Thermal Energy Storage Market Growth and Global Demand, Research Factors, Top Leading Player with Business Revenues to 2030 | BrightSource Energy, Inc., EnergyNest AS.

The global thermal energy storage market size was valued at US$ 4.65 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030.

Market Overview:

Thermal energy storage enables storing energy in the form of heat or cold for later use. It is used across various applications such as heating, power generation, cooling, and industrial processes. It provides flexibility and dispatchability to integrate renewable energy sources such as solar and wind into the grid.

Market Dynamics:

The thermal energy storage market is expected to witness significant growth over the forecast period owing to rising demand for renewable energy integration and increasing flexibility needs of the power sector. Renewable energy sources such as solar and wind have an intermittent nature that poses challenges related to grid flexibility and stable electricity supply. Thermal energy storage helps overcome these challenges by storing excess energy from renewable sources during off-peak hours and dispatching it as needed. It improves grid reliability and allows greater penetration of variable renewable sources without compromising power quality and stability. The technology helps balance energy demand and supply and provides on-demand usable heat or cooling, thus driving its adoption across various sectors.

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Major market players included in this report are:

★ BrightSource Energy Inc.
★ EnergyNest AS.
★ Ice Energy
★ Baltimore Aircoil Company Inc.
★ Abengoa Solar
★ S.A
★ Burns & McDonnell Inc.
★ DC Pro Engineering

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Type
✦ Sensible Heat Storage
✦ Latent Heat Storage
✦ Thermochemical heat Storage

By Technology
✦ Molten Salt Technology
✦ Electric Thermal Storage Heater
✦ Solar Energy Storage
✦ Ice- Based Technology
✦ Miscibility Gap Alloy Technology (MGA)
✦ Others

By Application
✦ Process Heating & Cooling
✦ District Heating & Cooling
✦ Power Generation
✦ Ice storage air- conditioning
✦ Others

Regional Analysis:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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✤ Major Drivers in Thermal Energy Storage Market

Increased Demand for Renewable Energy Integration

With the increasing awareness about the impacts of climate change, many countries are taking initiatives to reduce their dependence on fossil fuels and transition to renewable sources of energy like solar and wind. However, renewable energy sources have intermittent nature which makes it difficult to match the power supply from them with dynamic energy demand. Thermal energy storage systems help in storing large volumes of thermal energy and dispatching it when needed, thereby improving the utility of renewable energy sources. They play a key role in effectively integrating renewable resources into the existing energy infrastructure.

Need for Peak Shaving and Load Management in Power Generation

Electric utilities often face mismatch between the daily power demand and power generation capabilities. The demand peaks in evenings and mornings when commercial and residential consumption is high. Thermal energy storage technologies help to store excess thermal energy generated during off-peak hours and use it later to meet peak demand periods, thus enabling better load management for power plants. They play a crucial role in smoothing out fluctuations in demand and optimizing capacity utilization of power generation facilities.

✤ Market Restraint

High Initial Capital Costs

The initial capital costs involved in setting up large-scale thermal energy storage systems are quite high which remains a major barrier for widespread adoption, especially in developing countries. Large tanks, heat exchangers and phase change materials required for efficient heat storage increase upfront expenses. High costs associated with land procurement for projects also add to the total project costs. Utility companies hesitate to make such huge investments unless supported by favorable government policies.

✤ Market Opportunity

Increasing Adoption in District Heating Applications

District heating systems are gaining popularity worldwide as an efficient way to provide heat at community or district level using centralized plants. Thermal storage coupled with district heating infrastructure enables storage of excess heat generated during off-peak hours and distribution as per demand. Many cities and municipalities are exploring this opportunity to transition away from individual heating units to a more sustainable centralized system. Thermal energy storage complements district heating projects by improving efficiency and reliability of the overall system.

✤ Major Market Trend

Growth of Concentrating Solar Power Projects

Concentrating solar power (CSP) plants use mirrors to focus sunlight to produce thermal energy which can power steam turbines for electricity generation. Due to scalability and ability to provide power even after sunset using thermal storage, CSP sector is witnessing steady growth worldwide, especially in sunny regions. Large utility-scale CSP projects generally incorporate molten salt-based thermal storage systems to generate power for several hours even when the sun is not shining directly. Continuous growth of CSP industry will further drive demand for associated thermal energy storage technologies in coming years.

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Key Questions Answered in the Report:

1. What are the growth opportunities for the new entrants in the global Thermal Energy Storage industry?
2. Who are the leading players functioning in the global Thermal Energy Storage marketplace?
3. What are the key strategies participants are likely to adopt to increase their share in the global Thermal Energy Storage industry?
4. What is the competitive situation in the global Thermal Energy Storage market?
5. What are the emerging trends that may influence the Thermal Energy Storage market growth?
6. Which product type segment will exhibit high CAGR in the future?
7. Which application segment will grab a handsome share in the global Thermal Energy Storage industry?
8. Which region is lucrative for the manufacturers?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Thermal Energy Storage Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Thermal Energy Storage Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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