segment accounted for about 84.4% of the share in the global thermal energy storage market, and is expected to maintain its dominance till the end of the forecast period.
In 2020, the heating segment exhibited a market share of 59.8%, and is anticipated to grow at a rate of 1.6% in terms of revenue.
COVID-19 impact
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for solar thermal energy storage from the above mentioned consumers.
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In addition, halt in building & construction of residential & commercial buildings, renewable power plants, heating & cooling projects, and other power plants, owing to unavailability of workers and increase in demand-supply gap are projected to hamper the solar thermal energy storage market growth during the pandemic period.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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