New York, June 28, 2023 (GLOBE NEWSWIRE) --
The global thermal energy storage market is estimated to grow at a CAGR of ~17.4% over the forecast period. The market is estimated to garner a revenue of nearly USD 8.57 billion by the end of 2035, up from a revenue of about USD 1.25 billion in the year 2022. The growth of the market is attributed to the growing need to increase energy storage so that it can be used in emergencies.
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In general, a medium is cooled or heated in order to use the energy later. By 2040, thermal energy storage could increase the potential long-term storage capacity (LDES) worldwide from around 1 TW to 3 TW to 2 TW to 8 TW. Other factors believed to be driving the growth of the thermal energy storage market include the increasing efforts to fuel the development of smart cities. With the growing infrastructure of smart cities, the need for sustainable energy is expected to increase. The Smart Cities USA project will improve the quality of life in San Jose by boosting the employment of 25,000 CleanTech employees, promoting environmental sustainability and driving economic growth. To achieve this development, the city of San Jose, California has partnered with Intel to leverage Intel's IoT Smart City Demonstration Platform. On the other hand, the growth of the market is also attributed to the increasing production of electrical energy.
Global Thermal Energy Storage Market: Key Takeaways
- Market in North America to propel highest growth
- The commercial & industrial segment to garner the highest growth
- Market in Europe to grow at a highest rate
Increasing Demand for Electricity across the Globe to Boost Market Growth
The large-scale use of thermal energy storage occurs in the field of power generation. Therefore, in times of high energy demand, electricity is generated from stored thermal energy. The January 2022 edition of the IEA's semi-annual electricity market report states that global electricity demand increased by more than 1,500 terawatt hours in 2021. It was the biggest in history. The sun's rays reflect off a collector of a Concentrated Solar Power (CSP) system, generating heat that is used to generate electricity that can be used immediately or stored as thermal energy for later use. According to the International Renewable Energy Agency, there were 710 GW of photovoltaic solar systems worldwide at the end of 2020. The largest capacity expansion of any renewable energy source occurred in 2020, with an increase in new solar PV capacity of about 125 GW. Increased spending on energy transition technologies is likely to boost market growth. However, to stay on course, the annual investment must quadruple.
Expanding demand for heating and cooling systems to Drive the Market Growth in North America Region
The thermal energy storage market in North America region is estimated to garner the largest revenue by the end of 2035. The growth of the market is mainly attributed to the increasing demand for heating and cooling systems for buildings in the region and increasing efforts to promote the use of thermal energy. The Building Technologies Office (BTO) is focused on the research, development, demonstration and deployment of thermal storage to accelerate the commercialization and application of next-generation energy storage technologies for building applications. Buildings consume more than 39% of all primary energy and 74% of all electricity in the US. According to the Office of Energy Efficiency and Renewable Energy, about 50% of the energy needs of buildings are currently met by thermal end-uses such as air conditioning, hot water, and refrigeration, and that percentage is expected to increase in the coming years in the United States. Governments at the federal, state, and local levels in North America are implementing policies and regulations that promote the adoption of energy storage technologies. Financial incentives, tax credits, and grants are being offered to encourage the deployment of thermal energy storage systems. These supportive measures help drive market growth by reducing the upfront costs and improving the economic viability of such projects.
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Growing effective energy storage solutions to Propel the Growth in the Europe Region
The thermal energy storage market in the Europe region is estimated to garner the highest CAGR by the end of 2035. Europe is at the forefront of the energy transition, with a strong focus on reducing greenhouse gas emissions and transitioning to renewable energy sources. The integration of intermittent renewable energy, such as wind and solar, requires effective energy storage solutions. Thermal energy storage systems provide a means to store excess renewable energy and balance supply and demand, contributing to grid stability and supporting the integration of renewables. According to the European Commission, the share of renewable energy in Europe's gross final energy consumption reached 18.9% in 2019, demonstrating the increasing integration of renewable sources. Thermal energy storage systems find extensive applications in industries such as district heating and cooling, manufacturing, and commercial buildings. These sectors have a significant demand for thermal energy, and by implementing storage systems, they can optimize their energy usage, reduce costs, and improve sustainability.
Thermal Energy Storage Segmentation by End User
- Residential
- Commercial & Industrial
- Utilities
Amongst these three segments, the commercial & industrial segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to energy cost savings. According to a study by the U.S. Department of Energy (DOE), thermal energy storage systems in commercial buildings can reduce energy costs by 10-30%. Demand response programs are initiatives implemented by grid operators and utilities to incentivize energy consumers to reduce or shift their electricity consumption during peak demand periods. These programs aim to manage and balance the electricity load on the grid, prevent blackouts, and optimize the use of existing infrastructure. Thermal energy storage systems play a crucial role in demand response programs by allowing C&I customers to store excess thermal energy during off-peak periods when electricity rates are lower or renewable energy generation is abundant. During peak demand periods when electricity rates are higher, the stored thermal energy can be used for cooling, heating, or other industrial processes instead of relying solely on grid electricity. By reducing demand from the grid during peak periods, C&I customers can reduce their overall electricity costs and contribute to grid stability.
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Thermal Energy Storage Segmentation by Application
- Heating & Cooling
- Power Generation
Amongst these two segments, the heating and cooling segment is anticipated to hold a significant share over the forecast period. The growth of the segment can be accredited to the renewable energy integration. The integration of renewable energy sources, such as solar thermal and geothermal energy, into heating and cooling systems is growing. Thermal energy storage allows for efficient storage and utilization of renewable heat and cold, enabling better integration of renewable energy in the heating and cooling sector. The European Technology and Innovation Platform on Renewable Heating and Cooling (RHC-Platform) estimates that the share of renewable energy in heating and cooling can reach 50% by 2030, driving the need for thermal energy storage solutions. District heating and cooling systems, which supply heat or cold to multiple buildings or areas, often utilize thermal energy storage. These systems provide more efficient and flexible heating and cooling solutions, reducing energy waste and improving overall system performance.
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