Thermal Energy Storage Market Analysis With Size, Growth and Demand Forecast to 2023

Thermal energy storage technologies store thermal energy for later use, which can be utilized as when required, rather than utilizing them at the time of production. The increasing need for reducing the greenhouse gas emissions and carbon footprint has changed the global power generation and distribution scenario which has prompted researchers and power generation companies to develop innovative solutions in storing energy in an efficient manner. This has led to the widespread adoption of thermal energy storage systems across the globe.

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The increasing shift towards non-fossil fuels have increased the share of renewable energy in the generation mix. This has created significant demand in the global thermal energy storage market enabling the end-users to store energy for effective later use. Additionally, the rapid industrialization across the globe have increased the need for uninterrupted power supply which would further lead to the growth in the overall market for thermal energy storage during the forecast period.

The enormous solar resources and large-scale energy intensive industries in the Middle East and Africa region is expected to create ample demand for thermal energy storage systems in the region during the forecast period. Additionally, Asia-Pacific would contribute significantly to the global thermal energy storage market as most of the countries including China, India and Japan have deployed renewable energy resources and energy storage technologies which is expected to boost the demand for thermal energy storage systems during the forecast period.

Based on technology, sensible heat technology is expected to be the largest segment of the global thermal energy storage market during the forecast period. Commercial and industrial segment is estimated to dominate the end-use market for thermal energy storage during the forecast period. Based on application, district heating and cooling is projected to generate the highest revenue in global thermal energy storage market during the forecast period. Molten salt is expected to emanate significant growth in the global thermal energy storage market during the forecast period on account of increasing applications in the desert areas.

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The key trend observed in the thermal energy storage market is the rising R&D activities. In July 2016, the Office of Energy Efficiency and Renewable Energy invested approximately US$9.0 million for 6 R&D projects in the concentrated solar power (CSP) market. This is likely to result in technological advancements and cost reductions in the field of CSP market, creating ample opportunities in the global market for thermal energy storage during the forecast period.

The major factor driving the growth of thermal energy storage market are increasing policy support from the government in the form of incentives to promote the use of thermal energy storage systems. The increasing demand for electricity is another key factor that is expected to increase the demand for thermal energy storage systems during the forecast period. Factors such as rising applications in heating, ventilation and air conditioning (HVAC) and increasing shift towards renewable energy generation such as concentrated solar power to reduce carbon footprints are expected to further increase the demand of thermal energy storage systems during the forecast period.

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Some of the key players in the global thermal energy storage market include Abengoa Solar, S.A., Brightsource Energy, Inc., Solarreserve, LLC, Baltimore Aircoil Company, Caldwell Energy, Burns & Mcdonnell, Calmac, Cristopia Energy Systems and Cryogel.

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