Thermal Energy Storage Market - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America & Middle East & Africa)

Description

The global thermal energy storage market is witnessing remarkable growth with the widespread adoption of thermal energy storage systems for solar thermal energy storage, cooling, heating applications, and power generation. These storage systems play a critical role in storing solar heat, which is utilized for electricity generation in concentrating solar power (CSP) plants during periods without sunlight. The numerous benefits of thermal energy storage, such as better reliability, cost-efficiency, lower investments, operating expenses, and enhanced overall efficiency, are driving the expansion of the global thermal energy storage market. During the forecast period, favorable government initiatives and extensive deployment of thermal energy plants are expected to accelerate the development of the thermal energy storage market.

Soaring Demand for Solar Energy Generation Drives Market Expansion

Governments, energy authorities, and utilities worldwide are actively seeking ways to limit the rise in global temperatures by reducing carbon emissions. The power generation sector is a major contributor to carbon emissions, making decarbonization imperative. To achieve this, there is a significant demand for solar energy generation as part of the efforts to attain net-zero emissions in the coming years. These factors are driving influential growth for the global thermal energy storage market. As the market scales further, favorable federal policy mechanisms, such as Investment Tax Credit for solar power, are expected to encourage the adoption of solar energy.

Increased Use of Sensible Heat Storage Fuels Market Growth

In recent times, the sensible heat storage segment is witnessing strong momentum in the thermal heat storage market. Sensible heat storage systems have the capability to shift the temperature of a storage medium without a phase change. These systems efficiently exchange and retain solar energy as sensible heat in a storage medium, making them ideal for storing thermal energy. Sensible heat storage is the most common, easiest, cost-effective, and long-standing method, which has resulted in a surge in demand for solar thermal systems, especially in large-scale HVAC systems. These factors collectively contribute to remarkable growth prospects in the global thermal energy storage market.

Europe Leads the Market with Accelerated Demand for Renewable Energy

Over the past decade, Europe has been at the forefront of implementing numerous thermal energy storage systems in urban areas. This strategic deployment is driven by the higher usage of energy, particularly during winter months, and the exploration of renewable district heating methods. The region is actively undertaking various large-scale thermal storage projects to meet the growing demand for seasonal and short-term energy storage. The concentration of key market players and the increasing demand for renewable energy are influencing the growth of the thermal storage market in Europe.

Key Market Players

Some of the most prominent market players, consolidating a strong foothold in the global thermal energy storage market, include SolarReserve LLC, Vantaa Energy, Ice Energy, BrightSource Energy Inc., Caldwell Energy, Abengoa SA, Baltimore Aircoil Company, Vast Solar Pty, Cryogel, Terrafore Technologies LLC, and Steffes Corporation.

1. Executive Summary

1.1. Global Thermal Energy Storage Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
  - 2.2.1.1. Driver A
  - 2.2.1.2. Driver B
  - 2.2.1.3. Driver C
- 2.2.2. Restraints
  - 2.2.2.1. Restraint 1
  - 2.2.2.2. Restraint 2
- 2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. Covid-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Government Regulations and Polices
2.7. Energy Storage Market - Overview
2.8. Economic Analysis
2.9. PESTLE

3. Installed Capacity Analysis

3.1. Installed Capacity, by Region
- 3.1.1. North America
- 3.1.2. Europe
- 3.1.3. Asia Pacific
- 3.1.4. Rest of the World

