Thermal Energy Storage Market to exceed US$ 31,964.26 million by 2030

by Sameer Joshi or 08-Sep-2023
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Report : Thermal Energy Storage Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), Storage Material (Water, Molten Salt, PCM, Others), Application (District Heating and Cooling, Power Generation, Process Heating and Cooling), and End User (Utility, Nonutility)

According to our latest study on “Thermal Energy Storage Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Storage Material, Application, and End User,” the Thermal Energy Storage Market size is expected 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.

Growing Focus on Building Robust Storage Infrastructure to Provide Lucrative Opportunities for Thermal Energy Storage Market Growth During Forecast Period

The changing energy scenario across the globe is creating a demand for energy storage infrastructure. The growing energy demand showcases the importance of energy management systems. In the energy management system, a major part consists of storage infrastructure. The storage infrastructure allows the storage of energy and its usage as per the requirement. Thermal energy storage is also important owing to the required balance of energy supply and demand for heating and cooling applications. It also enhances flexibility in electricity-only applications, including thermal power plant retrofits. Advancements in storage systems and a rise in research and development in energy management systems contribute to the storage infrastructure's growth. For instance, In the US, Stor4Builto accelerates energy storage for buildings, accelerating the optimization and deployment of storage technologies. The consortium is co-led by the National Renewable Energy Laboratory (NREL), Lawrence Berkeley National Laboratory (Berkeley Lab), U.S. Department of Energy (DOE’s), and Oak Ridge National Laboratory (ORNL). In July 2022, the China Energy Construction Corporation initiated the construction of a solar thermal storage demonstration project in Xinjiang Uygur Autonomous Region of China. Thus, the growing focus of countries on building a robust storage infrastructure is driving the thermal energy storage market.

Thermal energy storage (TES) 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.

The mounting share of renewable resources in the complete power mix and increasing focus on achieving zero carbon emissions in different states and countries fuel the thermal energy storage market growth. The unstable geopolitical scenarios worldwide and the COVID-19 pandemic have shown the importance of energy storage facilities in managing energy crises. In many energy storage facilities, thermal storage is one of the most cost-efficient and viable options, driving the application of thermal energy storage technologies in residential, commercial, and industrial sectors.

Europe, North America, and Asia Pacific are prime regions showing rapid thermal energy storage market growth. The increasing development in concentrated solar power plants and wind and hybrid plants drives the worldwide demand for thermal energy storage. Government policies to mitigate carbon emissions and mandates to support the application of sustainable alternatives for promoting renewable energy options are major boosts for thermal energy storage technologies in countries such as the US, China, Australia, India, Saudi Arabia, and Brazil. The growth in electrified refrigeration in countries with hot climates for developing cold chains cost-efficiently is also fueling the market for thermal energy storage technologies. Space cooling is also a noteworthy application area of thermal energy storage technologies in countries such as India and Indonesia. Countries like China and India have integrated engineered PCMs in refrigerated vehicles and containers for food storage transport. Thermal energy storage technologies can potentially eliminate the share of food waste owing to the lack of cooling in cold chains. The advent of solar thermal heat in industrial sectors such as mining, textile, and food & beverages also drives the thermal energy storage market.

Key Findings of Thermal Energy Storage Market Study:

The thermal energy storage market is categorized 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 end user, the thermal energy storage market is segmented into utility and nonutility. By region, the thermal energy storage market is classified into Europe, Asia Pacific, North America, the Middle East & Africa, and South America.

The sensible heat storage segment led the thermal energy storage market. Sensible heat storage is a mature technology deployed in vast high-temperature industrial applications owing to its operational efficiency. Sensible heat storage allows for shifting the temperature of a storage medium without phase change. Sensible heat storage simply alters the temperature of the storage medium. Heat is accumulated by increasing the temperature of the medium, while cold can be stored by decreasing the temperature. Depending on the system's low and high-temperature limits, the amount of stored heat can be utilized in the sensible heat storage system. Water and solid and molten salts can be major storage materials for sensible heat storage. Sensible thermal storage is mostly appropriate for power generation, where high-temperature heat produces high-temperature steam to power the turbine or an engine. The heat source is generally renewable energy, and with the combination of sensible heat storage materials, the efficiency of the high-temperature sensible heat storage system is improved.

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