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NEW YORK, Nov. 27, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global thermal energy storage market
size is estimated to grow by USD 2.88 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost
9.61%
during the forecast period. Increasing demand for CSP is driving market growth,
with a trend towards
growing demand for renewable energy sources. However,
rising demand from alternate sources of energy storage due to efficiency rate
poses a challenge market players include Abengoa SA, Acciona SA, ARANER, Baltimore Aircoil Co., BrightSource Energy Inc., Burns and McDonnell, Caldwell Energy Co., CALMAC, Comfort Systems USA Inc., CRYOGEL, DN Tanks Inc., Dunham-Bush Holding Bhd, EnergyNest, EVAPCO Inc., Goss Engineering, HTS, McDermott International Ltd., SENER GRUPO DE INGENIERIA SA, Steffes LLC, and Thermofin.
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Technavio has announced its latest market research report titled Global Thermal Energy Storage Market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF
| Thermal Energy Storage Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 9.61% |
| Market growth 2024-2028 |
USD 2.88 billion |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
9.41 |
| Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
| Performing market contribution |
Europe at 30% |
| Key countries |
US, China, Japan, Germany, and UK |
| Key companies profiled |
Abengoa SA, Acciona SA, ARANER, Baltimore Aircoil Co., BrightSource Energy Inc., Burns and McDonnell, Caldwell Energy Co., CALMAC, Comfort Systems USA Inc., CRYOGEL, DN Tanks Inc., Dunham-Bush Holding Bhd, EnergyNest, EVAPCO Inc., Goss Engineering, HTS, McDermott International Ltd., SENER GRUPO DE INGENIERIA SA, Steffes LLC, and Thermofin |
Market Driver
The Thermal Energy Storage market is experiencing significant growth due to the increasing renewable electricity capacity and investments in renewables. Supply chain disruptions have highlighted the importance of energy storage for grid reliability. Carbon emissions and Paris Climate targets are driving the demand for carbon reduction through renewable power generation and energy storage. Solar and wind generation are leading the way in renewable power generation, with concentrated solar power (CSP) and battery storage playing crucial roles in balancing supply and demand. CSP projects like Vast Solar Pty's VS1 and Worley's VS1 CSP are leading the charge in this area. Thermal energy storage technologies include sensible heat storage, thermochemical storage (TCS), molten salts, and ice-based technology. Molten salts are popular due to their high energy density and ability to store large amounts of heat. Latent heat storage and thermochemical heat storage are also gaining attention for their efficiency and ability to provide seasonal energy storage. Battery energy storage and power generation applications are key areas of focus for energy storage alternatives. Utilities are exploring demand-side management and off-peak hours for energy storage, while time-of-day pricing and carbon reduction targets are driving the adoption of energy storage. Industrial bulk consumption and decentralized renewable energy are also driving the demand for distributed storage. HVAC systems and large-scale solar thermal systems are using thermal energy storage for energy efficiency and energy utilization efforts. The clean energy future relies on the continued development of energy storage technologies and the efficient use of materials and technological efficiency. Solar troughs, solar towers, superheated steam, and steam turbines are all being used to store and generate thermal energy from solar power. Fossil fuels will continue to be a significant part of the energy mix, but renewable energy sources like solar and wind power are becoming increasingly competitive. Excess energy from these sources can be stored for use during low energy production periods, ensuring energy security and a sustainable energy future.
Renewable energy, specifically geothermal energy, is a clean and reliable source of electricity generation that is becoming increasingly important due to global population growth and industrialization. According to the International Energy Agency (IEA), electricity demand is projected to grow by 60-70% by 2040. Fossil fuel price volatility is also driving the demand for renewable energy sources. In 2020, global geothermal capacity expanded by 2%, thanks to new projects coming online. Geothermal energy is a promising solution to meet growing electricity demand in a sustainable and eco-friendly way.
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Market
Challenges
The Thermal Energy Storage (TES) market is experiencing significant growth due to the increasing renewable electricity capacity and investments in renewables. However, challenges such as supply chain disruptions and carbon emissions are pushing the need for energy storage solutions. Paris Climate targets and carbon reduction targets require more renewable power generation, leading to an increase in solar, wind, and Concentrated Solar Power (CSP) generation. TES technologies like battery storage, pumped-storage hydropower, sensible heat storage, and thermochemical storage (TCS) are being explored for their energy security benefits. Companies like Vast Solar Pty and Worley are leading the way with projects like the VS1 CSP project, utilizing molten salts and superheated steam for thermal energy storage. Energy efficiency and utilization efforts are key to a clean energy future, with TES offering alternatives like latent heat storage, thermochemical heat storage, and ice-based technology. The market is also exploring large-scale HVAC systems, solar thermal systems, and deep cycles for electric automobiles. Despite challenges, the TES market is poised for growth, offering solutions for grid reliability, decentralized renewable energy, and utility off-peak hours.