4. Price Trends Analysis

4.1. Key Highlights
4.2. Prominent Factors Affecting Prices
4.3. Prices By Region

5. Global Thermal Energy Storage Market Outlook, 2019 - 2030

5.1. Global Thermal Energy Storage Market Outlook, by Technology, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 5.1.1. Key Highlights
  - 5.1.1.1. Sensible Heat Storage
    - 5.1.1.1.1. Molten Salts
    - 5.1.1.1.2. Solid-state
    - 5.1.1.1.3. Tank Thermal Energy Storage
    - 5.1.1.1.4. Misc.
  - 5.1.1.2. Latent Heat Storage
    - 5.1.1.2.1. Phase Change Materials
    - 5.1.1.2.2. Ice-based Energy Storage
  - 5.1.1.3. Thermochemical
  - 5.1.1.4. Mechanical
5.2. Global Thermal Energy Storage Market Outlook, by End-user, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 5.2.1. Key Highlights
  - 5.2.1.1. Power Generation
  - 5.2.1.2. District Heating/Cooling
  - 5.2.1.3. Building
  - 5.2.1.4. Industry
  - 5.2.1.5. Cold Chains
  - 5.2.1.6. Misc.
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Global Thermal Energy Storage Market Outlook, by Region, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 5.3.1. Key Highlights
  - 5.3.1.1. North America
  - 5.3.1.2. Europe
  - 5.3.1.3. Asia Pacific
  - 5.3.1.4. Latin America
  - 5.3.1.5. Middle East & Africa
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. North America Thermal Energy Storage Market Outlook, 2019 - 2030

6.1. North America Thermal Energy Storage Market Outlook, by Technology, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 6.1.1. Key Highlights
  - 6.1.1.1. Sensible Heat Storage
    - 6.1.1.1.1. Molten Salts
    - 6.1.1.1.2. Solid-state
    - 6.1.1.1.3. Tank Thermal Energy Storage
    - 6.1.1.1.4. Misc.
  - 6.1.1.2. Latent Heat Storage
    - 6.1.1.2.1. Phase Change Materials
    - 6.1.1.2.2. Ice-based Energy Storage
  - 6.1.1.3. Thermochemical
  - 6.1.1.4. Mechanical
6.2. North America Thermal Energy Storage Market Outlook, by End-user, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 6.2.1. Key Highlights
  - 6.2.1.1. Power Generation
  - 6.2.1.2. District Heating/Cooling
  - 6.2.1.3. Building
  - 6.2.1.4. Industry
  - 6.2.1.5. Cold Chains
  - 6.2.1.6. Misc.
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. North America Thermal Energy Storage Market Outlook, by Country, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 6.3.1. Key Highlights
  - 6.3.1.1. U.S.
  - 6.3.1.2. Canada
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Europe Thermal Energy Storage Market Outlook, 2019 - 2030

7.1. Europe Thermal Energy Storage Market Outlook, by Technology, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 7.1.1. Key Highlights
  - 7.1.1.1. Sensible Heat Storage
    - 7.1.1.1.1. Molten Salts
    - 7.1.1.1.2. Solid-state
    - 7.1.1.1.3. Tank Thermal Energy Storage
    - 7.1.1.1.4. Misc.
  - 7.1.1.2. Latent Heat Storage
    - 7.1.1.2.1. Phase Change Materials
    - 7.1.1.2.2. Ice-based Energy Storage
  - 7.1.1.3. Thermochemical
  - 7.1.1.4. Mechanical
7.2. Europe Thermal Energy Storage Market Outlook, by End-user, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 7.2.1. Key Highlights
  - 7.2.1.1. Power Generation
  - 7.2.1.2. District Heating/Cooling
  - 7.2.1.3. Building
  - 7.2.1.4. Industry
  - 7.2.1.5. Cold Chains
  - 7.2.1.6. Misc.
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Europe Thermal Energy Storage Market Outlook, by Country, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 7.3.1. Key Highlights
  - 7.3.1.1. Germany
  - 7.3.1.2. France
  - 7.3.1.3. U.K.
  - 7.3.1.4. Russia
  - 7.3.1.5. Rest of Europe
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific Thermal Energy Storage Market Outlook, 2019 - 2030

8.1. Asia Pacific Thermal Energy Storage Market Outlook, by Technology, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 8.1.1. Key Highlights
  - 8.1.1.1. Sensible Heat Storage
    - 8.1.1.1.1. Molten Salts
    - 8.1.1.1.2. Solid-state
    - 8.1.1.1.3. Tank Thermal Energy Storage
    - 8.1.1.1.4. Misc.
  - 8.1.1.2. Latent Heat Storage
    - 8.1.1.2.1. Phase Change Materials
    - 8.1.1.2.2. Ice-based Energy Storage
  - 8.1.1.3. Thermochemical
  - 8.1.1.4. Mechanical
8.2. Asia Pacific Thermal Energy Storage Market Outlook, by End-user, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 8.2.1. Key Highlights
  - 8.2.1.1. Power Generation
  - 8.2.1.2. District Heating/Cooling
  - 8.2.1.3. Building
  - 8.2.1.4. Industry
  - 8.2.1.5. Cold Chains
  - 8.2.1.6. Misc.
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Asia Pacific Thermal Energy Storage Market Outlook, by Country, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 8.3.1. Key Highlights
  - 8.3.1.1. China
  - 8.3.1.2. South Korea
  - 8.3.1.3. Japan
  - 8.3.1.4. India
  - 8.3.1.5. Southeast Asia
  - 8.3.1.6. Rest of Asia Pacific
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America Thermal Energy Storage Market Outlook, 2019 - 2030

