The global market for Thermal Energy Storage (TES) is estimated at US$5.0 Billion in 2023 and is projected to reach US$8.2 Billion by 2030, growing at a CAGR of 7.3% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the Thermal Energy Storage market is driven by several factors that highlight the increasing demand for efficient and sustainable energy solutions. Firstly, the rising adoption of renewable energy sources, such as solar and wind power, is driving the need for effective energy storage solutions to manage the intermittent nature of these sources.
TES provides a reliable way to store and dispatch energy as needed, making it a crucial component of renewable energy systems. Secondly, advancements in TES technology, including improved storage materials and system designs, are enhancing the efficiency and cost-effectiveness of TES solutions, making them more attractive to consumers and industries.
The increasing focus on energy efficiency and the need to reduce greenhouse gas emissions are also promoting the adoption of TES in various applications, from residential heating and cooling to industrial processes and power generation. Additionally, government incentives and regulatory support for clean energy technologies are encouraging investment in TES projects, further boosting market growth. Lastly, the expansion of district heating and cooling networks in urban areas is creating new opportunities for TES, as these systems require efficient thermal energy storage to optimize performance and reduce environmental impact. These factors collectively contribute to the robust growth and ongoing innovation in the Thermal Energy Storage market.
The growth in the Thermal Energy Storage market is driven by several factors that highlight the increasing demand for efficient and sustainable energy solutions. Firstly, the rising adoption of renewable energy sources, such as solar and wind power, is driving the need for effective energy storage solutions to manage the intermittent nature of these sources.
TES provides a reliable way to store and dispatch energy as needed, making it a crucial component of renewable energy systems. Secondly, advancements in TES technology, including improved storage materials and system designs, are enhancing the efficiency and cost-effectiveness of TES solutions, making them more attractive to consumers and industries.
The increasing focus on energy efficiency and the need to reduce greenhouse gas emissions are also promoting the adoption of TES in various applications, from residential heating and cooling to industrial processes and power generation. Additionally, government incentives and regulatory support for clean energy technologies are encouraging investment in TES projects, further boosting market growth. Lastly, the expansion of district heating and cooling networks in urban areas is creating new opportunities for TES, as these systems require efficient thermal energy storage to optimize performance and reduce environmental impact. These factors collectively contribute to the robust growth and ongoing innovation in the Thermal Energy Storage market.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Water-based Thermal Energy Storage segment, which is expected to reach US$3.3 Billion by 2030 with a CAGR of a 6.4%. The Molten Salt-based Thermal Energy Storage segment is also set to grow at 7.5% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $1.6 Billion in 2023, and China, forecasted to grow at an impressive 8.9% CAGR to reach $890.3 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Thermal Energy Storage (TES) Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Thermal Energy Storage (TES) Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Thermal Energy Storage (TES) Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Burns & McDonnell, Caldwell Energy Company, Cryogel Thermal Energy Storage, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Select Competitors (Total 50 Featured):
- Burns & McDonnell
- Caldwell Energy Company
- Cryogel Thermal Energy Storage
- Evapco
- Fafco
- Fluence Energy, LLC
- Goss Engineering
- ENGIE Group
- Trane Technologies PLC
- McDermott International, Inc.
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISCANADAITALYREST OF EUROPEIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
UNITED KINGDOM
ASIA-PACIFIC
REST OF WORLD
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Burns & McDonnell
- Caldwell Energy Company
- Cryogel Thermal Energy Storage
- Evapco
- Fafco
- Fluence Energy, LLC
- Goss Engineering
- ENGIE Group
- Trane Technologies PLC
- McDermott International, Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 415 |
| Published | October 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 5 Billion |
| Forecasted Market Value ( USD | $ 8.2 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
