Thermal Energy Storage Market Report

Market Insights

"The global thermal energy storage market size was estimated at USD 230.95 million in 2022 and is likely to grow at a CAGR of 14.56% during 2022-2028 to reach USD 608.27 million in 2028."

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Thermal energy storage refers to one form of energy storage. In this, a material gathers energy when increasing its temperature, and loses it while decreasing. Utilizing the advantage of this property makes it possible to use different materials with different thermal properties and achieve various results which can lead to different thermal energy storage applications (e.g., heating and cooling).

Market Dynamics

Market Drivers

Major factors such as the growing adoption of renewable energy sources coupled with increasing demand for Concentrating Solar Power (CSP), and the increasing requirement for improving energy efficiency will upscale the market.

Furthermore, by increasing the government’s support towards sustainable technology, the surge in demand for energy-efficient and cost-competitive sources will stimulate the progress of the industry over the forecast period.

Segments Analysis

Storage Material Trends

"The molten salt segment accounted for the largest market share."

The market is segmented as water, molten salt, PCM, and others. The molten salt segment holds more than 33% market share in 2021 and is expected to witness a significant growth rate in the market during the assessment period owing to its high storage capacity coupled with the ability to endorse stable and dispatchable power delivery. Moreover, high boiling point and heat capacity coupled with low vapor pressure are certain advantages provided by the material, which will boost the progress of molten salt in the market.

Technology Trends

"The sensible heat segment accounted for the largest market share."

The market is segmented as sensible heat, latent heat, and thermochemical. The sensible heat technology type holds more than 45% market share in 2021 and is expected to dominate the market owing to the growing demand for solar thermal systems along with its wide-scale usage in district heating and cooling systems. Sensible heat technology is also growing rapidly as it’s distinctive in performing complete reversible charging and discharging operations for infinite times of cycles. In addition, the thermochemical segment grows at a CAGR of more than 13.6% during the assessment period.

End-Use Trends

"The industrial segment accounted for the largest market share."

The market is segmented as residential & commercial, industrial, and utility. The industrial segment holds more than 40% market share in 2021 and is estimated to account for the major share of the market during the assessment period on account of the increasing adoption of heating, ventilation, and air-conditioning (HVAC) systems using large quantities of hot water for economic operation.

Application Trends

"The power generation segment accounted for the largest market share."

The market is segmented into power generation, district heating & cooling, and process heating & cooling. The power generation segment is predicted to witness a higher growth rate during the assessment period. The increase in uninterrupted and affordable power supply from off-the-grid and remote areas is likely to rise the demand. Power-generating segment growth will be aided by the introduction of many government schemes addressing energy generation from solar power plants. When excess power is sold back to the grid under the feed-in tariff schemes, the supplier of renewable energy receives a retail electricity price for each unit produced. In addition, the district heating & cooling segment market share more than 35% in 2021.

Regional Insights

"North America accounted for the largest market share."

North America is estimated to be the leading region in the market during the forecast period. The growth of the region’s market is driven by the US, where the majority of renewable-based power generation projects are present. Furthermore, increasing R&D activities for energy storage coupled with consumers’ positive response for renewable-based power generation is stimulating the market demand.

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Key Players

The following are the key players in the thermal energy storage market (arranged alphabetically).

• Abengoa Solar
• Baltimore Aircoil Company
• Bright Source Energy
• Burns & McDonnell
• Caldwell Energy Company
• Cryogel
• DN Tanks
• Evapco
• Fafco
• Goss Engineering
• Ice Energy
• Solar Reserve
• Steffes Corporation
• TAS Energy

Note: The above list does not necessarily include all the top players in the market.

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Recent News

In November 2022, The Enel Group and Brenmiller Energy have started a sustainable energy storage system in Santa Barbara, Tuscany. The goal of the thermal energy storage (TES) project is to build a thermal storage system in Santa Barbara which is completely sustainable.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s  thermal energy storage market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.