The global thermal energy storage market 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 systems make use of standard cooling & energy storage equipment to store thermal energy for later use. These systems are widely adopted to store solar energy for space heating during winter and stock cold winter air for air conditioning purposes during summer. Thermal energy storage helps to balance the supply and demand for energy on daily, weekly, and seasonal basis. Moreover, it provides several benefits such as reduced energy consumption, increased flexibility of operations, and reduced initial & maintenance cost.
The growth of the global thermal energy storage market is majorly driven by rise in demand for thermal energy storage systems for power backup, heating, and cooling applications. In addition, rapid increase in renewable power integration significantly contributes toward the growth of the global thermal energy storage market. However, high cost associated with installation of thermal energy storage and lack of long term thermal energy storage are key factors expected to hamper the growth of the market, globally. Conversely, technological advancements in thermal energy storage and surge in demand for continuous power supply are expected to create potential growth opportunities for key players operating in the global thermal energy storage market during the forecast period.
The 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.
Thermal energy storage systems make use of standard cooling & energy storage equipment to store thermal energy for later use. These systems are widely adopted to store solar energy for space heating during winter and stock cold winter air for air conditioning purposes during summer. Thermal energy storage helps to balance the supply and demand for energy on daily, weekly, and seasonal basis. Moreover, it provides several benefits such as reduced energy consumption, increased flexibility of operations, and reduced initial & maintenance cost.
The growth of the global thermal energy storage market is majorly driven by rise in demand for thermal energy storage systems for power backup, heating, and cooling applications. In addition, rapid increase in renewable power integration significantly contributes toward the growth of the global thermal energy storage market. However, high cost associated with installation of thermal energy storage and lack of long term thermal energy storage are key factors expected to hamper the growth of the market, globally. Conversely, technological advancements in thermal energy storage and surge in demand for continuous power supply are expected to create potential growth opportunities for key players operating in the global thermal energy storage market during the forecast period.
The 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 Benefits For Stakeholders
- The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
- A comprehensive analysis of the factors that drive and restrict the growth of the global thermal energy storage market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the global thermal energy storage market growth, in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.
Key Market Segments
By Technology
- Sensible
- Latent
- Thermochemical
By Application
- Power Generation
- Heating
- Cooling
By Storage Material
- Water
- Molten Salt
- Phase Change Material (PCM)
- Others
By End User
- Residential
- Commercial and Industrial
- Utilities
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- ABENGOA SOLAR
- CALDWELL ENERGY
- BALTIMORE AIRCOIL COMPANY INC.
- BRIGHTSOURCE ENERGY INC.
- EVAPCO INC.
- Terrafore Technologies LLC
- Dunham-Bush Holding Bhd.
- Goss Inc
- Steffes Corp.
- MAN Energy Solutions
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY
CHAPTER 5: THERMAL ENERGY STORAGE MARKET, BY APPLICATION
CHAPTER 6: THERMAL ENERGY STORAGE MARKET, BY STORAGE MATERIAL
CHAPTER 7: THERMAL ENERGY STORAGE MARKET, BY END USER
CHAPTER 8: THERMAL ENERGY STORAGE MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Thermal Energy Storage Market,' the thermal energy storage market size was valued at $20.8 billion in 2020, and is estimated to reach $51.3 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.Thermal energy storage, also known as heat storage, is a highly efficient and simple method of transfer that does not involve any chemical conversion. It is an advanced energy technology for different thermal applications such as space heating and cooling & air conditioning. In addition, it is one of the most feasible eco-friendly solutions of energy saving, which store cold winter air for air conditioning during summer and stock solar energy for space heating during winter. It is widely used in numerous applications to maintain the supply and demand for energy.
A focused analysis of the use of these technologies for applications such as power generation, heating and cooling to explain the current and future scenario of the thermal energy storage market is explained in this report. The report for thermal energy storage market exclusively focuses on current thermal energy storage market trends and future growth opportunities of commercially available technologies for thermal energy storage such as sensible, latent and thermochemical storage.
The report further focuses on various end users of the thermal energy storage, which include residential & commercial, industrial, and utilities. Moreover, the report analyzes the current market trends of thermal energy storage in different regions and suggests the future growth opportunities by analyzing government regulations & policies, thereby further increasing the consumer acceptance in that region. The figures provided in this report are based on the demand or consumption quantity across type of technology, application, and end-users at country level. The market value and volumes are further derived by performing the bottom-up approach and considering the price trends.
Depending on the technology, the sensible segment garnered the highest thermal energy storage market share of about 84.4% in 2020, and is expected to maintain its dominance during the thermal energy storage market forecast period. This is attributed 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.
Depending on the storage material, the molten salt segment garnered the highest growth rate of about 8.9% during the thermal energy storage market forecast period. This is attributed to rise in demand for power generation across the globe. In addition, molten salt storage material possesses key benefits including high flexibility, is economical, and has a long duration storage, which in turn is anticipated to drive the growth of the market in the coming years.
On the basis of application, the heating segment acquired the largest share in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for heating applications such as water heating, space heating, and sometimes to fulfil power generation requirements. In addition, rise in awareness toward minimizing pollution caused due to conventional heating sources such as boilers, fossils, and others is expected to fuel the demand for thermal energy storage during the analyzed timeframe.
On the basis of end user, commercial & industrial segment held the largest share in 2020, and is expected to maintain its dominance during the forecast period. This growth 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 of stationary thermal energy storage market in the residential & commercial segment during the forecast period.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the dominant share in 2020, and is anticipated to maintain this trend during the 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 countries 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.
The global thermal energy storage market analysis covers in-depth information of the major thermal energy storage industry participants. The key players operating and profiled in the report include 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 that operate in the thermal energy storage market are Turbine Air Systems, Sunwell Technologies, EnergyNest, DC Pro Engineering, LIME, DN Tanks, and others.
COVID-19 Impact on the Market
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 thermal energy storage from the above mentioned consumers. In addition, halt in building & construction of residential & commercialbuildings, renewable power plants, heating & cooling projects, and other power plants, owing to unavailability of workers and increase in demand-supply gap are projected to hamper the thermal energy storage market growth during the pandemic period. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the thermal energy storage market recovered by the 2nd quarter of 2021, as COVID-19 vaccination has begun in various economies across the globe, which is expected to improve the global economy.Key findings of the Study
- In 2020, the sensible storage segment accounted for about 84.4% of the share in the global thermal energy storage market, and is expected to maintain its dominance till the end of the forecast period.
- In 2020, the molten salt segment anticipated to grow at a highest rate of 8.9% in terms of revenue during the thermal energy storage market forecast period.
- In 2020, the heating segment exhibited a market share of 59.8%, and is anticipated to grow at a rate of 1.6% in terms of revenue.
- Power generation is the rapidly growing application segment in the global thermal energy storage market, and is expected to grow at a CAGR of 15.7% during 2021-2030.
- In 2020, Europe dominated the global thermal energy storage market with more than 37.2% of the share, in terms of revenue, and is expected to grow at the fastest rate, registering a CAGR of 8.4% throughout the forecast period.
Companies Mentioned
- ABENGOA SOLAR
- CALDWELL ENERGY
- BALTIMORE AIRCOIL COMPANY INC.
- BRIGHTSOURCE ENERGY INC.
- EVAPCO INC.
- Terrafore Technologies LLC
- Dunham-Bush Holding Bhd.
- Goss Inc
- Steffes Corp.
- MAN Energy Solutions
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 320 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 20.8 billion |
| Forecasted Market Value ( USD | $ 51.3 billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
