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. 

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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.

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Segment Overview 

This thermal energy storage market report extensively covers market segmentation by

1. Technology 
   • 1.1 Molten salt energy storage
   • 1.2 Phase change material
2. End-user 
   • 2.1 Industrial
   • 2.2 Residential and commercial
   • 2.3 Utilities
3. 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.

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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