WASHINGTON, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Global Thermal Energy Storage Market was valued at USD 203.1 Million in 2021 and is projected to attain a market value of USD 450.1 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 14.20% during the forecast period, 2022–2028.
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What is Thermal Energy Storage? How Big is Thermal Energy Storage Market Size?
Market Overview:
The need for efficient and cost-effective Thermal Energy Storage Market is growing as the world transitions to a low-carbon economy. Thermal Energy Storage Market can help meet peak demand, reduce carbon emissions, and improve the efficiency of power generation. Thermal Energy Storage Market systems store heat or cold energy in order to supply it at a later time. This can be done using a variety of technologies, including latent heat storage, phase change materials, and thermochemical reactions.
Thermal Energy Storage Market systems can be used to store energy from a variety of sources, including solar thermal, geothermal, nuclear, and waste heat from industrial processes.
There are many applications for Thermal Energy Storage Market, including in the residential, commercial, and industrial sectors. For example, home electric water heaters are often used to store surplus electricity from the grid during off-peak hours so that they can be used during peak hours when demand is higher. This helps to reduce the load on the grid and prevents blackouts during times of high demand.
The study on the Global Thermal Energy Storage Market also found that there are a number of barriers to the widespread adoption of Thermal Energy Storage Market, including technical challenges, high costs, and regulatory uncertainties. However, our analyst believes that these barriers can be overcome with continued research and development and supportive policies from the government and utilities.
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Top Players in Global Thermal Energy Storage Market
- Abengoa Solar
- Burns & McDonnell
- SolarReserve
- BrightSource Energy
- Calmac
- MAN Energy Solutions
- Baltimore Air Coil Technology
- Cristopia Energy
- Cryogel
- Caldwell Energy
- Dunham Bush
- Goss Engineering
- Steffes Corporation
- DN Tanks
- Turbine Air Systems (TAS)
- Evapco Inc.
- Fafco
- Sunwell Tehnologies
- DC Pro Engineering
- CB&I (McDermott)
- LIME
Current Status of Global Thermal Energy Storage Market
As the world works to decarbonize its electricity system, Thermal Energy Storage Market will play an increasingly important role in meeting both short-term demand and long-term climate goals.
Thermal Energy Storage Market can take many forms, including concentrated solar power plants with molten salt storage, off-peak geothermal heating, and cold weather district heating systems. Each type of project has its own challenges and opportunities, but all are expected to see significant growth in the coming years.
In particular, the cost of advanced heat storage technologies like molten salt and compressed air has fallen by 50% or more in recent years in the Thermal Energy Storage Market. As battery prices continue to decline, we are seeing renewed interest in using them for longer-duration energy storage applications. At the same time, there has been a dramatic increase in policy support for Thermal Energy Storage Market around the world. In 2018 alone, China, India, and the European Union all implemented major new policies to accelerate its deployment.
The result is that Thermal Energy Storage Market is now one of the fastest-growing markets in the renewable energy industry. With continued cost declines and policy support, we can expect this trend to continue in the years ahead.
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Segments Covered:
By Technology: Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage.
By Storage Material: Water, Molten Salts, Phase Change Materials, Other Storage Materials.
By Applications: Power Generation, District Heating & Cooling, Process Heating & Cooling.
By End Users: Utilities, Commercial, Industrial.
By Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Global Thermal Energy Storage Market to Surpass 800 GW by 2030
According to a new report from Vantage Market Research, the Global Thermal Energy Storage Market is expected to more than triple between now and 2030, reaching a capacity of 800 gigawatts. That would still be just a fraction of global electricity generation capacity, which was about 22 thousand GW in 2016, but it would nonetheless be a major increase.
The report estimates that the Levelized cost of electricity from new coal-fired power plants with TES will be 10 percent lower than the cost of electricity from new coal plants without TES by 2030. The use of TES can also help to improve the operating flexibility and environmental performance of coal-fired power plants.
