Thermal Energy Storage Market Report

Market Insights

The thermal energy storage market is estimated to grow from USD 269.06 million in 2022 to USD 608.27 million in 2028 at an impressive CAGR of 14.56% during the forecast period.

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What is Thermal Energy Storage?

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).

Key Players

Some of the key players in the thermal energy storage market are-

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

Market Dynamics

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.

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Segments Analysis

By Storage Material Type

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.

By Technology Type

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 of 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.

By End-Use Type

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.

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By Application Type

The market is segmented as 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.

By Region

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 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.

Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision-making and strategy formulation based on the opportunities present in the market.

Segment-wise analysis -

By Storage Material Type:

• Water
• Molten Salt
• PCM (Phase Change Materials)
• Others

By Technology Type:

• Heat
• Latent Heat
• Thermochemical

By Application Type:

• Power Generation
• District Heating & Cooling
• Process Heating & Cooling

By End-Use Type:

• Residential & Commercial
• Industrial
• Utility

By Region:

• North America 
• Europe
• Asia-Pacific
• Rest of the World

Know the high-growth countries in this report.

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.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated opportunities
• Emerging trends
• Strategic progress opportunities for the existing and new players
• Key success factors

Research Methodology

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 1,000 authenticated secondary sources, such as company annual reports, fact books, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization

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)

Market Segmentation

• Current market segmentation by any one of the storage material types by application type.  

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 at sales@stratviewresearch.com

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.