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The thermal energy storage industry is expected to be worth $26.2 billion by 2022. The global thermal energy storage market is expected to rise from USD 29.47 billion in 2022 to USD 67.22 billion in 2030, representing a CAGR of 12.50% between 2022 and 2030. Environmental concerns about carbon emissions and the requirement for thermal energy storage to match increasing solar energy generation are the key industry drivers promoting market expansion. Demand for power during peak hours, commercialization of CSP plants, and heating & cooling applications for smart infrastructure all contribute to the expansion of the worldwide thermal energy storage industry.
Kinetic energy in the form of heat is known as thermal energy and is created when one body rubs against another, releasing heat. Radiant heat, latent heat, and direct heat are the three main forms of thermal energy. The rising cost of fossil fuels and their negative consequences on the environment have increased worldwide interest in thermal energy storage. Future demand for thermal energy storage is expected to expand in line with the ongoing rise in energy consumption. The thermal energy stored in TES systems can be used again once the material has been cooled, heated, melted, solidified, or vaporised. TES systems can aid in the daily, weekly, and seasonal balancing of energy supply and demand. It is possible for them to improve energy system efficiency while decreasing peak demand, energy consumption, CO2 emissions, and associated costs.
Decentralised renewable thermal energy storage is driving a paradigm shift in the energy sector. With the proliferation of distributed renewable energy sources, the energy industry is likely to undergo a structural shift towards a multi-operator system in which large utilities collaborate with captive customers and smaller utilities. Since the year 2000, renewable energy sources have supplied the grid, mini-grids, and off-grid installations, providing electricity to 30% of the world's population. If there is to be full electrification by 2030, there must be a significant increase in the proportion of distributed renewable thermal energy storage. Over 70% of those who gain access in rural regions will find that decentralised systems based on renewable energy are the most cost-effective alternative.
In addition, institutions of higher learning and trade groups from all over the world are taking various initiatives to increase their R&D spending on novel, environmentally friendly forms of data storage. It is expected that during the course of the forecast period, the growing government initiatives will speed up technological innovation efforts conducted by various providers. We use less of them because important alternatives to fossil fuels have emerged, such as thermal energy storage and renewable power generation. As a result, we have a workable option for countries to reduce their carbon output and make the switch to cleaner energy sources. Over the past decade, several methods have been seen to boost the use of renewable energy. Renewable energy sources like solar and wind are promising, but they suffer from unreliable supply. Because they may be coupled with CSP projects to boost thermal energy storage sector profitability, thermal energy storage systems provide a practical solution to the intermittent nature of large-scale renewable energy deployment.
The Thermal Energy Storage Market is broken down into three different types of consumers: businesses, public utilities, and households. In 2021, the market was led by commercial and industrial goods; from 2022 to 2030, this segment is expected to increase at the quickest rate. As spending on building and maintaining infrastructure rises, so too will the need for HVAC systems. Since these systems require large quantities of hot water for business applications, their rising popularity across a wide range of sectors is contributing to the expansion of the market. However, residential expansion is expected to outpace all other sectors within the forecast horizon. Thermal energy storage plants are used to generate electricity, which is then distributed to homes and other residential buildings to meet their energy needs.
Various governments, organisations, and educational institutions throughout the world are actively funding research and development to develop new types of environmentally friendly storage media. Research is also being done to utilise PCMs in ventilation systems and wall coatings as a means of thermal energy storage in buildings. Over the forecast period, the market is expected to grow as a result of growing government initiatives and technology progress initiatives adopted by various suppliers. Efforts are also being made to put thermal energy to use in transportation. Countries all around the world are moving away from traditional fuels for power generation in favour of more environmentally friendly and efficient alternatives due to rising environmental worries about carbon emissions. In addition, many nations in the Americas, Europe, and Asia-Pacific have included the development of renewable energy sources in their long-term plans.
Report Coverage
Global Thermal Energy Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Thermal Energy Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Thermal Energy Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Thermal Energy Storage market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Thermal Energy Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Thermal Energy Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Caledonian MacBrayne (UK), Ice Energy (US), Steffes Corporation (US), Burns & McDonnell (US), DN Tanks (US), FAFCO, Inc (US), Abengoa Solar (Spain), Brightsource Energy, Inc. (US), Baltimore Aircoil Company (US), Solarreserve, LLC (US), Calmac (UK), and Cristopia Energy Systems (India)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Thermal Energy Storage market based on the below-mentioned segments:
Global Thermal Energy Storage Market, By Technology
Sensible Heat Storage
Latent Heat Storage
Thermochemical Storage
Global Thermal Energy Storage market, By Material
Water
Molten Salt
Phase Change Material
Others
Global Thermal Energy Storage Market, By End User
Commercial & Industrial
Utilities
Residential
Global Thermal Energy Storage market, Regional Analysis
Kinetic energy in the form of heat is known as thermal energy and is created when one body rubs against another, releasing heat. Radiant heat, latent heat, and direct heat are the three main forms of thermal energy. The rising cost of fossil fuels and their negative consequences on the environment have increased worldwide interest in thermal energy storage. Future demand for thermal energy storage is expected to expand in line with the ongoing rise in energy consumption. The thermal energy stored in TES systems can be used again once the material has been cooled, heated, melted, solidified, or vaporised. TES systems can aid in the daily, weekly, and seasonal balancing of energy supply and demand. It is possible for them to improve energy system efficiency while decreasing peak demand, energy consumption, CO2 emissions, and associated costs.
