The Unconventional Guide to Thermal Energy Storage Market - BrightSource, Abengoa, Baltimore Aircoil, Evapco, Caldwell Energy, Sunwell Technologies

Thermal energy storage (TES) is a technology that involves storing thermal energy in order to use it at a later time. This technology is employed to address the intermittency and variability of renewable energy sources like solar and wind, as well as to improve energy efficiency and manage demand in various applications. TES systems store excess thermal energy generated during periods of low demand and supply it when demand is higher or when the energy source is not available.

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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Applications of thermal energy storage include:

Renewable Energy Integration: TES helps integrate intermittent renewable energy sources like solar and wind into the grid by storing excess energy for use during periods of low generation.

District Heating and Cooling: TES is used in district heating and cooling systems to store excess heat or cold and release it as needed, improving energy efficiency and cost-effectiveness.

Industrial Processes: TES can assist in industrial processes by storing excess heat during off-peak hours and using it when energy demand and costs are higher.

Residential and Commercial Buildings: TES systems can be integrated into buildings to store thermal energy for space heating or cooling, reducing reliance on conventional heating and cooling systems during peak demand periods.

Power Generation: In concentrated solar power plants, TES systems allow for continuous power generation even when the sun is not shining.

Waste Heat Recovery: TES can capture and store waste heat from industrial processes and power plants, which can then be used for various purposes.

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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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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