Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "Thermal Energy Storage Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The global thermal energy storage market, valued at USD 18.89 billion in 2022, is on a path of robust growth, with a projected CAGR of 9.18% during the forecast period from 2021 to 2030. This market is driven by several key drivers and trends.
Key Market Drivers:
Demand for Energy Storage in Solar Generation:
- As governments and utilities worldwide prioritize decarbonization and reduction of carbon emissions, renewable energy, including solar power, is rapidly expanding.
- Thermal energy storage plays a crucial role in Concentrating Solar Power (CSP) plants, enabling uninterrupted electricity production even during periods without sunlight, contributing to reduced costs and emissions.
Rising Demand for Energy:
- The growing demand for electricity, driven by increased commercialization and peak-hour usage, along with the need for heating and cooling in smart infrastructure, is fueling market growth.
- Supportive government policies for renewable energy technologies and investments in solar and wind power are contributing to this expansion.
Key Market Challenges:
High Initial Set-up Costs:
- The cost of thermal energy storage technologies varies based on the application, size, and thermal insulation technology.
- Reducing upfront capital requirements through ongoing research in energy storage technologies is crucial for enhancing the competitiveness of thermal energy storage.
High Prices of Thermal Energy Storage (TES) Systems:
- The significant capital investment required for constructing TES systems has been a constraint on market expansion.
- However, advancements in manufacturing processes and increased demand for advanced storage materials are making the technology more competitive.
Key Market Trends:
Shift Towards Renewable Energy Generation:
- Countries worldwide are transitioning to renewable energy generation and utilizing thermal energy storage to achieve carbon reduction goals.
- Investments in research and development are leading to innovative thermal storage mediums with minimal environmental impact.
- The integration of smart sensors, IoT, and AI is expected to enhance the efficiency of thermal energy storage.
The global thermal energy storage market is poised for significant growth, driven by the increasing demand for renewable energy and the critical role thermal energy storage plays in ensuring consistent power supply and reducing carbon emissions.
Key Market Players
- BrightSource Energy Inc.
- Aalborg CSP AS
- Abengoa SA
- Baltimore Aircoil Company
- Burns & McDonnell
- SaltX Technology Holding AB
- Terrafore Technologies LLC
- Trane Technologies PLC
- SR Energy
- Vantaa Energy
Report Scope:
In this report, the Global Thermal Energy Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Global Thermal Energy Storage Market, By Technology:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
Global Thermal Energy Storage Market, By Storage Material:
- Water
- Molten Salts
- Phase Change Materials
- Others
Global Thermal Energy Storage Market, By Application:
- Power generation
- District Heating & Cooling
- Process Heating & Cooling
Global Thermal Energy Storage Market, By End User:
- Utilities
- Commercial
- Industrial
- Residential
Global Thermal Energy Storage Market, By Region:
- North America
- Europe
- South America
- Middle East & Africa
- Asia Pacific
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $25.65 Billion |
| Forecasted Market Value (USD) by 2028 | $43.45 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/p7y73h
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