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Global Thermal Storage Market By Technology (Sensible, Latent and Thermochemical), By Storage Material (Water, Molten, Salt and PCM), By Application (Power Generation, District Heating & Cooling and Process Heating & Cooling), By End User (Residential and Commercial Industrial), By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2030.
What is Thermal Storage?
Thermal storage systems are very cost-effective resemble other storage technologies. In terms of environmental influence, it is a clean energy storage technology. Thermal energy storage systems are a reasonable storage method for large buildings. Thermal energy storage systems are commonly used in small-scale hot water and heating applications. It is also used in electrical energy generation in large-scale applications. Thus electricity generation is acknowledged with the stored heat energy during periods of extreme power demand. Should specially develop thermal energy storage systems according to the application area. The compressor, pump, storage tank, and dispersal lines are established according to the application space requirement.Growth Drivers
Need for energy storage for increasing ever-increasing solar energy generation
The most dominant goals for governments, energy authorities, and utilities worldwide are decarbonizing the energy sector and decreasing carbon emissions to cap global climate change. According to IRENA, accelerated deployment of renewables, electrification, and increasing energy efficiency of the electric grid can help achieve over 90% of the energy-related carbon dioxide (CO2) emission reductions required to meet the Paris Climate targets by 2050.Opportunities
Decentralization of renewable energy System
The decentralized renewable energy is powering a disrupting conversion of the energy sector. The fast growth of decentralized renewable energy technologies can transform the energy sector’s structure towards a multi-operator set-up in which vast utilities interact with captured consumers and mini-utilities. Renewable energy dispersed through the grid and mini-grids and off-grid installations has provided power to 30% of the people who have gained electricity since 2000. , the decentralized renewable energy share will need to increase significantly. For over 70% of those who achieve access in rural areas, decentralized methods based on renewable energy will be many cost-effective solutions.Restraints
A competitor from battery storage and pumped-storage
Being capable of differentiating between the perks of battery and thermal energy storage, two of the most common solutions available, is necessary for utilities and power plant operators considering deployment shortly and selecting the proper technology that delivers that the structure enables a commercial establishment to consume electricity as cost-effectively as possible. Batteries are prominent for providing backup power for lighting, elevators, and computers, whereas thermal energy storage is a building’s most relaxing way of decreasing peak electric demand. Air conditioning makes up a third of energy costs in summer months, and it would be more ineffective and expensive to store energy in a battery only to have it transformed yet again to create rapid cooling. In distinction, it cannot back up the whole building load with just thermal storage.Pre Covid-19 Impact on Global Thermal Storage Market
Before the covid-19 outbreak, CSP generation increased by an estimated 34% in 2019 and is expected to grow in the coming years. We can achieve it through continuous policy support to CSP projects across the Middle East and Africa, Asia Pacific, and North America. Thermal energy storage is essential for electricity storage in solar power plants, storing solar heat to produce electricity when sunlight is unavailable. It facilitates uninterrupted operations of CSP plants. Some key CSP thermal energy storage technologies include single-tank thermocline systems, two-tank indirect systems, and two-tank direct systems. The usefulness of thermal energy storage in CSP works contains better dependability, overall efficiency, decreases in investment and operating costs, and economical operations. It can also overcome the emission of carbon dioxide.Covid-19 Impact on Global Thermal Storage Market
During the Covid-19 exposure, the expansion of renewable energy technologies in several markets was already inquired by financing, policy uncertainties, and grid integration, strengthened further by COVID-19. According to the IEA, the COVID-19 emergency has affected the global growth in the addition of renewable power capacity. According to the IEA estimates, the number of new renewable power facilities worldwide will fall in 2020 due to the outstanding global COVID-19 emergency. It observes the first annual decrease in 20 years since 2000 for renewable energy capacity addition. The net additions of renewable electricity capacity in 2020 are declining by 13% compared with 2019.Post Covid-19 Impact on Global Thermal Storage Market
After the covid-19 outbreak, The Government of India has set a target of establishing 175 GW of renewable energy capacity by 2022; this includes adding 60 GW from wind, 10 GW from biopower, 100 GW from solar, and 5 GW from small solar hydropower to its overall renewable capacity. Also, the Spanish country increased its renewable energy target to 74% by 2030 and desired to add 157 GW of renewable energy capacity.By Technology Segmental Analysis
The market is classified into sensible, Latent, and Thermochemical based on the technology segment. During the forecast period, the sensible heat storage segment is the largest contributor to thermal energy storage. In the formation of sensible heat, thermal energy storage is founded on the specific heat of a storage medium, which is held in storage tanks with high thermal insulation. The widely used and commercially heat storage medium is molten salt, which has several commercial and industrial applications.By Application Segmental Analysis
The market is classified into Power Generation, District Heating & Cooling and Process Heating & Cooling. The power generation segment is predicted to be the largest donor during the forecast period. Thermal energy storage in concentrating solar power plants can assist overcome the intermittency of the solar resource and decrease the Levelized cost of energy by operating power for extended periods. TES systems can manage energy during sunshine hours and store it to shift its delivery to later or facilitate plant output during cloudy weather conditions.By End User Segmental Analysis
Based on the End User segment, the market is classified into residential and Commercial Industrial. The residential and commercial sector component is one of the primary users of thermal energy storage as it is commonly utilized in refrigeration equipment which constructs a waterhole of solid material and cold water at night. It can use this during the daytime to provide cooling capacity.By Regional Segmental Analysis
Based on regional segment, the market is classified into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. North America, the U.S., noticed the highest demand for thermal energy storage. The demand is due to high energy storage capacity. Thermal energy storage delivers the cooling capacity to commercial facilities by delivering chilled water during low demand hours and then utilizing it during high demand hours. The current development in seasonal thermal and molten thermal storage has authorized energy storage at day time and in the summer season during the consumption at night and in the winter season.Competitors Analysis
The Companies include Calmac, Abengoa, CALDWELL ENERGY, Baltimore Aircoil Company Inc., Chicago Bridge & Iron, Bright Source Energy Inc., Burns & McDonnell, EVAPCO Inc., DN Tanks and other prominent players in the global thermal storage market. Key Stakeholders- Market research and consulting firms
- Thermal Storage warehouse Associates
- Local Governments
- Regulatory bodies
- Thermal Storage Market
- Suppliers
- Retailers
- Service Providers
Recent Developments
- In Mar 2019, Climate Change Technologies established its thermal energy storage, a modular energy storage unit that takes any electricity- solar, wind, etc. and uses it to heat up and melt silicon in a heavily protected chamber.
- In May 2019, Vattenfall, a leading European energy company and a Swedish company SaltX Technology commissioned an industrial scale pilot to experiment with nano-coated salt-based energy storage technology, which allows thermal energy to be stored chemically and delivers long term solutions.
- In May 2019, Azelio unveiled its storage technology, which added a Stirling engine for dispatchable electricity production. Electricity from a more comprehensive range of renewable sources can be obtained and stored as thermal energy.
Scope of the Report
| Report Attribute | Details |
|---|---|
| Market Size Value in 2021 | USD 6.18 Billion |
| The revenue forecast in 2028 | USD 12.8 Billion |
| Growth Rate | CAGR of 17 % from 2022 to 2028. |
| Historical data | 2017 – 2020 |
| Forecast period | 2022 – 2028 |
| Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | The companies include Calmac, Abengoa, CALDWELL ENERGY, Baltimore Aircoil Company Inc., Chicago Bridge & Iron, Bright Source Energy Inc., Burns & McDonnell, EVAPCO Inc., DN Tanks are key players. |
Market Modelling
By Technology- Sensible
- Latent
- Thermochemical
- Water
- Molten
- Salt
- PCM
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
- Residential
- Commercial Industrial
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East & Africa
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Report Content
- Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
- Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
- Executive Summary
- Market Insights
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2022
4.7. Porter’s Five forces analysis
4.8. Price point analysis
4.9. New Investment Analysis
4.10. PESTEL Analysis
4.11. Covid-19 Impact on Global Thermal Storage Market
- Global Thermal Storage Market Overview
5.1. Market Size & Forecast,2017-2030
5.1.1. Demand
5.1.1.1. By Value (USD Billion)
5.2. Market Share & Forecast, 2017-2030
5.2.1. By Technology
5.2.1.1. Sensible
5.2.1.2. Latent
5.2.1.3. Thermochemical
5.2.2. By Storage Material
5.2.2.1. Water
5.2.2.2. Molten
5.2.2.3. Salt
5.2.2.4. PCM
5.2.3. By Application
5.2.3.1. Power Generation
5.2.3.2. District Heating & Cooling
5.2.3.3. Process Heating & Cooling
5.2.4. By End-Use
5.2.4.1. Residential
5.2.4.2. Commercial
5.2.4.3. Industrial
5.2.5. By Region
5.2.5.1. North America
5.2.5.2. Europe
5.2.5.3. Asia-Pacific
5.2.5.4. South America
5.2.5.5. The Middle East & Africa
- North America Thermal Storage Market Overview
6.1. North America Thermal Storage Market Size & Forecast,2017-2030
6.1.1. Demand
6.1.1.1. By Value (USD Billion)
6.2. Market Share & Forecast, 2017-2030
6.2.1. By Technology
6.2.1.1. Sensible
6.2.1.2. Latent
6.2.1.3. Thermochemical
6.2.2. By Storage Material
6.2.2.1. Water
6.2.2.2. Molten
6.2.2.3. Salt
6.2.2.4. PCM
6.2.3. By Application
6.2.3.1. Power Generation
6.2.3.2. District Heating & Cooling
6.2.3.3. Process Heating & Cooling
6.2.4. By End-Use
6.2.4.1. Residential
6.2.4.2. Commercial
6.2.4.3. Industrial
6.2.5. By Country
6.2.5.1. US
6.2.5.2. Canada
6.2.5.3. Mexico
6.2.6. Company Market Share (Top 3-5)
6.2.7. Economic Impact study on North America Thermal Storage Market
- Europe Thermal Storage Market Overview
7.1. Europe Thermal Storage Market Size & Forecast,2017-2030
7.1.1. Demand
7.1.1.1. By Value (USD Billion)
7.2. Market Share & Forecast, 2017-2030
7.2.1. By Technology
7.2.1.1. Sensible
7.2.1.2. Latent
7.2.1.3. Thermochemical
7.2.2. By Storage Material
7.2.2.1. Water
7.2.2.2. Molten
7.2.2.3. Salt
7.2.2.4. PCM
7.2.3. By Application
7.2.3.1. Power Generation
7.2.3.2. District Heating & Cooling
7.2.3.3. Process Heating & Cooling
7.2.4. By End-Use
7.2.4.1. Residential
7.2.4.2. Commercial
7.2.4.3. Industrial
7.2.5. By Country
7.2.5.1. Germany
7.2.5.2. UK
7.2.5.3. France
7.2.5.4. Italy
7.2.5.5. Rest of Europe
7.2.6. Company Market Share (Top 3-5)
7.2.7. Economic Impact study on Europe Thermal Storage Market
- Asia-Pacific Thermal Storage Market Overview
8.1. Asia-Pacific Thermal Storage Market Size & Forecast,2017-2030
8.1.1. Demand
8.1.1.1. By Value (USD Billion)
8.2. Market Share & Forecast, 2017-2030
8.2.1. By Technology
8.2.1.1. Sensible
8.2.1.2. Latent
8.2.1.3. Thermochemical
8.2.2. By Storage Material
8.2.2.1. Water
8.2.2.2. Molten
8.2.2.3. Salt
8.2.2.4. PCM
8.2.3. By Application
8.2.3.1. Power Generation
8.2.3.2. District Heating & Cooling
8.2.3.3. Process Heating & Cooling
8.2.4. By End-Use
8.2.4.1. Residential
8.2.4.2. Commercial
8.2.4.3. Industrial
8.2.5. By Country
8.2.5.1. India
8.2.5.2. Japan
8.2.5.3. Australia
8.2.5.4. Rest of Asia Pacific
8.2.6. Company Market Share (Top 3-5)
8.2.7. Economic Impact study on Asia-Pacific Thermal Storage Market
- South America Thermal Storage Market Overview
9.1. South America Thermal Storage Market Size & Forecast,2017-2030
9.1.1. Demand
9.1.1.1. By Value (USD Billion)
9.2. Market Share & Forecast, 2017-2030
9.2.1. By Technology
9.2.1.1. Sensible
9.2.1.2. Latent
9.2.1.3. Thermochemical
9.2.2. By Storage Material
9.2.2.1. Water
9.2.2.2. Molten
9.2.2.3. Salt
9.2.2.4. PCM
9.2.3. By Application
9.2.3.1. Power Generation
9.2.3.2. District Heating & Cooling
9.2.3.3. Process Heating & Cooling
9.2.4. By End-Use
9.2.4.1. Residential
9.2.4.2. Commercial
9.2.4.3. Industrial
9.2.5. By Country
9.2.5.1. Brazil
9.2.5.2. Argentina
9.2.5.3. Rest of South America
9.2.6. Company Market Share (Top 3-5)
9.2.7. Economic Impact study on South America Thermal Storage Market
- The Middle East & Africa Thermal Storage Market Overview
10.1. The Middle East & Africa Thermal Storage Market Size & Forecast,2017-2030
10.1.1. Demand
10.1.1.1. By Value (USD Billion)
10.2. Market Share & Forecast, 2017-2030
10.2.1. By Technology
10.2.1.1. Sensible
10.2.1.2. Latent
10.2.1.3. Thermochemical
10.2.2. By Storage Material
10.2.2.1. Water
10.2.2.2. Molten
10.2.2.3. Salt
10.2.2.4. PCM
10.2.3. By Application
10.2.3.1. Power Generation
10.2.3.2. District Heating & Cooling
10.2.3.3. Process Heating & Cooling
10.2.4. By End-Use
10.2.4.1. Residential
10.2.4.2. Commercial
10.2.4.3. Industrial
10.2.5. By Country
10.2.5.1. Saudi Arabia
10.2.5.2. UAE
10.2.5.3. South Africa
10.2.5.4. Rest of the Middle East & Africa
10.2.6. Company Market Share (Top 3-5)
10.2.7. Economic Impact study on The Middle East & Africa Thermal Storage Market
- Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company Profile
11.7.1. Calmac
11.7.2. Abengoa
11.7.3. CALDWELL ENERGY
11.7.4. Baltimore Aircoil Company Inc.
11.7.5. Chicago Bridge & Iron
11.7.6. Bright Source Energy Inc.
11.7.7. DC Pro Engineering LLC.
11.7.8. Burns & MCDonnell
11.7.9. EVAPCO Inc.
11.7.10. DN Tanks
11.7.11. Other prominent players
Frequently Asked Questions (FAQ):
The Latent heat storage segment is the fastest-growing during the forecast period.
The commercial and industrial segment is slated to expand as the fastest-growing segment.
The Companies include Calmac, Abengoa, CALDWELL ENERGY, Baltimore Aircoil Company Inc., Chicago Bridge & Iron, Bright Source Energy Inc., Burns & McDonnell, EVAPCO Inc., DN Tanks and other prominent players in the global thermal storage market.
Thermal energy storage is driven by major factors such as rising demand for electricity and increasing consumption of solar CSP.
Global Thermal Energy is estimated to reach USD 12.8 Billion by 2030 with a growing CAGR of 10% during the forecast period 2022-2030. It was valued at USD 6.18 Billion in 2022.
