Thermal Energy Storage Market

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Global Thermal Energy Storage Market is valued at USD 231.42 Million in 2022 and is projected to reach a value of USD 660.14 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 14.00% over the forecast period.

The Thermal Energy Storage industry is developing majorly due in part to the increasing demand for renewable energy. To maintain a constant supply of electricity from renewable sources like solar and wind, energy storage is typically necessary. This kind of storage is possible with Thermal Energy Storage storage, making it a vital component of the renewable energy mix.

The demand for improved energy storage efficiency is also propelling the Thermal Energy Storage industry forward. Additionally, the need for effective energy storage is growing as the world strives toward a low-carbon future. Furthermore, increasing demand for TES systems in HVAC and a shift in focus toward renewable energy generation, such as concentrated solar power, are two of the main forces driving the market forward. Demand for this kind of energy storage will increase as a result of rising awareness of the importance of energy efficiency and the persistence of attempts to maximize energy use.

However, the fact that end-users aren't well-informed on Thermal Energy Storage is a major barrier. Especially in underdeveloped nations, where the market for TES is still in its infancy, there is a severe lack of awareness. The high upfront cost of installing devices for energy storage is another barrier. As a result, many would-be buyers are put off since they simply cannot afford to pay such a large sum all at once.

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Top Market Trends:

Some of the key trends in the Thermal Energy Storage Market are the increasing use for residential applications, the development of new storage technologies, and the increasing use of Thermal Energy Storage storage in the transportation sector.

● The increasing use of TES systems for residential applications is driven by the need to reduce peak demand charges, the desire to use renewable energy, and the increasing awareness of the benefits of Thermal Energy Storage.

● The development of new storage technologies is driven by the need to improve the efficiency of Thermal Energy Storage and reduce the cost of storage.

● The increasing use of TES storage in the transportation sector is driven by the need to reduce emissions from transportation, the need for energy storage for electric vehicles, and the increasing awareness of the benefits of Thermal Energy Storage storage.

Market Segmentation:

The Global Thermal Energy Storage storage market is segmented based on Technology, Storage Material, Applications, End Users, and Region. Based on Technology, the market is further segmented into Sensible Heat Storage, Latent Heat Storage, and Thermochemical Storage. In addition, based on the Storage Material, the market is bifurcated into Water, Molten Salts, Phase Change Materials, and Other Storage Materials. Furthermore, based on the Application segment, the market is further classified into Power Generation, District Heating & Cooling, and Process Heating & Cooling. Additionally based on the End Users segment, the market is further divided into Utilities, Commercial, and Industrial.

Based on Technology

Sensible Heat Storage is Expected to Lead the Global Market

As per our research, Sensible Heat Storage is the most commonly used technology and is further bifurcated into water and other fluids. Latent heat is further divided into a molten salt, phase change materials, and others. Thermochemical storage is the least used technology and includes materials such as metal hydrides and activated carbon.

The advantage of sensible heat storage is that it is relatively simple and can be used for a wide range of applications. Latent heat storage involves storing heat in the form of latent heat, which is the heat released or absorbed during a change in state. Additionally, the capability of reversible charging and discharging for an endless number of cycles is a vital element of the technology that will increase the product's market penetration. When compared to latent and sensible heat storage systems, the energy density of thermochemical storage systems is much higher. Since no heat is lost permanently, only during the charging and discharging stages, this storage method is ideal for long-term use.

Based on Applications

Power Generation Expected to Dominate the Market

The Power Generation segment is further sub-segmented into concentrated solar power (CSP) and conventional power plants. The Space Heating & Cooling segment is further sub-segmented into residential, commercial, and industrial. The Process Heating & Cooling segment is further sub-segmented into chemical, petrochemical, and others.

The Power Generation segment is expected to grow at the highest CAGR (Compound Annual Growth Rate) during the forecast period owing to the need for an efficient and uninterrupted power supply. During the projected period, the power-generating industry is expected to expand at a rate higher than any other. The market will be propelled by the rising need for reliable and inexpensive electricity in off-grid and other isolated locations. Growth in the Power Generation sector would be aided by the introduction of a number of government programs related to electricity generation from solar power plants.

Based on Region

North America Expected to be the Largest Market in Forecast Period

The Thermal Energy Storage Market is segmented on the basis of geography into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to be the largest market for Thermal Energy Storage due to the presence of a large number of thermal power plants in the region. Europe is expected to be the second largest market for the storage of thermal energy due to the increasing focus on renewable energy sources. The Asia Pacific is expected to be the fastest-growing market for thermal energy due to the increasing demand for power in the region.

Recent Developments:

● In China, the government has mandated the use of thermal energy for all new buildings. This is expected to create a large market for Thermal Energy Storage in the country.

● One of the most recent developments in the Thermal Energy Storage storage market is the launch of the world's first thermal storage plant in Abu Dhabi. The plant will use cutting-edge technology to store energy in the form of heat, which can then be used to generate electricity on demand. The plant is a joint venture between the Masdar Institute of Science and Technology and the Abu Dhabi National Oil Company (ADNOC). It is part of ADNOC's wider plan to diversify its energy mix and reduce its reliance on fossil fuels.

● In the US, the Department of Energy has launched a number of programs to support the development of thermal storage technologies. These include the Thermal Storage Grand Challenge, which is designed to accelerate the development of new thermal storage technologies, and the Thermochemical Storage program, which is aimed at developing new materials for thermal storage.

Competitive Landscape:

The key players in the Global Thermal Energy Storage Market include- Abengoa Solar, Burns & McDonnell, SolarReserve, BrightSource Energy, Calmac, MAN Energy Solutions, Baltimore Air Coil Technology, Cristopia Energy, Cryogel, Caldwell Energy, Dunham Bush, Goss Engineering, Steffes Corporation, DN Tanks, Turbine Air Systems (TAS), Evapco Inc., Fafco, Sunwell Tehnologies, DC Pro Engineering, CB&I (McDermott), LIME and others.

Segmentation of the Global Thermal Energy Storage Market: