USD 5.37 billion
Thermal Energy Storage Market Size, Share, Growth Analysis, By Product(Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage), By Technology(Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-based Technology), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2038 |
Region:
Global |
Published Date: April, 2024
Pages:
182
|Tables:
65
|Figures:
75
Thermal Energy Storage Market Insights
Global Thermal Energy Storage Market size was valued at around USD 5.37 billion in 2022 and is expected to rise from USD 5.88 billion in 2023 to reach a value of USD 12.10 billion by 2031, at a CAGR of 9.45% over the forecast period (2024–2031).
The rise in inclination towards renewable energy generation, especially concentrated solar power, and increased demand for heat storage (TES) systems in HVAC are some of the primary drivers driving market growth. The growing desire for improved energy efficiency, together with ongoing energy utilization efforts, are going to boost thermal power storing demand.
The US Department of Energy (DoE) assesses thermal energy storage facilities for their safety, dependability, cost-effectiveness, and compliance with environmental legislation and industry standards. It also noted that Europe and Asia Pacific had higher grid energy storage proportions than North America. The growing demand for a clean energy future is leading governments around the world to invest in the development of novel energy storage systems.
The fundamental difficulty confronting the thermal energy storage business is the cost-effective storage of energy. The use of lithium-ion batteries has been a significant advancement in this field. These batteries have a high energy density and a long lifespan of 500 deep cycles, which is the number of times they can be charged from 20% to full capacity before performance degrades. They are also suitable for use in electric automobiles, district heating and cooling, and power generating.
US Thermal Energy Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Sensible Heat Storage
Fastest Growth
Thermochemical Heat Storage
Growth Rate
9.45% CAGR
Global Thermal Energy Storage Market ($ Bn)
Country Share for Europe Region (%)
To get more reports on the above market click here to Buy The Report
Thermal Energy Storage Market Segmental Analysis
The global thermal energy storage market is segmented based on product, technology, storage material, application, end user, and region. By product, the market is segmented into sensible heat storage, latent heat storage, thermochemical heat storage. By technology, the market is segmented into electric thermal storage heaters, molten salt technology, solar energy storage, miscibility gap alloy technology, and ice-based technology. By storage material, the market is segmented into phase change material, molten salt, and water. By application, the market is segmented into process heating & cooling, power generation, district heating & cooling, ice storage air-conditioning, and others. By end-user, the market is segmented into utilities, industrial, residential, & commercial. By region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Thermal Energy Storage Market Analysis by Product
In 2022, the sensible heat storage had the highest revenue share of 46.2%. This can be ascribed to increased demand for solar thermal systems, as well as its usefulness in large-scale HVAC systems. The ability to charge and discharge for an endless number of cycles is a significant characteristic of the technology that will increase product penetration.
The thermochemical heat storage segment is expected to grow at the quickest rate, with a CAGR of 13.8% over the projected period. The heat stored by distinct materials is released in this storage when a reversal reaction occurs between them. Thermochemical storage systems exhibit a higher energy density compared to latent or sensible heat storage systems, making them a preferable option for long-term heat storage since losses are only incurred during the charging and discharging phases.
Thermal Energy Storage Market Analysis by Technology
Molten salt technology had the highest revenue share of 31.1% by 2022 & is predicted to expand substantially during the forecast period.The segment's rise can be due to its great technological efficiency, as well as its use in various solar energy projects. The heat gathered by solar troughs and solar towers is stored in molten salt. The heat gathered by this technique is converted to superheated steam and utilized to power steam turbines.
Ice-based technology is expected to increase rapidly over the projection period. Ice is utilized to store thermal energy in ice storage air conditioning. The technique is extremely viable since the heat of fusion of water is sufficiently high, and one metric tons of water can contain around 317,000 BTU or 334 megajoules (MJ) of energy. This energy is about comparable to 26.5 ton-hours or 93 kWh. This application can deliver chilled water and air conditioning to a wide range of business and residential structures.
Global Thermal Energy Storage Market By Product
To get detailed analysis on other segments, Request For Free Sample Report
Thermal Energy Storage Market Regional Insights
Europe held the highest revenue share (30.1%) in 2022 and is expected to maintain its dominance throughout the forecast period. This region is notable for its abundant deployment of thermal energy storage systems which are utilized for various purposes such as space heating, water heating, district heating and cooling, and power generation. The growth of the regional market owes much to Spain, which is the major driving force behind it. because of the vast number of operating TES projects across the country, as well as the presence of significant players such as Abengoa Solar.
The Asia Pacific market is estimated to develop at the quickest CAGR of 14.3% during the forecast period. Rapid urbanization and population growth are occurring in nations that are developing such as China, India, South Korea, Japan, Indonesia, and Malaysia. Many of these nations that are developing have unreliable power grids and basic infrastructure. This factor is anticipated to drive industry participants to invest in these countries, resulting in an increase in thermal energy storage and distribution system investments.
