Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Thermal Energy Storage (TES) Market by Technology (Sensible, Latent, Thermochemical), by Application (Power Generation, Heating, Cooling), by Storage Material (Water, Molten Salt, Phase Change Material (PCM), Others), by End User (Residential, Commercial and Industrial, Utilities): Global Opportunity Analysis and Industry Forecast, 2020-2030." As per the report, the global thermal energy storage industry is expected to reach $51.3 billion by 2030, accounted for $20.8 billion in 2020, and is projected to rise at a CAGR of 8.5% from 2021 to 2030.
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Prime determinants of the market:
The global thermal energy storage market is attributed to the surge in demand for thermal energy storage systems for power backup, heating, and cooling applications. Furthermore, the rise in renewable power integration has significantly driven the market’s growth. In addition, the growing demand for uninterrupted power supply and rapid technological advancements is predicted to create excellent opportunities for the market players. However, the high installation cost of thermal energy storage and the lack of long-term thermal energy storage may impede the growth of the market.
The sensible segment held the dominant market share in 2020
By technology, the sensible segment is predicted to hold the largest market share over the analysis period. The segment generated the highest revenue in 2020, providing more than four-fifths of the global thermal energy storage market. This is mainly due to the increasing demand for thermal energy storage from applications such as power generation, heating, cooling, and others. Furthermore, this segment is predicted to rise at a healthy CAGR of 8.7% by 2030. The report also presents a deep analysis of the latent and thermochemical segments.
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The water segment to hold the largest market share by 2030
By storage material, the water segment is envisioned to hold the lion’s share over the estimated period. In 2020, the segment also held the dominant position in terms of revenue by contributing more than two-fifths of the global thermal energy storage market. This is mainly due to the surge in the usage of water in almost every application for thermal energy systems. On the contrary, the molten salt segment is expected to manifest the highest CAGR of 8.9% by 2030. This is mainly because of the surge in power generation globally. The report also presents a thorough analysis of the phase change material segment.
North America to observe the fastest CAGR
Based on region, North America is anticipated to rise at a stunning CAGR of 8.8% during the analysis period. This is mainly due to the increasing demand for thermal energy storage systems from power generation, heating, and cooling applications across the region. However, Europe is predicted to hold the dominant market share over the forecast timeframe. The region also held the largest market share in 2020, generating around two-fifths of the global thermal energy storage market. This is ascribed to the robust existence of a huge customer base, the presence of leading players across the region, and the fastest development of the thermal energy storage sector.
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Prominent market players:
- Steffes Corp.
- Caldwell Energy
- Dunham-Bush Holding Bhd.
- Abengoa Solar
- Goss Inc
- Baltimore Aircoil Company Inc.
- Terrafore Technologies LLC
- Evapco Inc
- MAN Energy Solutions
- Brightsource Energy Inc.
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