by The global Thermal Energy Storage Market is estimated to be valued at US$ 5.13 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Thermal energy storage products include sensible heat storage and latent heat storage systems. Latent heat storage systems store and release energy during the process of phase change and have higher energy storage density as compared to sensible heat storage systems.
Market key trends:
One of the major trend in the thermal energy storage market is the development of cost-effective phase change materials (PCMs). PCMs are materials with a high heat of fusion which melting and solidifying at a certain temperature. They store and release a large amount of energy during this transition. Research is ongoing to develop new organic and inorganic PCMs that have high thermal conductivity and stability and are cost-effective for applications in buildings, power generation and other industrial processes. This will help drive the growth of latent heat storage segment of the thermal energy storage market.
Market key trends:
One of the key trends in the thermal energy storage market is the shift towards renewable energy sources. With growing concerns about climate change and increasing efforts to reduce dependence on fossil fuels, many countries are significantly investing in renewable energy like solar and wind. However, renewable sources have intermittent nature which poses integration challenges. Thermal energy storage helps address this issue by storing heat/cold generated from renewable sources and dispatching it as per demand, thus improving renewable energy supply stability and grid reliability. This is expected to drive increased adoption of thermal energy storage solutions in the coming years.
SWOT Analysis
Strength: Thermal energy storage provides efficient, cost-effective and reliable way to store energy from renewable sources like solar thermal power plants. It helps maximize the utilization of renewable sources.
Weakness: High initial investment requirements for setting up thermal energy storage plants. Technical challenges in terms of heat losses during the storage process.
Opportunity: Growing demand for renewable energy around the world presents significant opportunities for thermal energy storage systems. Supportive government policies and initiatives towards renewable targets also support industry growth.
Threats: Competition from other energy storage technologies like batteries may hamper the growth of thermal storage systems to some extent. Rising costs of materials used for thermal storage tanks can increase project costs.
Key Takeaways
The Global Thermal Energy Storage Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing investments in renewable energy sources. According to sources, the market size for 2023 is US$ 5.13 Bn.
Regional analysis: Europe is currently the largest and fastest growing regional market for thermal energy storage due to stringent climate change regulations and growing adoption of solar thermal technologies in countries like Spain, Germany and Italy. The Asia Pacific market is also expected to grow at a significant rate during the forecast period with China and India emerging as high growth countries.
Key players operating in the thermal energy storage market are BrightSource Energy, Inc., EnergyNest AS., Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns & McDonnell, Inc., and DC Pro Engineering. BrightSource Energy is a leading provider of utility-scale solar thermal power plants and thermo-solar technology. EnergyNest is engaged in developing and providing residential-scale thermal energy storage solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
