Market Overview

The thermal energy storage market is estimated to be worth $67.22 billion by 2030, with a CAGR of 12.50%. Whenever energy is stored through thermal energy storage, different materials are employed to store the energy as the temperature rises and release it whenever the temperature drops. Heat pumps, heat from power plants, plus waste heat are the main sources of thermal energy storage.

These energy-storage technologies lessen energy demand throughout peak hours, cut carbon dioxide emissions, as well as minimize end-user energy consumption. This is frequently used in thermal and solar power facilities to provide dispatchable energy even at night, while the heat is in industrial processing.

One of the main drivers of business growth is the shift in consumer preference towards renewable energy generation, notably concentrated solar power, plus increased demand for thermal energy storage (TES) systems in HVAC. The need for thermal energy storage would be positively impacted by the growing need for improved energy efficiency and ongoing attempts to use energy.

Key Players:

·         Caledonian MacBrayne (UK)

·         DN Tanks (US)

·         Ice Energy (US)

·         Steffes Corporation (US)

·         Burns & McDonnell (US)

·         FAFCO, Inc (US)

·         Abengoa Solar (Spain)

·         Brightsource Energy, Inc. (US)

·         Solarreserve, LLC (US)

·         Baltimore Aircoil Company (US)

·         Calmac (UK)

·         Cristopia Energy Systems (India), among others

Market Segmentation

Depending on the material utilized, the technology employed, and the application, the thermal energy storage industry could be divided.

By Technology used:

·         Latent heat storage

·         Sensible heat storage

·         Thermochemical storage

By the material:

·         Water

·         Phase change materials

·         Molten salts

·         Others

By application:

·         Centralized heating and cooling

·         Power generation

·         Decentralized heating and cooling

Regional Classification

Higher requirements have been established for the use of renewable energy sources in European nations. Utilizing energy-efficient technology, they aim to attain an energy efficiency of roughly 32,5%.

As a result, it is anticipated that thermal energy storage systems will grow across Europe and Asia, especially in Japan. UK electricity networks as well as the ventilation within London Underground tunnels have detected the thermal energy they waste and have now come to the realization that this energy may be utilized for the community heating system. However, in the predicted period, nations such as Austria, Germany, Denmark, and Italy plan to propose the thermal energy storage business.

Industry News

Many of the most prominent objectives for governments, energy authorities, as well as utilities around the world include the decarbonization of the energy industry as well as the reduction of carbon emissions to stop global climate change.

As per IRENA, accelerating the deployment of renewable energy sources can assist in achieving over 90% of the energy-related carbon dioxide (CO2) emission reductions necessary to meet the Paris Climate targets by 2050. These measures also include electrification as well as increasing the energy efficiency of the electric grid.

Governments, colleges, and groups all around the world are taking various actions to actively invest in R&D to develop cutting-edge storage mediums that have little to no environmental impact. As part of ongoing research and development, PCMs will be used in plasters as well as air vents to implement thermal energy storage market Share techniques within building walls. Throughout the forecast timeframe, it is predicted that the market would grow as a result of rising government initiatives and technology advancement initiatives taken by different suppliers. Additionally, initiatives are being made to use thermal energy for transportation as well.

Growing environmental worries over rising carbon emissions caused by the use of traditional fuels for power generation have led nations all over the world to choose cleaner and more efficient sources of energy. Additionally, many nations in the European, North American and Asia-Pacific regions have boosted the development of clean energy technology to further their long-term national objectives.

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