Wilmington, Delaware, United States, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global thermal energy storage market size stood at US$ 4.3 Bn in 2020 and is expected to attain value of US$ 22.6 Bn by 2031. The global market is projected to grow at a CAGR of 16.3% between 2021 and 2031. Large-scale applications for the generation of electrical energy utilize thermal energy storage (TES) devices. The sensible heat technology is predicted to lose market share in the next few years as it comes with limited storage capacity per volume of the storage media. Therefore, in order to expand the implementation of sensible heat, firms in the global thermal energy storage market are expected to raise awareness and understanding about the advantages of this technology. Benefits of sensible technology, such as its use in HVAC applications for buildings and solar air receiver systems, are anticipated to drive business opportunities in the global market.
Wind and solar power, among other energy sources, are the two renewable energy sources that are inconsistent in nature. The thermal energy storage technique, is now effectively used all over the world. Thermal energy storage technology has been utilized to store energy for over ten years. Additionally, peak energy demand is shifted toward off-peak hours using this technology. The technology can be utilized for a variety of purposes, from the periodic storage of solar energy at high temperatures to HVAC (heating, ventilating, and air conditioning) technologies at low temperatures. Consequently, a rise in solar energy consumption is likely to propel market demand.
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Key Findings of Market Report
- Based on thermal energy storage installed capacity, sensible heat is expected to be the most dominant technology segment. Sensible heat storage media, however, has a poor storage capacity per volume of the storage media, which means the segment is anticipated to lose market share by 2031. However, firms in the global thermal energy storage market are expected to raise awareness about the benefits of sensible heat technology, including its simplicity of design compared to traditional storage methods and ease of storing in bulk.
- Heating applications are predicted to have a lion's share of the global industry due to an increase in demand for heating and cooling applications, including space heating, water heating, and cooling, and also to meet power generation needs. Use of thermal energy storage is also estimated to increase due to increase in awareness about the need to reduce traditional heating and cooling sources that induce pollution sources including fossil fuels, and boilers.
- Molten salt is anticipated to emerge as an important storage material in the global industry between 2021 and 2031. Increase in demand for power generation all over the world is anticipated to fuel industry growth. Additionally, molten salt storage materials have major advantages, including long-term storage, affordability, and high flexibility, all of which are predicted to drive market development in the near future.
- Based on end-user, the commercial & industrial segment is expected to account for a leading market share during the forecast period. This is explained by the rapid development of commercial and heavy industrial projects, including refineries, factories, chemical plants, and other industrial facilities. Furthermore, expansion of building and construction activities is also a major factor expected to propel the residential & commercial segment in the next few years.
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Global Thermal Energy Storage Market: Growth Drivers
- Solar energy is integrated with thermal energy storage systems to overcome fluctuating nature of the solar energy. As such, rise in demand for solar energy is anticipated to accelerate the demand for thermal energy storage in the near future. With the help of thermal energy storage, utilization of solar thermal energy can continue during the hours when there is no sunlight. Energy storage is anticipated to become more necessary as renewable energy sources gain prominence. Operating with thermal energy storage is risk-free, dependable, and environmentally friendly.
Global Thermal Energy Storage Market: Regional Landscape
- North America held a significant portion of the global thermal energy storage market in 2020 and is anticipated to continue to retain its position during the forecast period. The market is well established in North America, which has a low regulatory environment. The region is likely to utilize thermal energy storage technologies more in the near future due to ongoing advancements in solar thermal production technologies and rising adoption of renewable energy in the region.
Global Thermal Energy Storage Market: Key Players
Some of the key market players are
- Siemens Gamesa Renewable Energy
- McDermott International Ltd
- Trane Technologies Inc.
- Abengoa Solar S.A
- Brenmiller Energy
- Caledonian MacBrayne
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Global Thermal Energy Storage Market: Segmentation
Technology
- Sensible Heat
- Latent Heat
- Thermochemical Heat
End-user
- Commercial and Industrial
- Utilities
- Residential
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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