Electricity grids require a stable balance between supply and demand. Thermal energy storage systems play a crucial role in maintaining this balance by addressing predictable and unpredictable changes in energy consumption. These systems store excess energy during periods of low demand and release it during peak demand or when supply is insufficient. Thermal energy storage systems, including molten salt and ice storage, are the most widely used energy storage technologies in the market, surpassed only by battery energy storage systems. These systems provide grid operators with flexibility and reliability, ensuring a consistent power supply and preventing blackouts.
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Segment Overview
This thermal energy storage market report extensively covers market segmentation by
Technology
1.1 Molten salt energy storage
1.2 Phase change material
End-user
2.1 Industrial
2.2 Residential and commercial
2.3 Utilities
Geography
3.1 Europe
3.2 North America
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1
Molten salt energy storage-
The molten salt energy storage (MSES) segment leads the global thermal energy storage market due to its use in large-scale solar power plants, such as Concentrated Solar Power (CSP), for producing electricity continuously. MSES employs a molten salt mix, like sodium nitrate and potassium nitrate, in the receiving tower to store energy. The salt mixture gets heated by sunlight reflected by mirrors, reaching temperatures up to 1022 degrees Fahrenheit (550 degrees C), causing it to melt. The molten salt then flows down the tower to generate electricity immediately or store it in tanks for later use. Abengoa SA is a notable company offering thermal energy storage solutions, where the sun's energy captured in the solar field is stored in molten salts during the day to produce electricity at night or during periods of unavailability of renewable resources, under the brand name ABENGOA. The primary reason for MSES's market dominance is its minimal temperature loss, enabling longer storage durations and electricity generation in unfavorable weather conditions. Additionally, the salt mixture can be cooled and heated repeatedly without replacement for over three decades, making MSES the most cost-effective capital energy storage system. The growth of the global thermal energy storage market by MSES can be attributed to the increasing preference for clean energy sources like solar or wind energy and heightened environmental concerns. The salt mixture used in MSES is an eco-friendly substance that can be repurposed as high-grade fertilizers after the plants' decommissioning.
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Research Analysis
The Thermal Energy Storage (TES) market is witnessing significant growth due to the increasing renewable electricity capacity and investments in renewables. The intermittency of renewable energy sources, such as solar and wind, necessitates energy storage solutions to ensure energy security and efficient utilization. TES systems, including Concentrated Solar Power (CSP) and HVAC, play a crucial role in storing excess energy during peak production hours and releasing it during demand periods. Carbon emissions reduction is a key driver for the adoption of TES, as it helps in meeting Paris Climate targets. The clean energy future relies heavily on renewable power generation, and TES is an essential component in the energy storage alternatives landscape. Seasonal energy storage is another application of TES, which allows for the storage of energy over extended periods, making it an ideal solution for energy security methods. Battery energy storage is another prominent energy storage technology, but TES has its advantages, such as higher energy density, longer lifespan, and lower environmental impact. The power generation application of TES is diverse, ranging from industrial processes to residential HVAC systems, making it a versatile solution for energy efficiency and energy utilization efforts.
Market Research Overview
Thermal energy storage (TES) is a critical component of the renewable energy sector, enabling the efficient use of excess renewable electricity capacity during generation growth. TES technologies include sensible heat storage, such as molten salts, and thermochemical storage (TCS), like molten salts with different boiling points and volumetric heat capacities. TES plays a crucial role in grid reliability, especially in decentralized renewable energy systems, and is essential for energy security methods during utility off-peak hours and time-of-day pricing. Renewable power generation sources, such as solar, wind, and concentrated solar power (CSP), benefit from TES to ensure consistent power output and improve energy density. Technological efficiency is a key focus, with innovations in materials, cycles, and heat storage systems driving advancements in TES. The transition to a clean energy future relies on the continued development and implementation of TES solutions, as carbon reduction targets necessitate the reduction of fossil fuel usage and the integration of renewable energy sources.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Technology
Molten Salt Energy Storage
Phase Change Material
End-user
Industrial
Residential And Commercial
Utilities
Geography
Europe
North America
APAC
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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