Thermal Energy Storage Market Size Worth US$ 22.6 Bn by 2031 | Registering at a CAGR of 16.3% says, Transparency Market Research Inc.

Wilmington, Delaware, United States, June 19, 2023 (GLOBE NEWSWIRE) -- The global thermal energy storage market was valued at US$ 4.3 Bn in 2020 and is projected to expand at a CAGR of 16.3% from 2021 to 2031.

Thermal Energy Storage Market to Reach US$ 22.6 Bn by 2031: TMR Study

• Increase in installation of thermal energy storage (TES) in concentrated solar power (CSP) plants is anticipated to propel the market
• Rise in demand for advanced energy storage methods, especially sensible heat storage technology, can be ascribed to benefits such as ease of storage of thermal energy and simplicity of the technique used
• Asia Pacific is anticipated to witness robust market growth in the near future, due to surge in adoption of TES systems in industrial processes and HVAC for buildings in the region
  
  

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Market Snapshot:

Competition Landscape of Thermal Energy Storage Market

Leading players are focusing on technology advancements to increase their market share. Prominent companies in the market are

• Calmac
• Evapco
• McDermott International Ltd.
• Goss Engineering Inc.
• Trane Technologies Inc
• Brenmiller Energy
• Siemens Gamesa Renewable Energy
• Azelio
• Abengoa Solar S.A.
• BrightSource Energy Inc.

Key Findings of Study

• Rapid Advancement in Energy Storage Methods for Renewable Energy: Significant development of thermal energy storage technologies for usage in building applications presents significant business opportunities for companies in the global thermal energy storage industry. The trend is likely to lead to considerable reduction of energy demand of any building, since stored energy can be later used for space conditioning, water heating, and refrigeration for HVAC applications. Rapid utilization of concentrating solar power (CSP) system to generate clean, renewable energy is expected to augment market outlook. Rise in usage of solar energy to generate clean electricity is anticipated to bolster the adoption of thermal energy storage systems.
• Increase in Utilization of Sensible Heat Storage Technology: Large numbers of sensible heat storage technologies are being developed to meet the demand for TES for heating and cooling applications. Steady advancements in water tank, packed-bed storage, and underground methods are anticipated to broaden market outlook. Simplicity of the technique and cost-effectiveness of the system are projected to fuel popularity of the sensible heat storage technology. Usage of water as commercial heat storage medium in this method is a key advantage. However, in recent years, growing awareness about limitations of the technology in terms of low storage capacity per unit volume of the storage media is expected to hamper its adoption.

Key Growth Drivers

• Increase in shift toward sustainable energy storage to meet the rise in demand for energy around the globe is a key driver of the thermal energy storage market. According to recent business statistics, primary energy consumption is projected to rise by 48.0% by 2040.
• Rapid depletion of fossil resources and focus of governments of several countries on decarbonization of industries are accelerating the adoption of a range of renewable energies such as solar and wind energies. Continuous focus on installation of thermal energy storage technology in renewable energy technology systems is a key factor that helps remove intermittency in their generation.

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Regional Growth Dynamics

North America is a key market for thermal energy storage. The region accounted for leading market share in 2020. It is anticipated to retain its prominence by the end of the forecast period. Rapid adoption of thermal energy storage systems in industrial applications is expected to propel the market in North America. Furthermore, state and federal governments of the U.S. are promoting the commercialization and utilization of next-generation energy storage technologies. This is anticipated to accelerate market development. Rise in deployment of renewable energy technologies across North America is also likely to drive the market.

Growth in installation of thermal energy storage systems in buildings is projected to augment market development in North America. Rapid development of hybrid TES systems presents lucrative business opportunities to companies in the thermal energy storage market. Sensible thermal energy storage technologies constitute a significant share of all thermal energy storage systems installed in North America in recent years.

The market in Asia Pacific is anticipated to record robust growth from 2023 to 2031. Rise in generation of renewable energies is expected to boost the thermal energy storage market in the region.

Segmentation

The global thermal energy storage market is segmented based on

Technology

• Sensible Heat
• Latent Heat
• Thermochemical Heat         
  
  

End-user

• Commercial and Industrial
• Utilities
• Residential
  
  

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
  
  

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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