9.1. Latin America Thermal Energy Storage Market Outlook, by Technology, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 9.1.1. Key Highlights
  - 9.1.1.1. Sensible Heat Storage
    - 9.1.1.1.1. Molten Salts
    - 9.1.1.1.2. Solid-state
    - 9.1.1.1.3. Tank Thermal Energy Storage
    - 9.1.1.1.4. Misc.
  - 9.1.1.2. Latent Heat Storage
    - 9.1.1.2.1. Phase Change Materials
    - 9.1.1.2.2. Ice-based Energy Storage
  - 9.1.1.3. Thermochemical
  - 9.1.1.4. Mechanical
9.2. Latin America Thermal Energy Storage Market Outlook, by End-user, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 9.2.1. Key Highlights
  - 9.2.1.1. Power Generation
  - 9.2.1.2. District Heating/Cooling
  - 9.2.1.3. Building
  - 9.2.1.4. Industry
  - 9.2.1.5. Cold Chains
  - 9.2.1.6. Misc.
- 9.2.2. BPS Analysis/Market Attractiveness Analysis
9.3. Latin America Thermal Energy Storage Market Outlook, by Country, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 9.3.1. Key Highlights
  - 9.3.1.1. Brazil
  - 9.3.1.2. Mexico
  - 9.3.1.3. Rest of Latin America
- 9.3.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa Thermal Energy Storage Market Outlook, 2019 - 2030

10.1. Middle East & Africa Thermal Energy Storage Market Outlook, by Technology, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 10.1.1. Key Highlights
  - 10.1.1.1. Sensible Heat Storage
    - 10.1.1.1.1. Molten Salts
    - 10.1.1.1.2. Solid-state
    - 10.1.1.1.3. Tank Thermal Energy Storage
    - 10.1.1.1.4. Misc.
  - 10.1.1.2. Latent Heat Storage
    - 10.1.1.2.1. Phase Change Materials
    - 10.1.1.2.2. Ice-based Energy Storage
  - 10.1.1.3. Thermochemical
  - 10.1.1.4. Mechanical
10.2. Middle East & Africa Thermal Energy Storage Market Outlook, by End-user, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 10.2.1. Key Highlights
  - 10.2.1.1. Power Generation
  - 10.2.1.2. District Heating/Cooling
  - 10.2.1.3. Building
  - 10.2.1.4. Industry
  - 10.2.1.5. Cold Chains
  - 10.2.1.6. Misc.
- 10.2.2. BPS Analysis/Market Attractiveness Analysis
10.3. Middle East & Africa Thermal Energy Storage Market Outlook, by Country, Value (US$ Mn) and Installed Capacity (GWh), 2019 - 2030
- 10.3.1. Key Highlights
  - 10.3.1.1. GCC
  - 10.3.1.2. South Africa
  - 10.3.1.3. Rest of Middle East & Africa
- 10.3.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape

11.1. Company Market Share Analysis, 2022
11.2. Competitive Dashboard
11.3. Product vs Application Heatmap
11.4. Startups and New Technologies
11.5. Company Profiles
- 11.5.1. ABB
  - 11.5.1.1. Company Overview
  - 11.5.1.2. Product Portfolio
  - 11.5.1.3. Financial Overview
  - 11.5.1.4. Business Strategies and Development
- 11.5.2. Siemens
- 11.5.3. Calmac
- 11.5.4. MGA Thermal
- 11.5.5. Trane
- 11.5.6. Terrafore Technology
- 11.5.7. Baltimore Aircoil Company
- 11.5.8. Abengoa S.A.
- 11.5.9. Highview Power
- 11.5.10. Caldwell Energy
- 11.5.11. E2S Power AG
- 11.5.12. Axiom Energy Group
- 11.5.13. EVAPCO

12. Appendix

12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations