Thermal Energy Storage Market to surpass USD 374 Million by 2030 from USD 190 Million in terms of value growing at a CAGR of 14.2% throughout the forecast period, i.e., 2020-30. The shifting preference towards the generation of renewable energy, including concentrated solar power, and the growing demand for HVAC thermal energy storage (TES) systems are key factors driving the growth of the industry. The rising need for improved energy efficiency, combined with ongoing efforts to use energy, would have a positive impact on the demand for thermal energy storage. Increasing government steps towards the implementation of sustainable technologies would help to achieve the carbon emission reduction goals developed and thus stimulate consumer demand. The market environment will be complemented by rising demand for energy-efficient and cost-competitive sources coupled with continuous and reliable power requirements across different industries.
Thermal energy storage systems are especially used to store energy which is also known as heat storage. It has an energy transfer process that is quick and highly efficient and does not require chemical conversion. This is among the most feasible options for eco-friendly energy savings. It temporarily retains thermal energy for utilization at a later stage in the hot or cold form. Thermal energy storage systems minimize carbon dioxide emissions, decrease end-user energy usage and decrease energy demand during peak hours. The system’s performance and economy depend on the type of material used in manufacturing. It is commonly used like other energy storage applications in solar plants and thermal power plants as well as combined heat & power plants and process industries.
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Thermal Energy Storage Market: Key Players
- BrightSource Energy Inc.
- SolarReserve LLC
- Abengoa SA
- Terrafore Technologies LLC
- Baltimore Aircoil Company
- Ice Energy
- Caldwell Energy
- Steffes Corporation
- Trane Technologies plc
Thermal Energy Storage Market: Segments
Thermochemical heat storage Segment to grow with the highest CAGR of 13.2% during 2019-30
Thermal Energy Storage Market is segmented by Product Type as Sensible Heat Storage, Latent Heat Storage, and Thermochemical Heat Storage. The sensible heat storage segment is estimated to lead the market with a share of over 45.0% which can be attributed to increased demand for solar thermal systems, along with applicability across HVAC systems on a large scale. The main aspect of the technology that will further increase the penetration of the product is the provision of reversible charging and discharge facilities for an infinite number of cycles. Over the forecast period, the thermochemical heat storage segment is projected to display the highest CAGR of 13.2%. Compared to latent or sensible heat storage systems, thermochemical storage systems have high energy density. For long-term storage, this type of heat storage is preferable because losses do not occur over time, but only during the charging and discharge phases.
Utilities Segment to grow with the highest CAGR during 2019-30
Thermal Energy Storage Market is segmented by End-user into Industrial, Utilities and Residential & Commercial. The industrial segment accounted for the largest revenue share of 28% in 2019 and is projected to maintain its lead over the forecast period. Rising spending on the construction and establishment of infrastructure would fuel demand for HVAC systems, which will, in turn, drive the industrial segment. Besides, the increasing adoption of these systems across several industries would fuel the growth of the segment by using large quantities of hot water for economic purposes. Over the forecast period, the utility segment is expected to see the fastest growth. Public utilities, such as broadband Internet, transportation, telecommunications, sanitation, water, natural gas, and electricity, are included in the section. Thermal power is used at an extremely low cost to provide these public services. To derive thermal energy and then convert it to the appropriate type of energy, cogeneration plants are used.
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Thermal Energy Storage Market: Market Dynamics
Rapidly growing urbanization
The demand for electricity has been on the rise with rapid urbanization around the world leading to the deployment of various forms of energy-generating utilities, including CSP plants. Besides, there has been a considerable increase in power consumption for district heating and cooling purposes. Because of the limited availability of independent cooling and heating systems for residential and commercial buildings, to meet their power requirements, these facilities are dependent on power utilities. Energy utilities are therefore increasingly setting up energy storage systems to meet the energy demand of these facilities, which in turn is driving the growth of the thermal energy storage market.
Lack of awareness about technology and High Initial Cost
Factors such as the lack of awareness of storage technology, the additional costs associated with the use of the thermal energy storage system, and the need for highly qualified technicians to maintain the system are expected to hinder the market growth. Thermal storage is a relatively new technology that has been introduced to the market. There are different components in the energy storage system, each having its own associated cost. The cost of generating electricity using this system is currently around four times the cost of generating electricity using traditional fossil fuels, such as coal and natural gas. Besides the initial investment is quite high for setting up this system. The heavy costs associated with this system, therefore, result in its low utility adoption, which in turn restricts the growth of the market for thermal energy storage.
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Thermal Energy Storage Market report also contains analysis on:
Thermal Energy Storage Market Segments:
- By Product Type:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Heat Storage
- By Technology:
- Molten Salt Technology
- Electric Thermal Storage Heaters
- Solar Energy Storage
- Ice-based Technology
- Miscibility Gap Alloy Technology
- By Application:
- Process Heating & Cooling
- District Heating & Cooling
- Power Generation
- Ice storage air-conditioning
- By End-user:
- Residential & Commercial
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