A lot of this growth in the Global Thermal Energy Storage Market will come from China, which is already the world's largest market for TES. The country is looking to add nearly 350 GW of new TES capacity by 2030, according to Vantage Market Research. This build-out will be driven in part by Beijing's goal of having non-fossil fuel sources account for 20% of its power mix by 2030.
Other countries are also starting to see the benefits of TES and are making plans to add capacity in the coming years. In the United States, for example, there are currently around 50 MW of operational TES projects. But that is expected to grow rapidly in the coming years as more states adopt policies supportive of storage technologies.
This growth of the Thermal Energy Storage Market is being driven by the increasing use of renewable energy sources, as well as the need for more flexible and efficient energy systems. Thermal Energy Storage Market is seen as a key technology for enabling the widespread adoption of renewable energy sources such as solar and wind. Thermal storage can provide dispatchable power when the sun isn't shining or the wind isn't blowing, making it a critical part of any future low-carbon power system. While the current installed base of thermal storage is relatively small, global capacity is expected to grow rapidly in the coming years.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Thermal Energy Storage Market Forecast Report (2022-2028).
Regional Analysis:
Outlook of China Thermal Energy Storage Market is Encouraging
In recent years, China has become a world leader in Thermal Energy Storage Market (TES) technology, with a number of companies developing innovative TES solutions. Vantage Market Research released a report in October 2022 that provides an overview of the TES industry in China, including key players, market trends, and investment opportunities.
China is the world's largest emitter of greenhouse gases in the Thermal Energy Storage Market, and the Chinese government has committed to reducing its emissions by 2030. Thermal Energy Storage Market can play a key role in meeting this target by allowing power plants to store excess heat during periods of low demand and release it during peak demand periods. This flexibility can help to smooth out fluctuations in renewables output and reduce the need for expensive "peaker" plants that only operate a few hours per day.
The Chinese renewable energy sector is growing rapidly, with installed capacity doubling every two years. Solar and wind are the main sources of new capacity, but their output is variable and often does not match demand. Thermal Energy Storage Market can help to balance the system by storing excess heat from solar panels during the daytime and releasing it at night when demand is higher.
According to the report, the Chinese Thermal Energy Storage Market grew at a CAGR (Compound Annual Growth Rate) of 18.4% from 2016 to 2021, reaching a value of US$ 2.3 billion. The residential sector is currently the largest application market for TES in China, accounting for over 60% of total demand. However, the commercial and industrial sectors are expected to see the highest growth rates over the forecast period, due to increasing demand for energy efficiency and peak load management.
A number of factors are driving the growth of the Chinese Thermal Energy Storage Market, including government policies and incentives, increasing awareness of TES technology, and advances in TES technology. The 13th Five-Year Plan (2016-2020) included several measures to promote energy conservation and emissions reduction, which will create new opportunities for TES development. In addition, a growing number of cities are implementing policies to encourage energy storage development as a means to improve power grid stability and reduce carbon dioxide emissions.
Some of The Key Questions from Our Customers Are:
- Which are the top companies in the market?
- How will the market change in the next years?
- What are the drivers and restraints of the market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the market throughout the forecast period?
- Which area offers the most significant benefit for the world market?
- What are the threats to business and the impact of the current scenario on growth and market perception?
- What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 203.1 Million |
| Revenue Forecast by 2028 | USD 450.1 Million |
| CAGR | 14.2% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Abengoa Solar, Burns & McDonnell, Solar Reserve, Bright Source Energy, Calmac, MAN Energy Solutions, Baltimore Air Coil Technology, Cristopia Energy, Cryogel, Caldwell Energy, Dunham Bush, Goss Engineering, Steffes Corporation, DN Tanks, Turbine Air Systems (TAS), Evapco Inc., Fafco, Sunwell Tehnologies, DC Pro Engineering, CB&I (McDermott), LIME |
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- Top Companies in Thermal Energy Storage Market | Leading Companies in Thermal Energy Storage Industry Key Insights & Trends Analysis.
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