Decentralised renewable thermal energy storage is driving a paradigm shift in the energy sector. With the proliferation of distributed renewable energy sources, the energy industry is likely to undergo a structural shift towards a multi-operator system in which large utilities collaborate with captive customers and smaller utilities. Since the year 2000, renewable energy sources have supplied the grid, mini-grids, and off-grid installations, providing electricity to 30% of the world's population. If there is to be full electrification by 2030, there must be a significant increase in the proportion of distributed renewable thermal energy storage. Over 70% of those who gain access in rural regions will find that decentralised systems based on renewable energy are the most cost-effective alternative.
In addition, institutions of higher learning and trade groups from all over the world are taking various initiatives to increase their R&D spending on novel, environmentally friendly forms of data storage. It is expected that during the course of the forecast period, the growing government initiatives will speed up technological innovation efforts conducted by various providers. We use less of them because important alternatives to fossil fuels have emerged, such as thermal energy storage and renewable power generation. As a result, we have a workable option for countries to reduce their carbon output and make the switch to cleaner energy sources. Over the past decade, several methods have been seen to boost the use of renewable energy. Renewable energy sources like solar and wind are promising, but they suffer from unreliable supply. Because they may be coupled with CSP projects to boost thermal energy storage sector profitability, thermal energy storage systems provide a practical solution to the intermittent nature of large-scale renewable energy deployment.
The Thermal Energy Storage Market is broken down into three different types of consumers: businesses, public utilities, and households. In 2021, the market was led by commercial and industrial goods; from 2022 to 2030, this segment is expected to increase at the quickest rate. As spending on building and maintaining infrastructure rises, so too will the need for HVAC systems. Since these systems require large quantities of hot water for business applications, their rising popularity across a wide range of sectors is contributing to the expansion of the market. However, residential expansion is expected to outpace all other sectors within the forecast horizon. Thermal energy storage plants are used to generate electricity, which is then distributed to homes and other residential buildings to meet their energy needs.
Various governments, organisations, and educational institutions throughout the world are actively funding research and development to develop new types of environmentally friendly storage media. Research is also being done to utilise PCMs in ventilation systems and wall coatings as a means of thermal energy storage in buildings. Over the forecast period, the market is expected to grow as a result of growing government initiatives and technology progress initiatives adopted by various suppliers. Efforts are also being made to put thermal energy to use in transportation. Countries all around the world are moving away from traditional fuels for power generation in favour of more environmentally friendly and efficient alternatives due to rising environmental worries about carbon emissions. In addition, many nations in the Americas, Europe, and Asia-Pacific have included the development of renewable energy sources in their long-term plans.
Report Coverage
Global Thermal Energy Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Thermal Energy Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Thermal Energy Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Thermal Energy Storage market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Caledonian MacBrayne (UK), Ice Energy (US), Steffes Corporation (US), Burns & McDonnell (US), DN Tanks (US), FAFCO, Inc (US), Abengoa Solar (Spain), Brightsource Energy, Inc. (US), Baltimore Aircoil Company (US), Solarreserve, LLC (US), Calmac (UK), and Cristopia Energy Systems (India) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Thermal Energy Storage Market from 2021 to 2030.
- Market Forecast for Thermal Energy Storage Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Thermal Energy Storage competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Thermal Energy Storage
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Thermal Energy Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Thermal Energy Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Caledonian MacBrayne (UK), Ice Energy (US), Steffes Corporation (US), Burns & McDonnell (US), DN Tanks (US), FAFCO, Inc (US), Abengoa Solar (Spain), Brightsource Energy, Inc. (US), Baltimore Aircoil Company (US), Solarreserve, LLC (US), Calmac (UK), and Cristopia Energy Systems (India)
Primary Target Market
- Market Players of Thermal Energy Storage
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Thermal Energy Storage market based on the below-mentioned segments:
Global Thermal Energy Storage Market, By Technology
Sensible Heat Storage
Latent Heat Storage
Thermochemical Storage
Global Thermal Energy Storage market, By Material
Water
Molten Salt
Phase Change Material
Others
Global Thermal Energy Storage Market, By End User
Commercial & Industrial
Utilities
Residential
Global Thermal Energy Storage market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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