Global Thermal Energy Storage Market is expected to grow at a robust CAGR
Global Thermal
Energy Storage Market is expected to grow owing to growing inclination towards
renewable energy generation, coupled with an increased demand for heat storage
(TES) systems throughout the forecast period.
According to
TechSci Research report, “Thermal
Energy Storage Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028”, the Global Thermal Energy Storage
Market is expected to register robust growth during the forecast period owing to
growing demand for electricity, driven by increased commercialization and
higher electricity usage during peak hours, coupled with the need for heating
and cooling applications in smart infrastructure, is fuelling market growth.
Numerous countries worldwide are investing in renewables, providing a crucial
stimulus for market expansion across different economies.
The
deployment of decentralized renewable energy is driving a transformative shift
in the energy sector. The rapid growth of decentralized renewable energy
technologies is expected to reshape the structure of the energy sector, leading
to a multi-operator framework where large utilities engage with captive
consumers and mini utilities. Distributed renewable energy, delivered through
the grid, mini-grids, and off-grid installations, has brought electricity to
30% of the newly connected population since 2000. To achieve universal
electrification by 2030, the share of decentralized renewable energy must
substantially increase. In rural areas, decentralized systems based on
renewable energy will be the most economically viable solution for over 70% of
those gaining access. Industrial bulk consumption, self-consumption, and
distributed storage application can bring benefits to end users and the power
system as a whole. As a result, thermal energy storage technology is poised to
gain significant opportunities in the coming years.
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The Global Thermal
Energy Storage Market is segmented based on technology, storage material,
application, end user and region. Based on technology, the market is bifurcated
into sensible heat storage, latent heat storage and thermochemical storage.
Based on storage material, the market is bifurcated into water, molten salts,
phase change materials and others. Based on application, the market is bifurcated
into power generation, district heating & cooling and process heating &
cooling. Based on end user, the market is bifurcated into utilities,
commercial, industrial and residential. Based on region, the market is further
bifurcated into North America, Asia-Pacific, Europe, South America, Middle East
& Africa.
Based on application, Power generation segment is
expected to dominate the market during the forecast period. The global
deployment of renewable power generation and energy security methods has
accelerated the demand for technologies such as concentrated solar power (CSP)
in the solar power sector. These technologies are commonly utilized alongside
thermal energy storage systems in the current landscape. The utilization of CSP
as a source of power generation is experiencing significant growth, driven by
the increasing installation of CSP capacities worldwide. For example, according
to IRENA, the total installed CSP capacity was approximately 6.50 GW in 2022,
compared to 6.37 GW in 2021. This technology adoption has been particularly
prominent in the industrial and commercial sectors. Numerous projects
incorporating solar CSP power generation and thermal energy storage systems are
expected to be added to the portfolio. In January 2022, the Chinese government
announced plans to construct 11 CSP projects with thermal energy storage by
2024. State-owned companies in China are anticipated to play a leading role in
these upcoming projects, collaborating with other industry players. These projects
will involve gigawatt-scale mixed renewable energy installations to be
completed within the next two years. In June 2023, Vast Solar Pty awarded
crucial engineering contracts to Worley for the VS1 CSP project in Australia.
This project entails the construction of a 30 MW or 288 MWh CSP plant in Port
Augusta, South Australia. The facility will leverage Vast's modular CSP tower
v3.0 technology to generate clean, dispatchable, and cost-effective power, with
a thermal energy storage capacity of over 8 hours.
Based on Storage
Material, Molten salt technology segment is projected to dominate the market
throughout the forecast period. The segment's growth can be attributed to its
remarkable technological efficiency, along with its application in diverse
solar energy projects. Solar troughs and solar towers collect heat and store it
in molten salt, which is then converted to superheated steam to power steam
turbines.
Key market
players in the Global Thermal Energy Storage Market are:-
- BrightSource Energy Inc.
- Aalborg CSP AS
- Abengoa SA
- Baltimore Aircoil Company
- Burns & McDonnell
- SaltX Technology Holding AB
- Terrafore Technologies LLC
- Trane Technologies PLC
- SR Energy
- Vantaa Energy
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“During the
forecast period, Europe is poised to lead the market with its extensive
deployment of thermal energy storage systems in urban districts across
countries such as Spain, Austria, and Northern and Central Europe. The primary
driver behind this strategic initiative is the region's high energy consumption
during winters and its exploration of renewable solutions for district heating.
To meet the growing seasonal and short-term storage demand, the region has
planned additional large-scale thermal storage projects, most of which will
utilize molten salt technology and underground hot water tanks. These projects
are expected to serve as versatile energy hubs for future district heating
sources and other applications.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Thermal
Energy Storage Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast 2018-2028, Segmented By
Technology (Sensible Heat Storage, Latent Heat Storage and Thermochemical
Storage), By Storage Material (Water, Molten Salts, Phase Change Materials and
Others), By Application (Power generation, District Heating & Cooling and
Process Heating & Cooling), By End User (Utilities, Commercial, Industrial
and Residential), By Region,”
has evaluated the future growth potential of Global Thermal
Energy Storage Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Thermal Energy
Storage Market.
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