Dublin, April 24, 2023 (GLOBE NEWSWIRE) -- The "Thermal Energy Storage (TES): Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Thermal Energy Storage (TES) estimated at US$4.4 Billion in the year 2022, is projected to reach a revised size of US$7.7 Billion by 2030, growing at a CAGR of 7.1% over the analysis period 2022-2030.
Water, one of the segments analyzed in the report, is projected to record a 6.3% CAGR and reach US$3.1 Billion by the end of the analysis period.
Taking into account the ongoing post pandemic recovery, growth in the Molten Salt segment is readjusted to a revised 7.3% CAGR for the next 8-year period.
The U.S. Market is Estimated at $1.5 Billion, While China is Forecast to Grow at 8.8% CAGR
The Thermal Energy Storage (TES) market in the U.S. is estimated at US$1.5 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$890.3 Million by the year 2030 trailing a CAGR of 8.8% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.7% and 6.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6.7% CAGR.
Select Competitors (Total 50 Featured) -
- Abengoa Solar, S.A.
- Baltimore Aircoil Company
- Burns & Mcdonnell
- Caldwell Energy Company
- CALMAC Corporation
- DN Tanks, Inc.
- Dunham-Bush Holding Bhd
- EnergyNest AS
- Evapco, Inc.
- FAFCO, Inc.
- Finetex EnE Inc.
- Goss Engineering, Inc.
- McDermott International
- Siemens Gamesa Renewable Energy, S.A.
- Steffes Corporation
- TAS Energy Inc.
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 415 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $4.4 Billion |
| Forecasted Market Value (USD) by 2030 | $7.7 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- COVID-19 Pandemic: A Looming Global Recession and Impact on Energy Storage Industry
- Superior Attributes and Multiple Benefits of Thermal Energy Storage Technology Drive Widespread Market Adoption
- Thermal Energy Storage (TES): Efficient and Economical Capture of Energy during Lean Period for Fueling Cooling Needs of the Peak Period
- Expanding Share of Intermittent Renewable Energy Sources and the Resulting Need for Energy Storage: The Fundamental Growth Driver
- Global Energy Production by Energy Source (2017, 2020, 2030 and 2040): Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share for Petroleum, Nuclear, Natural Gas, Coal and Renewables
- Targets for Electricity Production from Renewable Energy Sources Worldwide by Country
- Booming Renewable Energy Sector Benefits Penetration of Energy Storage Technologies
- Energy Storage Technologies: Classification
- Key Energy Storage Technologies & Applications for Electrical, Chemical, Electrochemical, Mechanical and Thermal Energy
- Thermal Energy Storage Vital for Development Efficient, Disruption-Resistant Grids
- Thermal Energy Storage: Current Market Scenario and Outlook
- Recent Market Activity
- United States: The Single Largest TES Market
- Developing Regions Offer Huge Untapped Market Growth Potential for TES
- Despite Competition from Latent Heat Storage, Sensible Heat Technology Sustains Dominance
- Various Thermal Storage Technologies: Brief Details of Efficiency, Storage Time, Power and Capacity
- Offering Better Alternative to Molten Salt Model, PCM Systems Emerge as Fastest Growing Segment
- Thermal Energy Storage (TES): Product Overview
- Thermal Storage Technologies
- TES Systems for Ice/Cool Storage
- Solar Power TES Systems
- Inter-Seasonal Thermal Storage Systems
- Small-Scale Thermal Energy Storage (TES) Systems
- High-Temperature Thermal Energy Storage
- Full and Partial Thermal Energy Storage Systems
- Thermal Storage Media
- Competitive Landscape
- Thermal Energy Storage (TES) - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Key Drivers for TES Market
- Market Restrains
- CSP Combines with TES to Provide Grid Flexibility
- Methods to Store Heat: Key Storage Means
- Utilities: Largest & Fastest Growing End-Use Sector for Thermal Energy Storage Systems
- Energy Storage Market to Chart Growth Path in 2021 and Beyond
- Need for Improved Energy Management amidst Increasing Demand for Electricity Benefits Market Expansion
- Global Energy Demand & Growth (In Million Tonnes of Oil Equivalent (Mtoe)) for the Years 1990, 2000, 2010, 2020, 2030 and 2040
- Impact of COVID-19 Pandemic on the Power Sectors in China and the US
- Smart Grids Elevate the Prospects for TES Systems
- Global Spend on Smart Grid Technologies by Region (2014, 2017 & 2020): Percentage Breakdown of Cumulative Spending for Asia-Pacific (incl. China), Europe, Latin America, and North America
- Growing Investments in Renewable Energy Projects Drive Strong Demand for TES Solutions
- Global Investments in Electricity Networks and Storage (In US$ Billion): 2000, 2008, 2012, 2016, and 2019
- Global Grid Connected Energy Storage by Technology: Percentage Breakdown of Installed Capacity for 2014, 2017 and 2020
- TES Gains Traction in Managing Inconsistencies of Wind & Solar Power Generation
- Global Levelized Cost (US$ Per MWh) of Energy Storage Technologies in Utilities by Type: 2015 and 2030
- Global Wind and Solar Installed Capacity (GW) for the Years 2011, 2017, 2020 and 2022
- TES Pairing with Solar Generation: Opportunities Galore for Electric Utilities
- Important Role of TES in Commercialization of Solar Thermal Energy Plants
- Growing Trend towards Green/LEED Buildings Offer Lucrative Market Growth Opportunities
- TES Techniques Offer Increased Efficiency in Buildings
- Demand for TES in HVAC & Refrigeration Systems on the Rise
- TES' Energy Efficiency Augments its Application
- TES Set to Address Peak Demand for Air Conditioning
- Utility Load Factors
- STable and Secure Grid
- Impact of Climate Change on Air Conditioning
- Developments in Controls
- TES Extends Cost & Energy Savings to Cold Storage Chains
- Growing Investments on Smart Cities to Fuel Large-Scale Adoption of TES Systems
- Number of Smart Cities Worldwide by Geographic Region (2025E)
- Educational Institutes Seek to Leverage TES to Achieve Associated Cost Savings
- Favorable Demographic and Urbanization Trends Aid Market Growth
- World Population (in Thousands) by Geographic Region for the Years 2018, 2025, 2040, 2050
- Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
- Innovations & Advancements
- Recent Select Innovations in Brief
- Notable TES Innovations of Recent Past
- Issues & Challenges: A Note on Factors Hampering Market Prospects for TES Technologies
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/poxbg6
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