Global Thermal Energy Storage Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Thermal Energy Storage Market Dynamics
Thermal Energy Storage Market Drivers
Rising Demand for Renewable Energy Sources
- With the increasing focus on reducing carbon emissions and dependence on fossil fuels, the demand for renewable energy sources such as solar and wind power has been growing rapidly. Thermal energy storage systems help to store the excess energy generated by these sources and can be used during periods of low energy production or high demand.
Government Incentives and Policies
- Many governments around the world are offering incentives and policies to promote the adoption of thermal energy storage systems. For instance, the US government offers tax credits to businesses and homeowners who install energy storage systems.
Thermal Energy Storage Market Restraints
High Initial Cost
- The initial cost of installing a thermal energy storage system can be high, which may discourage some potential buyers. However, it is important to note that the long-term benefits of these systems, such as reduced energy costs and increased energy efficiency, often outweigh the initial investment.
Limited Awareness and Understanding
- Many consumers and businesses are not aware of the benefits of thermal energy storage systems or do not understand how they work. This can limit the adoption of these systems, despite their potential benefits.
Request Free Customization of this report to help us to meet your business objectives.
Thermal Energy Storage Market Competitive Landscape
Players of the global thermal energy storage market are integrating innovative technologies into existing technology in order to increase product demand through the supply of improved thermal energy management systems. Furthermore, as part of their strategic expansion, prominent players are emphasizing inorganic growth endeavors.
Thermal Energy Storage Market Top Player’s Company Profiles
- Abengoa Solar
- BrightSource Energy
- Burns & McDonnell
- CALMAC
- Cryogel Thermal Energy Storage
- DN Tanks
- EDF Renewables
- EnergyNest
- Evapco
- Goss Engineering
- Ice Energy
- Infinia Corporation
- Johnson Controls
- Kelvin Thermal Technologies
- NRG Energy
- Promethean Power Systems
- SolarReserve
- Steffes Corporation
- TESVOLT
- Viking Cold Solutions
Thermal Energy Storage Market Recent Developments
- In April 2024, Finnish innovative company Polar Night Energy has secured €7.6 million in a recent funding round, marking a significant step towards revolutionizing energy storage. The influx of capital will be strategically allocated to expanding the company’s sales and research teams, as well as enhancing the technology that facilitates the efficient reconversion of stored thermal energy into electricity.
- In April 2024, MN8 Energy LLC, an independent solar power producer based in the United States, has concluded a successful private placement, securing USD 325 million (EUR 303 million) to support its expansion endeavors. The investment aims to strengthen the company’s operations and propel its growth trajectory forward.
- In April 2024, NTPC has issued an Expression of Interest, inviting participation from both Indian and Foreign Companies, Consortia, Affiliates, and Representatives to establish a 50MW (net at ex-bus) Concentrated Solar Power (CSP) Project equipped with a Thermal Energy Storage System (TESS). The objective of this project is to operate for 8 hours during peak and non-solar hours on a Build Own Operate (B-O-O) basis, connected to the Interstate Transmission System (ISTS). The Thermal Energy Storage System (TESS) will discharge power to meet requirements during two (2) power blocks at full capacity (50MW) or at partial load distributed throughout non-solar hours.
Thermal Energy Storage Key Market Trends
- Growing demand for renewable energy: The increasing demand for renewable energy sources, such as wind and solar power, is driving the growth of the thermal energy storage market. Thermal energy storage systems are used to store the excess energy generated by these sources, which can be used when there is a low energy production or high demand.
- Increasing adoption of energy storage systems: The adoption of energy storage systems, including thermal energy storage, is growing rapidly due to the need for efficient energy storage solutions. Energy storage systems help to balance the supply and demand of energy, reduce energy costs, and improve grid stability.
- Government incentives and policies: Many governments around the world are offering incentives and policies to promote the adoption of thermal energy storage systems. For instance, the US government offers tax credits to businesses and homeowners who install energy storage systems.
- Rise in demand for district heating and cooling: The increasing need for district heating and cooling systems, particularly in urban areas, is fueling the expansion of the thermal energy storage market. These systems can utilize thermal energy storage to store and distribute energy for efficient heating and cooling of buildings.
- Advancements in technology: There have been significant advancements in thermal energy storage technology, including the development of new materials and innovative storage systems. These advancements are making thermal energy storage systems more efficient, cost-effective, and reliable.
Thermal Energy Storage Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Thermal Energy Storage market is Shifting inclinations towards renewable energy generation, especially concentrated solar power, and increased demand for heat storage (TES) systems in HVAC are some of the primary drivers driving market growth. The growing desire for improved energy efficiency, together with ongoing energy utilization efforts, are going to boost thermal power storing demand.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.37 billion |
| Market size value in 2031 | USD 12.10 billion |
| Growth Rate | 9.45% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Thermal Energy Storage Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Thermal Energy Storage Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Thermal Energy Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thermal Energy Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thermal Energy Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Thermal Energy Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Thermal Energy Storage Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
