Dublin, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The "Thermal Energy Storage (TES) - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global Thermal Energy Storage (TES) market is set for substantial growth, with an estimated value of $7.7 billion by 2030. In 2022, the market was valued at $4.4 billion, and it is projected to grow at a CAGR of 7.1% during the analysis period of 2022-2030. This growth is primarily driven by the adoption of thermal energy storage systems, with segments such as water and molten salt showcasing significant potential.
Key Market Segments
- Water Thermal Energy Storage: This segment is expected to record a CAGR of 6.3%, reaching a value of $3.1 billion by the end of 2030. The use of water as a medium for thermal energy storage continues to gain traction.
- Molten Salt Thermal Energy Storage: Growth in the molten salt segment is estimated at a CAGR of 7.3% for the next 8 years, highlighting its importance in the TES market.
Geographic Insights
- United States: The TES market in the U.S. is estimated at $1.5 billion in 2022, signaling substantial growth potential in this region.
- China: China is forecasted to reach a market size of $890.3 million by 2030, with a CAGR of 8.8% over the analysis period.
- Other Regions: Japan, Canada, and Germany are also expected to contribute to the global TES market growth, with forecasted CAGRs of 5.7%, 6.2%, and 6.7%, respectively.
These companies play a significant role in shaping the thermal energy storage market landscape.
Economic Outlook
The global economic outlook is on the path to improvement, with expectations of growth recovery in the near future. While challenges persist, such as uncertainties related to the Ukraine conflict and inflation concerns, governments and economies are adapting to these complexities.
- United States: Despite facing slowing GDP growth, the U.S. has successfully managed to overcome the recession threat.
- Euro Area: Easing of headline inflation is boosting real incomes and economic activity.
- China: China is anticipated to experience robust GDP growth as the pandemic threat recedes, and government policies evolve.
Select Competitors (Total 50 Featured)
- Baltimore Aircoil Company
- Caldwell Energy Company
- CALMAC Corporation
- Amplifon SpA
- bioLytical Laboratories Inc.
- Axiom Energy Conversion Ltd
- Abengoa SA
- Araner
- ALICO S.r.L.
- Adamed Pharma S.A.
- Chemetron Corporation
- Arround Inc.
- Cala Del Forte
- Celgene Corporation
- Blanidas company
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
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/6qov1t
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