Thermal Energy Storage Market based on , by Technology: Sensible Heat, Latent Heat, and Thermochemical Heat; and by End-user: Commercial and Industrial, Utilities, and Residential, Regional Outlook– Global Forecast up to 2032
Through 2030, the molten salt-based thermal energy storage systems market is expected to grow at a compound annual growth rate (CAGR) of 9.8%. The technique offers consistent and continuous supply across CSP units and has a large scale storage capacity. Furthermore, heat treatment, heat transfer, and electrochemical treatment are three common uses for these materials. Low vapor pressure, a high boiling point, and a volumetric heat capacity are also expected to improve the market picture.
Because it requires less capital than its equivalents, the sensible heat category accounted for 8 GW in 2022. The expansion of the category is expected to be driven by rising investments in sustainable district heating and cooling systems as well as the exponential growth of solar thermal technology.
Due to continuing repair and renovation projects across various institutions brought on by increased power usage, the residential and commercial segment is expected to reach USD 2 billion in 2032. Accelerating investments in power infrastructure development and upgrade to facilitate the deployment of sustainable grid systems would also favorably support industry growth.
Research Methodology:
After secondary research provided a fundamental understanding of the worldwide Thermal Energy Storage Market scenario, extensive primary research was carried out. A number of primary interviews were carried out with industry experts from the supply and demand sides, including C- and D-level executives, product managers, and marketing and sales managers of major manufacturers, distributors, and channel partners from tier 1 and tier 2 companies offering Thermal Energy Storage Market, as well as personnel from academia, research, and CROs. These interviews were conducted across five major regions: North America, Europe, Asia Pacific, and the Rest of the World (Latin America & the Middle East & Africa). Participants from the supply-side and demand-side participated in about 70% and 30% of the primary interviews, respectively. Through the use of questionnaires, emails, online surveys, in-person interviews, and phone interviews, this main data was gathered. The primary participants share is given below:
The segmentation coverage of the study is provided below.
Thermal Energy Storage Market based on Technology:
- Sensible Heat
- Latent Heat
- Thermochemical Heat
- Commercial and Industrial
- Utilities
- Residential
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa (MEA)
- UAE
- Turkey
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
The most popular storage medium for thermal energy storage is molten salts because of their higher boiling temperatures and large volumetric heat capacity. The salt is fed into a steam generator when energy is required, which boils water, turns a turbine, and produces electricity.
By using power for longer periods of time, thermal energy storage in concentrating solar power (CSP) facilities can assist mitigate the intermittency of the solar resource and lower the levelized cost of energy (LCOE). In order to postpone energy delivery or boost plant performance in overcast weather, TES systems can gather solar energy during the day and store it. Therefore, without burning fossil fuels, the operation of a solar thermal power plant can be extended beyond times when there is no solar radiation. Energy storage plays a significant part in energy conservation and not only helps to balance supply and demand, but it also enhances the efficiency and dependability of energy systems.
Electric utility plants use thermal energy storage devices as a practical demand-side management solution. These systems store thermal energy in tanks during utility off-peak hours using chilled water or ice technology. By moving customers' power demands to off-peak hours, this helps to meet the peak demand with fewer power plants. Many utilities now provide their customers with time-of-day pricing, meaning that power is sold at a discounted rate during non-peak hours.
The top competitors in the market include Burns & McDonnell, SolarReserve, BrightSource Energy, Abengoa Solar, Calmac, MAN Energy Solutions, and Baltimore Air Coil Technology. The top companies in the world market for thermal energy storage are Evapco Inc., Fafco, Sunwell Technologies, DC Pro Engineering, Dunham Bush, Goss Engineering, Steffes Corporation, DN Tanks, Turbine Air Systems (TAS), Cryogel, Caldwell Energy, Evapopia Energy, and LIME.
