Sep 6, 2023

| Growth & Analysis 2030 Thermal Energy Storage Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), Storage Material (Water, Molten Salt, PCM, Others), Application (District Heating and Cooling, Power Generation, Process Heating and Cooling), and End User (Utility, Nonutility) Publication Month : Sep 2023 Analyst Perspective: The mounting share of renewable resources in the complete power mix and increasing focus on achieving zero carbon emissions in different states and countries fuel the thermal energy storage market growth. Increasing focus on concentrated solar power and growing application of thermal energy storage for district heating and cooling, process heating and power generation is also boosting the thermal energy storage market. Europe dominated the market for thermal energy storage in 2022, followed by North America and South America, which registered the highest CAGR growth in 2022. Thermal Energy Storage Market Overview: Thermal energy storage (TES) is a kind of energy storage. Thermal energy storage means heating or cooling a medium to leverage the energy when required later. Thermal energy storage can strike balanced energy consumption between day and night. Various technologies, such as sensible heat storage, latent heat storage, and thermochemical storage, can be used for thermal energy storage. Sensible thermal energy storage is considered one of the feasible options to decrease energy consumption and lower CO2 emissions. They utilize water or rock for storing and distributing heat energy. Sensible thermal energy storage is most appropriate for residential buildings. Latent heat storage systems accumulate energy without the medium alterations in temperature but rather rely on the modifying state of a medium. The phase change materials can store heat in their mass as latent heat. These materials are used in building and solar applications, accumulating and storing excess building heat. Thermochemical heat storage systems are based on chemical reactions. Customize Research To Suit Your Requirement We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making. Market Size Value by Growth rate Forecast Period Have a question? Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any. Growing Share of Renewables Propels Thermal Energy Storage Market Growth The revolution of the global energy system following the Paris Agreement, which was initiated in 2015 and entered into force in 2016, is boosting the application of renewables among energy end-users. The adoption of thermal energy storage is growing due to increasing concern towards more sustainable and green energy alternatives, rising climate change concerns, and government initiatives towards boosting the usage of renewable energy across the globe. Furthermore, due to the growing energy uncertainties in Europe owing to the Russia-Ukraine war, governments of various countries realized the potential of domestically generated renewables and energy storage. Thermal energy storage (TES) technology is one of the alternatives to battery storage, which can aid the integration of renewable energy in sectors such as power generation, commercial, and residential. Deploying TES technologies in these sectors can help reduce the heating and cooling demand created by instant power generation from supply resources. TES decreases the requirement for expensive grid reinforcements for PV. It also aids in meeting periodic demand for power and supports the shift to a primarily renewable-driven energy system. Thermal storage technology can also ease the process of load shifting, resulting in better deployment of renewables and improved grid congestion. By assisting the transition to renewables and boosting electrification, TES technologies can aid in meeting long-term climate and sustainability goals. Thus, the rising deployment of renewable generation technologies drives the thermal energy storage market. Thermal Energy Storage Market Segmental Analysis: The thermal energy storage market is segmented based on type, storage material, application, and end user. By type, the thermal energy storage market is bifurcated into sensible heat storage, latent heat storage and thermochemical storage. By storage material, the thermal energy storage market is segmented into water, molten salt, phase change material (PCM) and others. The market for the application segment is further segmented into district heating and cooling, power generation, process heating and cooling. Based on the end user, the thermal energy storage market is divided into utility and nonutility. Download Free Sample Request discounts available for Start-Ups & Universities Based on technology, the thermal energy storage market is categorized into sensible heat storage, latent heat storage and thermochemical storage. All types of technologies are already under commercialization. However, even within the same category, some storage technologies are more mature and widely applied than others. For example, sensible storage is applied when the temperature of a material is raised or reduced. In contrast, latent storage occurs when a material's phase is changed from solid to liquid or liquid to vapor without a temperature change. In addition, thermochemical heat storage is leveraged on the surface of a material. The major application for thermal energy storage technologies is in buildings, energy production or supply systems, district systems, power plants, and industrial applications. Request discounts available for Start-Ups & Universities Thermal Energy Storage Market Regional Analysis: The Europe thermal energy storage market size was valued at US$ 7,183.0 million in 2022 and is projected to reach US$ 10,497.1 million by 2030; it is expected to grow at a CAGR of 4.9% from 2022 to 2030. The European thermal energy storage market is segmented into Germany, France, Italy, Russia, the UK and the Rest of Europe. In  Europe, Germany secured the largest market share in 2022. In Germany, the government is focused on improving energy security and self-sufficiency in energy supply for commercial and residential usage. District heating is one of the major thermal energy storage applications in Germany. The country has launched various TES projects, including hot-water tanks, with the highest capacity as large-scale heating TES installations in district heating systems. With the growing proliferation of solar thermal district heating schemes, thermal storage technologies are being widely adopted to store surplus heat supply, which can be discharged when there is low solar availability, especially during the night, rainy season, or winter. TES supports the change of heat output to encounter changing demand and balance out the supply fluctuations. These factors help in providing cost-efficient decarbonized heating. The application of sensible and latent heat storage technologies in the cold chain, HVAC for buildings, targets for greenhouse gas emissions, and ambition of achieving a net zero carbon emission economy is driving the demand for thermal energy storage in the country. Thermal Energy Storage Market Key Player Analysis: The thermal energy storage market consists of players such as Goss Engineering Inc., Evapco Inc., Burns & McDonnell Consultants Inc., Baltimore Aircoil Co, BrightSource Energy Inc (Kelvin Energy Inc), Sunamp Ltd, Calmac Corp, MAN Energy Solutions SE, Steffes LLC, Abengoa SA. Recent Developments: Business strategies such as mergers and acquisitions are highly adopted by companies in the thermal energy storage market. A few recent key thermal energy storage market developments are listed below: In 2023, MAN Energy Solutions and Vicinity Energy signed a Memorandum of Understanding (MoU) on heat pumps as a low-carbon energy source for district heating. The firms worked together to advocate for and develop low-temperature source heat pump systems for steam generation and their application in district energy systems. In 2023, Burns & McDonnell Consultants Inc. increased its footprint in the UK transmission market by joining the SSEN Transmission engineering, procurement, and construction (EPC) substations framework. In 2023, in Nevada, Evapco installed its first low-charge ammonia (R717) split refrigeration systems at a cold storage facility in Reno. The project was conducted in collaboration with Ti Cold, a specialist contractor that sees technology as revolutionary for the industry. In 2022, Steffes, LLC of Dickinson, North Dakota, the North American leader in Electric Thermal Storage systems, expanded its distribution partnership with The Master Group (Master) for the Canadian market. The deal offers The Master Group the rights to distribute and resale residential Steffes heating products in the Canadian market, as well as the chance for Steffes to grow its presence in the provinces of Quebec and Nova Scotia through Master's contractor network. Report Coverage Abengoa S.A. The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review. Data Collection and Secondary Research: As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain. Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends. Primary Research: The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team. For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise. A typical research interview fulfils the following functions: Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook Validates and strengthens in-house secondary research findings Develops the analysis team’s expertise and market understanding Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to: Industry participants: VPs, business development managers, market intelligence managers and national sales managers Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry. Below is the breakup of our primary respondents by company, designation, and region: Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection. Data Analysis: Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level. 3.1 Macro-Economic Factor Analysis: We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities. 3.2 Country Level Data: Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential. 3.3 Company Profile: The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size. 3.4 Developing Base Number: Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis. Data Triangulation and Final Review: The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization. We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports. We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time. 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