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Thermal energy storage systems are extensively used for storing thermal energy that has been generated by power plants, solar systems or other methods. It involves the transfer of energy from the storage medium to the end user at a later time. Thermal energy storage helps in reducing the gap between energy supply and demand, minimizing wastage of excess power generated. Key advantages of thermal energy storage include high energy density, capacity to store energy for long durations, reuse of waste heat, and improved reliability and flexibility of power supply.
The global thermal energy storage market is estimated to be valued at US$13 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period of 2024-2030.
Key Takeaways
Key players: Key players operating in the thermal energy storage market include Ice Energy, DN Tanks, Steffes Corporation, Calmac, Abengoa Solar, Fafco, Baltimore Aircoil Company, and Burns & McDonnell. These players are focused on expanding their product offerings and geographical reach through partnerships and mergers & acquisitions.
Key opportunities: Increasing installation of concentrated solar power plants around the world due to supportive government policies is a major Thermal Energy Storage Market Demand. Additionally, growing need to reduce building energy consumption through efficient cooling systems will drive demand for molten salt tanks and ice-based storage in the commercial sector.
Global expansion: North America currently dominates the market due to significant investments in energy storage research. However, the Asia Pacific region is expected to witness the fastest growth on account of rapid industrialization and infrastructure development in countries like China and India. Key players are setting up manufacturing facilities in developing nations to capitalize on emerging opportunities.
Market drivers: One key driver for the thermal energy storage market is rising focus on integrating renewable energy sources with existing power grids. Thermal energy storage helps to overcome the problem of intermittency associated with solar and wind energy by allowing power generation during peak demand periods.
Market restraints: High initial capital costs for setting up large-scale thermal storage systems act as a major restraint. Additionally, achieving desired economies of scale remains a challenge due to limited penetration of renewable energy sources in many parts of the world. Technical challenges in the areas of heat exchangers and phase change materials also hamper market growth to some extent.
Segment Analysis
The thermal energy storage market can be segmented based on technology, material, end-use, and geography. The technology segments include sensible heat storage, latent heat storage, and thermo-chemical heat storage. Latent heat storage dominates the market as it provides high storage capacity and utilizes phase change materials for heat transfer without requiring additional energy. It finds widespread use across various end-use industries. Some key material segments are phase change materials, water, molten salts, and organic materials. Phase change materials hold the largest share owing to their capability to store higher amounts of thermal energy per unit volume during phase transition. Among end-uses, utility applications dominate on account of significant usage of TES for shifting peak loads and storing renewable energy.
Global Analysis
The Europe region accounts for the largest share in the thermal energy storage market currently. This is attributed to the extensive government policies and regulations supporting the adoption of renewable and clean energy technologies across countries like Germany, France, and Spain. Growing demand for TES from building & construction and power generation industries also supports the Europe market. The Asia Pacific region is expected to witness the fastest growth during the forecast period. This is driven by rapid industrialization and urbanization activities coupled with increasing energy demand from countries like China, India, Indonesia and Malaysia. Development of renewable projects and smart gridsfurther boosts the demand for energy storage solutions across the region.
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About Author:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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