- 1. Executive Summary
- 2. Industry Outlook
- 2.1. Industry Overview
- 2.2. Industry Trends
- 3. Market Snapshot
- 3.1. Market Definition
- 3.2. Market Outlook
- 3.2.1. Porter Five Forces
- 3.3. Related Markets
- 4. Market characteristics
- 4.1. Market Overview
- 4.2. Market Segmentation
- 4.3. Market Dynamics
- 4.3.1. Drivers
- 4.3.2. Restraints
- 4.3.3. Opportunities
- 4.4. DRO - Impact Analysis
- 5. Technology: Market Size & Analysis
- 5.1. Overview
- 5.2. Sensible Heat
- 5.3. Latent Heat
- 5.4. Thermochemical Heat
- 5.5. Others
- 6. End user: Market Size & Analysis
- 6.1. Overview
- 6.2. Commercial and Industrial
- 6.3. Utilities
- 6.4. Residential
- 6.5. Others
- 7. Geography: Market Size & Analysis
- 7.1. Overview
- 7.2. North America (U.S., Mexico, Canada)
- 7.3. Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia, Rest of Europe)
- 7.4. Asia Pacific (Japan, China, India, Australia, South East Asia, Rest of APAC)
- 7.5. Latin America (Brazil, Argentina)
- 7.6. Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East and Africa)
- 8. Competitive Landscape
- 8.1. Competitor Comparison Analysis
- 8.2. Market Developments
- 8.2.1. Mergers and Acquisitions, Legal, Awards, Partnerships
- 8.2.2. Product Launches and execution
- 9. Vendor Profiles
- 9.1. DN TANKS
- 9.1.1. Overview
- 9.1.2. Financial Overview
- 9.1.3. Product Offerings
- 9.1.4. Developments
- 9.1.5. Business Strategy
- 9.2. CALMAC
- 9.2.1. Overview
- 9.2.2. Financial Overview
- 9.2.3. Product Offerings
- 9.2.4. Developments
- 9.2.5. Business Strategy
- 9.3. CALDWELL ENERGY COMPANY
- 9.3.1. Overview
- 9.3.2. Financial Overview
- 9.3.3. Product Offerings
- 9.3.4. Developments
- 9.3.5. Business Strategy
- 9.4. ABENGOA
- 9.4.1. Overview
- 9.4.2. Financial Overview
- 9.4.3. Product Offerings
- 9.4.4. Developments
- 9.4.5. Business Strategy
- 9.5. SIEMENS GAMESA RENEWABLE ENERGY, S.A
- 9.5.1. Overview
- 9.5.2. Financial Overview
- 9.5.3. Product Offerings
- 9.5.4. Developments
- 9.5.5. Business Strategy
- 9.6. BURNS & MCDONNELL
- 9.6.1. Overview
- 9.6.2. Financial Overview
- 9.6.3. Product Offerings
- 9.6.4. Developments
- 9.6.5. Business Strategy
- 9.7. MCDERMOTT
- 9.7.1. Overview
- 9.7.2. Financial Overview
- 9.7.3. Product Offerings
- 9.7.4. Developments
- 9.7.5. Business Strategy
- 9.8. BALTIMORE AIRCOIL COMPANY
- 9.8.1. Overview
- 9.8.2. Financial Overview
- 9.8.3. Product Offerings
- 9.8.4. Developments
- 9.8.5. Business Strategy
- 9.9. FAFCO, INC.
- 9.9.1. Overview
- 9.9.2. Financial Overview
- 9.9.3. Product Offerings
- 9.9.4. Developments
- 9.9.5. Business Strategy
- 9.10. DUNHAM BUSH
- 9.10.1. Overview
- 9.10.2. Financial Overview
- 9.10.3. Product Offerings
- 9.10.4. Developments
- 9.10.5. Business Strategy
- 10. Analyst Opinion
- 11. Annexure
- 11.1. Report Scope
- 11.2. Market Definitions
- 11.3. Research Methodology
- 11.3.1. Data Collation and In-house Estimation
- 11.3.2. Market Triangulation
- 11.3.3. Forecasting
- 11.4. Report Assumptions
- 11.5. Declarations
- 11.6. Stakeholders
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