Thermal Energy Storage Market: Size, Share, Growth, Analysis, Key Players, Revenue, | Valuates Reports

Thermal Energy Storage Market
Thermal energy storage transfers heat to storage media during the charging period, and releases it at a later stage during the discharging step.
The global Thermal Energy Storage market was valued at US$ 75.2 million in 2023 and is anticipated to reach US$ 177.6 million by 2030, witnessing a CAGR of 10.2% during the forecast period 2024-2030.

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Market Trends:

1. Integration with Renewable Energy
o Increasing use of renewable energy sources, such as solar and wind, drives the adoption of thermal energy storage systems to overcome intermittency issues.
2. Technological Innovations
o Advancements in storage mediums like phase change materials (PCMs) and molten salts are enhancing efficiency and lowering costs.
3. Grid Modernization Initiatives
o Governments worldwide are investing in grid infrastructure to support energy storage, enabling efficient energy distribution and peak load management.
4. Industrial and Commercial Applications
o Growing deployment of thermal energy storage in industries such as HVAC systems, district cooling, and power plants for cost savings and energy optimization.
5. Regulatory Support and Incentives
o Policies encouraging clean energy transitions, including subsidies for energy storage projects, are boosting market growth.
Market Challenges:

1. High Initial Investment
o Capital costs associated with setting up thermal energy storage systems can deter adoption, especially for smaller businesses.
2. Limited Awareness and Expertise
o Lack of awareness and technical knowledge among end-users about the benefits and operation of these systems.
3. Efficiency Losses
o Heat losses during storage and retrieval processes can impact overall system efficiency.
4. Infrastructure Constraints
o Limited infrastructure for large-scale deployment, particularly in developing economies, hampers growth.
5. Competition from Alternative Storage Technologies
o Growing popularity of battery storage systems may overshadow thermal energy storage in some sectors.

Segment by Type

• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Storage

Segment by Application

• Power Generation
• District Heating & Cooling
• Process Heating & Cooling

By Company

Abengoa Solar, Brightsource Energy, Solarreserve, Baltimore Aircoil, Caldwell Energy, Burns & Mcdonnell, Calmac, Cristopia Energy Systems, Cryogel, Dc Pro Engineering, Dunham-Bush, Goss Engineering, Ice Energy, Natgun, Steffes, Tas Energy, Evapco, Fafco, Icelings, Sunwell Technologies, Qcoefficient, Finetex EnE, Chicago Bridge & Iron

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