PUBLISHER: The Insight Partners | PRODUCT CODE: 1362404
PUBLISHER: The Insight Partners | PRODUCT CODE: 1362404
The thermal energy storage market is projected to reach US$ 31,964.26 million by 2030 from US$ 13,608.68 million in 2022, with an estimated CAGR of 6.3% from 2022 to 2030.
Thermal energy storage is a kind of energy storage. Thermal energy storage means heating or cooling a medium to leverage the energy when required later. Thermal energy storage can strike balanced energy consumption between day and night. Various technologies, such as sensible heat storage, latent heat storage, and thermochemical storage, can be used for thermal energy storage. Sensible thermal energy storage is considered one of the feasible options to decrease energy consumption and lower CO2 emissions. They utilize water or rock for storing and distributing heat energy. Sensible thermal energy storage is most appropriate for residential buildings. Latent heat storage systems accumulate energy without the medium alterations in temperature but rather rely on the modifying state of a medium. The phase change materials can store heat in their mass as latent heat. These materials are used in building and solar applications, accumulating and storing excess building heat. Thermochemical heat storage systems are based on chemical reactions.
Based on technologies, the thermal energy storage market is categorized into sensible heat storage, latent heat storage, and thermochemical heat storage. All types of technologies are already under commercialization. However, even within the same category, some storage technologies are more mature and widely applied than others. For example, sensible storage is applied when the temperature of a material is raised or reduced. In contrast, latent storage occurs when a material's phase is changed from solid to liquid or liquid to vapor without a temperature change. In addition, thermochemical heat storage is leveraged on the surface of a material. The major application for thermal energy storage technologies is in buildings, energy production or supply systems, district systems, power plants, and industrial applications.
By storage material, the thermal energy storage market is classified into water, molten salt, and phase change material (PCM). The utility of renewable energy is growing rapidly. Simultaneously, applications of thermal energy storage facilities in power generation and home space heating are rising. Thermal energy storage systems vary not only in terms of the temperature level but also in terms of the heat carrier or storage materials. A few more storage materials can be considered, like stones, rocks, pebbles, and, in some cases, bricks. In addition, graphite and some of the metals can also be employed as thermal energy storage materials.
By application, the thermal energy storage market is classified into district heating and cooling, power generation, and process heating and cooling. Furthermore, thermal energy storage systems are leveraged in concentrating solar power plants (CSPs) to stream dispatchable power even at odd hours at night. In addition, these systems are used in thermal power plants for efficient functioning and effectively executing load changes. Moreover, they support recovering and leveraging heat in process industries, which is otherwise lost. Thermal energy storage systems also help deliver heat supply security in hybrid heat and power plants and temporally separate heat and power production.
Based on End User, the thermal energy storage market is categorized into two major segments: utility and nonutility. The utility segment includes the industrial, consumer, aerospace, and power industries. The nonutility segment includes mostly individual power producers and companies allowed to establish power generators that do not use fossil fuels. The industrial businesses that accumulate excess power into the grid are an instance of a nonutility generator.
The thermal energy storage market is bifurcated based on type, storage material, application, and end user. By type, the thermal energy storage market is bifurcated into sensible heat storage, latent heat storage and thermochemical storage. By storage material, the thermal energy storage market is segmented into water, molten salt, phase change material (PCM) and others. The market for the application segment is further segmented into district heating and cooling, power generation, process heating and cooling. Based on the end user, the thermal energy storage market is segmented into utility and nonutility. By region, the thermal energy storage market is segmented into Europe, Asia Pacific, North America, the Middle East & Africa, and South America.
Goss Engineering Inc., Evapco Inc., Burns & McDonnell Consultants Inc, Baltimore Aircoil Co, BrightSource Energy Inc (Kelvin Energy Inc), Sunamp Ltd, Calmac Corp, MAN Energy Solutions SE, Steffes LLC, Abengoa SA are among the key thermal energy storage market players that are profiled in this market study.
The overall thermal energy storage market size has been obtained using both primary and secondary sources. Exhaustive secondary research utilizes internal and external sources to obtain quantitative and qualitative information about the thermal energy storage market. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the thermal energy storage market.