Thermal Energy Storage Market Research, 2030
The global thermal energy storage market size was valued at $20.8 billion in 2020, and is projected to reach $51.3 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030. Thermal energy storage is the type of energy storage in which various materials are used to store the energy with increase in its temperature and lose its energy when temperature decreases. The major sources for thermal energy storage include heat pumps and heat generated by power plants & waste. These storage systems reduce the demand for energy during peak hours, lower the carbon dioxide emissions, and decrease the energy consumption of end consumers. It is widely employed in thermal power plants and solar power plants to supply dispatchable power even during night, and to utilize heat in process industries.
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for power from these consumers. In addition, halt in building & construction of new electric utility infrastructures, renewable power plants, grid network, and other power plants, owing to unavailability of workers and increase in demand–supply gap are projected to hamper the market growth during the pandemic period. This resulted in decline in thermal energy storage market growth in the second, third, and fourth quarters of 2020. However, the thermal energy storage market recovered after the 2nd quarter of 2021, as COVID-19 vaccination began in various economies across the globe, which is expected to improve the global economy.
For the purpose of analysis, the global thermal energy storage market is segmented into technology, storage material, application, end user, and region. Depending on technology, the market is categorized into sensible, latent, and thermochemical. The storage materials covered in the study include water, molten salt, PCM, and others. As per application, the market is fragmented into power generation, heating, and cooling. On the basis of end users, the market is segmented into residential, commercial & industrial, and utilities. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players that operate in the global thermal energy storage market are BrightSource, Energy Inc., Abengoa SA, Baltimore Aircoil Company, Terrafore Technologies LLC, Dunham-Bush Holding Bhd., Caldwell Energy Company, Evapco Inc., Goss Engineering, Steffes Corporation, and MAN Energy Solutions.
Other players operating in the thermal energy storage market are Turbine Air Systems, Sunwell Technologies, EnergyNest, DC Pro Engineering, LIME, DN Tanks, and others.
These players have adopted numerous strategies such as product launch, acquisition, agreement, business expansion, and collaboration to stay competitive in the thermal energy storage market.
For instance, in June 2020, Siemens Energy partnered with EnergyNest. This partnership aimed at developing thermal energy storage systems for industrial customers across the globe.
The thermal energy storage market is analyzed in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the thermal energy storage market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the thermal energy storage industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
By technology, the sensible storage segment held the largest thermal energy storage market share in 2020, owing to rise in demand for thermal energy storage from applications including heating, cooling, power generation, and others. In addition, advantages associated with sensible heat storage such as high thermal diffusivity, heat diffusivity, thermal conductivity & density, wide availability, simple handling, and low cost are expected to drive the growth of the market in the upcoming years.
On the basis of application, the heating segment dominated the global market in 2020, in terms of share, owing to surge in demand for heating & cooling applications such as water heating, space heating & cooling, and sometimes to fulfil power generation requirements. In addition, rise in awareness toward minimizing pollution caused due to conventional heating & cooling sources such as boilers, fossils and others is projected to fuel the demand for thermal energy storage during the analyzed timeframe.
On the basis of storage material, the molten salt segment dominated the global market in 2020, in terms of share, owing to rise in demand for power generation across the globe. In addition, molten salt storage material possesses key benefits including high flexibility, it is economical, and it has a long duration storage, which in turn is anticipated to drive the growth of the market in the coming years.
By end user, the residential & commercial segment garnered the highest market share in 2020. This is attributed to rapid expansion of heavy industries & commercial projects such as chemical plants, manufacturing facilities, refineries, and other industrial facilities. In addition, rise in the number of building & construction activities across the globe acts as the key driving force for stationary thermal energy storage market in the residential & commercial segment during the forecast period.
Europe garnered the highest share in the thermal energy storage market in 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the thermal energy storage market forecast period. This is attributed to the presence of huge consumer base, rapid development of the thermal energy storage sector, and the existence of key players in the region. Moreover, presence of the developing and growing economies such as Germany, France, Italy, Spain and UK increase the demand for thermal energy storage heating & cooling applications, which in turn is anticipated to contribute toward the growth of the thermal energy storage market in Europe.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the thermal energy storage market analysis from 2020 to 2030 to identify the prevailing thermal energy storage market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the thermal energy storage market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global thermal energy storage market trends, key players, market segments, application areas, and market growth strategies.
Thermal Energy Storage Market Report Highlights
| Aspects | Details |
 By Technology |
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 By Application |
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 By Storage Material |
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 By End User |
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 By Region |
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 Key Market Players | MAN Energy Solutions, CALDWELL ENERGY, BRIGHTSOURCE ENERGY INC., BALTIMORE AIRCOIL COMPANY INC., Goss Inc, EVAPCO INC., Terrafore Technologies LLC, Steffes Corp., ABENGOA SOLAR, Dunham-Bush Holding Bhd. |
Analyst Review
Rapid urbanization & industrialization and development of the renewable energy sector are the key factors attributed to the leading position of Europe. Moreover, huge potential in Europe to set up thermal energy storage systems and surge in investment toward building power infrastructure are expected to provide lucrative opportunities to leading thermal energy storage systems providers.
Increase in demand for reliable and continuous power supply is the key factor that drives the growth of the global thermal energy storage market. In addition, rise in demand for thermal energy storage in case of commercial & industrial users for process heating & cooling is anticipated to fuel the growth of the thermal energy storage market during the analyzed time frame. However, high cost associated with installation of thermal energy storage and rise in use of alternatives including battery and pumped storage is expected to hamper the growth of the market in the coming years. On the contrary, rapid growth of renewable energy power generation and rise in awareness toward use of sustainable sources for heating & cooling are anticipated to provide remunerative opportunities for key players to maintain the pace in the thermal energy storage market in the upcoming years.
Among the analyzed regions, Europe is likely to account for the highest revenue in the market throughout the forecast period, followed by North America, Asia-Pacific, and LAMEA.
Rise in demand for thermal energy storage systems from heating, cooling and power generation applications will influence the Thermal Energy Storage Market in the next few years
Product launch, acquisition, agreement and investment are the key growth strategies of Thermal Energy Storage Market players
The report sample for global Thermal Energy Storage Market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
Asia-Pacific and Europe will provide more business opportunities for Thermal Energy Storage Market in future
BrightSource, Energy Inc., Abengoa SA, Baltimore Aircoil Company, Terrafore Technologies LLC, Dunham-Bush Holding Bhd., Caldwell Energy Company, Evapco Inc., Goss Engineering, Steffes Corporation, and MAN Energy Solutions are the leading players active in the Thermal Energy Storage Market
The top ten market players are selected based on two key attributes - competitive strength and market positioning.
On the basis of technology, sensible segment will drive the thermal energy storage market growth during the forecast period. On the basis of application, the heating segment will drive the growth of the thermal energy storage market. On the basis of storage material, the water segment will drive the growth of the thermal energy storage market. By end user, commercial & industrial segment will fuel the growth of the market.
Potential customer of thermal energy storage market include buildings, industries, power generation, and others
Key benefits of the thermal energy storage market report include detailed analysis on global trends, key players, competitive scenario, opportunities, market size & forecast, and segmental & regional analysis.
Rise in demand for thermal energy storage owing to surge in need for heating & cooling applications is expected to be the driving factor in the thermal energy storage market. Rapid investment in the renewable energy sector in Europe and Asia-Pacific will provide opportunities in the thermal energy storage market.
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