Thermal Energy Storage Market is expected to reach US$ 31,964.26 million by 2030

Rising Share of Renewables Drives Thermal Energy Storage Market Growth

According to our latest study on “Thermal Energy Storage Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Storage Material, Application, and End User,” the Thermal Energy Storage Market size is expected to reach US$ 31,964.26 million by 2030 from US$ 19,572.24 million in 2022, with an estimated CAGR of 6.3% from 2022 to 2030.

The revolution of the global energy system following the Paris Agreement, which was started in 2015 and entered into force in 2016, is boosting the application of renewables among the end-users of energy. The adoption of thermal energy storage is growing due to increasing concern towards more sustainable and green energy alternatives, rising climate change concerns, and government initiatives towards boosting the usage of renewable energy across the globe. Furthermore, due to the growing energy uncertainties in Europe owing to the Russia-Ukraine war, governments of various countries realized the potential of domestically generated renewables and energy storage. The renewable industry includes power sources, primarily wind, hydroelectric, and solar. According to IEA, solar PV generation grew by 270?TWh than 2021 and reached almost 1,300 TWh in 2022. Wind electricity generation increased by a record 265 TWh than 2021 and accounted for more than 2,100 TWh in 2022. Thermal energy storage (TES) technology is one of the alternatives like battery storage, which can aid the integration of renewable energy in sectors such as power generation, commercial, and residential. Deploying TES technologies in these sectors can help reduce the heating and cooling demand created by instant power generation from supply resources. TES decreases the requirement for expensive grid reinforcements for PV. It also aids in meeting periodic demand for power and supports the shift to a primarily renewable-driven energy system. Thermal storage technology can also ease the process of load shifting, resulting in better deployment of renewables and improved grid congestion. By assisting the transition to renewables and boosting electrification, TES technologies can aid in meeting long-term climate and sustainability goals. Thus, the rising deployment of renewable generation technologies is driving the growth of the thermal energy storage market.

Thermal Energy Storage Market – by Region, 2022 and 2030

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Source: The Insight Partners Analysis

The thermal energy storage market is segmented on the basis of type, storage material, application, and end user. By type, the thermal energy storage market is bifurcated into sensible heat storage, latent heat storage and thermochemical storage. By storage material, the thermal energy storage market is segmented into water, molten salt, phase change material (PCM) and others. The market for the application segment is further segmented into district heating and cooling, power generation, process heating and cooling. Based on end user, the thermal energy storage market is segmented into utility and nonutility. By region, the thermal energy storage market is classified into Europe, Asia Pacific, North America, the Middle East & Africa, and South America.

Thermal energy storage primarily helps in reducing peak demand and balancing the process of energy management by storing energy when there is less demand and distributing it when there is a high requirement. In addition, it also aids in lowering CO2 emissions and costs. Thermal storage technologies raise the overall energy effectiveness. Thermal energy storage is a major part of peak shaving systems, where off-peak power is leveraged to start heat pumps that can generate heat or cold formed by cost-efficient electric power and waste heat from industrial sources to stabilize energy system loads. Europe, North America, and Asia Pacific are prime regions showing rapid thermal energy storage market growth. The increasing development in concentrated solar power plants and wind and hybrid plants is driving the demand for thermal energy storage worldwide. Government policies to mitigate carbon emissions and mandates to support the application of sustainable alternatives for promoting renewable energy options are major boosts for thermal energy storage technologies in countries such as the US, China, Australia, India, Saudi Arabia, and Brazil. The growth in electrified refrigeration in countries with hot climates for developing cold chains cost-efficiently is also fueling the market for thermal energy storage technologies. Space cooling is also a noteworthy application area of thermal energy storage technologies in countries such as India and Indonesia. Countries such as China and India have integrated engineered PCMs in refrigerated vehicles and containers for food storage transport. Thermal energy storage technologies can potentially eliminate the share of food waste owing to the lack of cooling in cold chains. The advent of solar thermal heat in industrial sectors such as mining, textile, and food & beverages also drives the thermal energy storage market.

BrightSource Energy Inc. (Kelvin Energy), Abengoa SA, Baltimore Aircoil Company, and MAN Energy Solutions are among the important players that are summarized during this market study. Research and development activities for new product development and strategic alliances with other firms through mergers and acquisitions are some of the key business strategies of companies in the thermal energy storage market. In addition to these companies, various other essential thermal energy storage market players were explored and analyzed to get a holistic view of the global thermal energy storage market and its ecosystem.

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