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Thermal Energy Storage Market Anticipated to Hit $369 Million by 2025 | Calmac, SolarReserve, BrightSource Energy, Burns & McDonnell, Abengoa Solar

06-19-2024 09:44 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Thermal Energy Storage Market Anticipated to Hit $369 Million

The global thermal energy storage market size will grow to USD 369 million by 2025 from USD 188 million in 2020, at a CAGR of 14.4% during the forecast period. Thermal energy storage stocks solar thermal energy by cooling or heating a storage medium, such as sand, rocks, water, and molten salt, in order to use the stored energy later for cooling and heating applications and power generation. Thermal energy storage is important for electricity storage in concentrating solar power plants in which solar heat can be stored for the production of electricity when sunlight is not available. The growth of the thermal energy storage market is majorly driven by increasing demand for energy storage technologies, rising number of CSP projects, and increasing HVAC applications.

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Europe held the largest share of the thermal energy storage market
According to the IRENA, Europe's installed CSP capacity is predicted to rise from 2.3 GW in 2017 to 4 GW by 2030, based on the market framework and current costs. Attempts of European nations to meet carbon reduction targets, shift from coal-fired power generation, and simultaneous hike in renewable energy generation will also support the case for dispatchable CSP plants with storage.

Power generation is expected to be the largest segment in the thermal energy storage market

Thermal energy storage in concentrating solar power (CSP) plants can help in overcoming the intermittency of the solar resource and also reduce the levelized cost of energy (LCOE) by utilizing power for extended periods of time. TES systems can collect energy during sunshine hours and store it in order to shift its delivery to a later time or to facilitate plant output during cloudy weather conditions. Hence, the operation of a solar thermal power plant can be extended beyond periods of no solar radiation without the need to burn fossil fuels. Energy storage not only reduces the mismatch between supply and demand but also improves the performance and reliability of energy systems and plays an important role in conserving energy.

Utilities is expected to be the largest contributor in the thermal energy storage market

Thermal energy storage systems are incorporated in electric utility plants as a viable demand-side management option. These systems use ice or chilled water technologies for storing thermal energy in tanks during utility off-peak hours. This helps to meet the peak demand with fewer power plants by shifting customer's power demand to off-peak hours. Many utilities currently offer time-of-day pricing to their customers and sell power at a lower price during off-peak hours.

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The deployment of decentralized renewable energy is powering a disrupting transformation of the energy sector. The speedy growth of decentralized renewable energy technologies is likely to change the structure of the energy sector towards a multi-operator set-up in which large utilities interact with captive consumers and mini-utilities. Renewable energy distributed through the grid, as well as through mini-grids and off-grid installations, have provided power to 30% of the people who have gained access to electricity since 2000. To achieve 100% electrification rate by 2030, the share of decentralized renewable energy share will need to increase significantly. For over 70% of those who gain access in rural areas, decentralized systems based on renewable energy will be the most cost-effective solution. Therefore, thermal energy storage technology is expected to gain opportunities in the coming years.

The key players in the thermal energy storage market include companies such as Abengoa Solar (Spain), Burns & McDonnell (US), BrightSource Energy (US), Calmac (US), and SolarReserve (US).

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