NEW
YORK, May 16, 2024 /PRNewswire/ -- The
global thermal energy storage market size is
estimated to grow by USD 2.88 bn from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of almost 9.61% during the forecast
period.
For more insights on the forecast market size and
historic data (2018 - 2022) - Download
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Technology (Molten salt
energy storage and Phase change material), End-user (Industrial,
Residential and commercial, and Utilities), and Geography (Europe,
North America, APAC, Middle East and Africa, and South
America)
|
Region
Covered
|
Europe, North America,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
Abengoa SA, Acciona SA,
ARANER, Baltimore Aircoil Co., BrightSource Energy Inc., Burns and
McDonnell, Caldwell Energy Co., CALMAC, Comfort Systems USA Inc.,
CRYOGEL, DN Tanks Inc., Dunham-Bush Holding Bhd, EnergyNest, EVAPCO
Inc., Goss Engineering, HTS, McDermott International Ltd., SENER
GRUPO DE INGENIERIA SA, Steffes LLC, and Thermofin
|
Key Market Trends Fueling Growth
Thermal energy storage plays a crucial role in the renewable
energy sector, particularly in addressing the intermittency
challenges of solar and wind power. Technologies such as latent
heat storage, thermochemical heat storage, molten salt technology,
and ice-based technology are employed for thermal energy storage.
These systems enable the conversion of excess renewable energy into
heat, which can be later used for power generation during peak
demand or supply chain disruptions. Solar thermal systems,
large-scale HVAC systems, and cycles that utilize heat stored in
materials like water and steam are integral components of thermal
energy storage systems. The market for thermal energy storage is
expected to grow significantly due to the increasing demand for
renewable electricity capacity, investments in renewables, and the
need to meet Paris Climate targets.
Market Challenges
- Thermal energy storage systems play a crucial role in
maintaining grid reliability by balancing supply and demand,
particularly in renewable energy generation. These systems,
including molten salts and sensible heat storage, address
unexpected changes in demand and supply, as well as renewable
capacity fluctuations. Thermal energy storage is the third
most-used energy storage technology, following thermal energy and
battery storage. Factors influencing market growth include
investments in renewables, carbon emissions reduction targets, and
utility off-peak hours utilization. Thermal energy storage offers
seasonal energy storage solutions, contributing to energy security
and a cleaner energy future.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This thermal energy storage market report extensively covers
market segmentation by
- Technology
- 1.1 Molten salt energy storage
- 1.2 Phase change material
- End-user
- 2.1 Industrial
- 2.2 Residential and commercial
- 2.3 Utilities
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Molten salt energy storage- The thermal
energy storage market is segmented by technology, with molten salt
energy storage (MSES) leading the way in renewable power
generation. This technology is utilized in energy security methods,
such as concentrated solar power (CSP), to produce electricity
continuously from solar power generation. Vast Solar Pty's VS1 CSP
project, for instance, employs a molten salt mix of sodium nitrate
and potassium nitrate in the receiving tower, which is heated by
sunlight reflected by mirrors, reaching temperatures up to 1022
degrees Fahrenheit (550-degree C), causing it to melt. The molten
salt then flows down the tower for power generation or storage in
tanks for future use. Thermal energy, a crucial component of
renewable energy generation, is harnessed through technological
efficiency in systems like solar thermal, large-scale HVAC, and
deep cycles, including electric automobiles. Molten salt
technology, a type of solar energy storage, offers high energy
density and deep cycles, making it an essential part of the clean
energy future. Other storage technologies, such as ice-based and
thermochemical heat storage, also contribute to energy utilization
efforts. Despite the advancements in these technologies, fossil
fuels remain a significant energy source, necessitating the need
for efficient energy storage systems to address excess energy and
low energy production.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Thermal Energy Storage (TES) market plays a crucial role in
mitigating supply chain disruptions and ensuring energy security in
the context of renewable electricity capacity expansion.
Investments in renewable energy sources, such as concentrated solar
power, have led to an increased demand for TES systems. These
systems enable the efficient use of energy during peak generation
hours and reduce carbon emissions by balancing the grid during
periods of intermittent renewable power generation. HVAC systems
and energy efficiency efforts also benefit from TES, as they can
store excess energy for later use. The clean energy future relies
heavily on TES and battery energy storage as seasonal energy
storage alternatives, further enhancing the reliability and
stability of power generation applications.
Market Research Overview
The Thermal Energy Storage (TES) market refers to the industry
that produces and delivers systems and technologies for storing
thermal energy. TES systems are essential for various applications,
including renewable energy integration, industrial processes, and
district heating and cooling. These systems utilize different types
of media for energy storage, such as molten salts, phase change
materials (PCMs), and liquid nitrogen. Thermal energy storage
capacity is growing rapidly due to the increasing demand for
renewable energy sources and the need for energy efficiency. The
market is driven by factors such as government regulations,
technological advancements, and the rising awareness of energy
sustainability. TES systems offer benefits like grid stability,
cost savings, and reduced greenhouse gas emissions. The market is
expected to witness significant growth in the coming years due to
these factors.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Technology
-
- Molten Salt Energy Storage
- Phase Change Material
- End-user
-
- Industrial
- Residential And Commercial
- Utilities
- Geography
-
- Europe
- North America
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio