Newark, May 06, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5 billion in 2023 global thermal energy storage market will reach USD 20.22 billion in 2033. The energy that a system contains because of its temperature is known as thermal energy. By heating or cooling a storage medium, thermal energy storage technology (TES) saves thermal energy for use at a later time. When required, this stored energy can be released for use in a variety of ways. Control systems, energy transmission mechanisms, and a storage medium are often included in TES systems. Sensible heat storage, latent heat storage, and thermochemical storage are three categories of TES techniques. Applications for TES are many and include district heating and cooling networks, industrial processes, HVAC system optimization, and the integration of renewable energy sources. It is crucial for improving the energy economy, cutting expenses, balancing the system, and lessening the negative effects on the environment. By using less expensive off-peak electricity for storage and reducing reliance on pricey peak-hour energy, TES systems contribute to lower energy prices. They also support grid stability by achieving a balance between supply and demand for electricity. Moreover, by lowering greenhouse gas emissions, TES promotes environmental sustainability. The goals of TES's ongoing research and development are to increase scalability, efficiency, and dependability. Technological and material innovations are propelling the development of TES systems.
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Scope of thermal energy storage Market
| Report Coverage | Details |
| CAGR | 15% from 2024 to 2033 |
| Market Size in 2023 | USD 5 Billion |
| Market Size by 2033 | USD 20.22 Billion |
| Largest Market | Europe |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Storage Material, Technology, Application and End User |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Insight of the Global Thermal Energy Storage Market
Europe will dominate the market during the forecast period.
Significant investments and legislative support for energy storage technologies, such as thermoelectric storage (TES) and renewable energy, are being driven by the European Union's ambitions for energy and climate. Efficient energy storage systems are also required because of Europe's heterogeneous energy environment, which includes a sizable percentage of renewable energy sources. Advanced TES technologies and solutions have been developed as a result of Europe's strong emphasis on research, innovation, and collaboration. Furthermore, the deployment and uptake of TES technologies are aided by favourable legislative frameworks, monetary incentives, and Europe's market processes.
In 2023, the water segment dominated the market with the largest market share of 45% and revenue of 2.25 billion.
The storage material segment is divided into water, molten salt, and PCM. In 2023, the water segment dominated the market, with a 45% market share and revenue of 2.25 billion.
In 2023, the sensible heat segment dominated the market, with a 47% market share and revenue of 2.35 billion.
The technology segment is divided into sensible heat, latent heat, and thermochemical. In 2023, the sensible heat segment dominated the market with the largest market share of 47% and revenue of 2.35 billion.
In 2023, the power generation segment dominated the market, with a 48% market share and revenue of 2.40 billion.
The application segment is divided into power generation, district heating and cooling, process heating and cooling and others. In 2023, the power generation segment dominated the market with the largest market share of 48% and revenue of 2.40 billion.
In 2023, the industrial segment dominated the market, with a 54% market share and revenue of 2.70 billion.
The end-user segment is divided into residential, commercial, and industrial. In 2023, the industrial segment dominated the market with a 54% market share and revenue of 2.70 billion.
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Advancement in market
To create a 200 MWh thermal energy storage system linked with a thermal power plant to provide an extra 15 MW of electrical output, NTPC requested proposals for the project. To generate additional net electrical power of 15 MW for four hours, the scope of work includes design, engineering, supply, construction, erection, testing, and commissioning of a pilot plant for a thermal energy storage system with a capacity of about 200 MWh. The plant is integrated with the steam and feed water cycle of the thermal power unit. In Taru, Leh, in the Indian union territory of Ladakh, Solar Energy Corp. of India is seeking offers to establish a 50 MWp solar PV facility supported by a 50 MWh battery energy storage system.
Market Dynamics
Driver: The growing need for renewable energy.
Solutions for thermal energy storage (TES) are becoming more and more necessary as thermal energy demand rises. Thermal energy is becoming more and more necessary in various industries, including industry, transportation, agriculture, domestic heating and cooling, and renewable energy conversion, as well as industries, urban populations, and energy transitions towards cleaner sources advance. Furthermore, there is an increasing emphasis on making better use of thermal energy as energy efficiency measures gain traction. The growing need for thermal energy emphasizes how crucial thermal energy storage is to ensuring energy security, sustainability, and resilience.
Restraints: The expensive nature of investments.
The purchase and installation of storage tanks, heat exchangers, insulation materials, control systems, and ancillary equipment constitute the initial capital investment for TES. Material costs further influence expenses. Costs associated with engineering and design include compliance with rules, specialized solutions, and feasibility studies. Significant capital is also needed for installation and labour costs, as well as continuing operation and maintenance costs such as monitoring, inspections, and repairs. Consequently, the expansion of the worldwide thermal energy storage market will be constrained by the high investment costs.
Opportunities: Developments in the field of thermal energy storage.
TES systems may now function at higher temperatures with the development of high-temperature materials, which boosts the efficiency and capacity of energy storage. This makes it possible to use heat from renewable resources like concentrated solar power (CSP) more efficiently, improving its viability and dependability. This improves the viability and dependability of producing renewable energy by enabling the more efficient use of heat from renewable sources like concentrated solar power (CSP). Long-duration heat energy storage is made possible by advances in thermochemical storage technologies, which allow reversible chemical reactions to store and release heat energy. Combining several storage technologies, hybrid TES systems can maximize their benefits and improve energy density, cycling stability, and system flexibility. Furthermore, TES operations are optimized based on real-time demand, weather, and energy prices, given the developments in system integration and control strategies, which further improve system reliability and efficiency. The adoption of thermal energy solutions is further encouraged by smart control algorithms, which provide the smooth integration of TES systems with traditional power plants and renewable energy sources.
Challenges: Infrastructural and regulatory challenges.
Regulatory requirements and permitting processes can pose significant obstacles, delaying or deterring TES projects. Limited space for infrastructure installation and storage facilities, especially in urban areas, can further restrict TES feasibility. Emerging TES technologies may lack commercial maturity, hindering adoption, while resource availability and market barriers can also impede accessibility. Therefore, these infrastructural and regulatory challenges will hinder the market’s growth.
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Some of the major players operating in the global thermal energy storage market are:
• Abengoa
• Baltimore Aircoil Company
• Burns and McDonnell
• Caldwell Energy Company
• CALMAC
• DN Tanks
• Dunham Bush
• EVAPCO
• FAFCO Inc.
• Siemens Gamesa Renewable Energy
Key Segments covered in the market:
By Storage Material
• Water
• Molten Salt
• PCM
By Technology
• Sensible Heat
• Latent Heat
• Thermochemical
By Application
• Power Generation
• District Heating and Cooling
• Process Heating and Cooling
• Others
By End User
• Residential
• Commercial
• Industrial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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