Thermal Energy Storage Market - Growth, Trends, and Forecast (2020 - 2025)

The Thermal Energy Storage Market is segmented by Type (Molten Salt, Chilled Water, Heat, Ice, and Others), Application (Power Generation and Heating & Cooling), Technology (Sensible Heat Storage, Latent Heat Storage, and Thermochemical Heat Storage) and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)

Thermal Energy Storage Market Snapshot

Study Period:

2018-2025

Base Year:

2019

Fastest Growing Market:

Middle-East and Africa

Largest Market:

North America

CAGR:

7.5 %

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Market Overview

The global thermal energy storage market is expected to grow at a CAGR of more than 7.5% over the period of 2020-2025. Factors such as growing impetus for renewable energy generation, such as concentrated solar power, increasing demand for thermal energy storage systems in heating, ventilation, and air conditioning (HVAC) application, government incentives for thermal energy storage systems, and advancements in material sciences are some of the major factors driving the demand for thermal energy storage market. However, the declining battery costs leading to increase in installations of battery storage, is hampering the growth of the market.

  • Power generation through thermal energy storage systems is expected to be the largest segment by application with majority of demand rising from Middle-East and African countries.
  • The commercial and industrial (C&I) sector is increasingly adopting renewable power generation sources, such as solar and wind energy, for self-consumption. But renewable energy is an intermittent power source and the C&I sector is failing to utilize these resources to its fullest potential. Therefore, to increase the utilization rate of renewable power sources, the C&I sector is expected to increasingly adopt the energy storage systems which in, turn, creates significant opportunities to the thermal energy storage providers in the future.
  • North America is expected to be the largest market during the forecast period, owing to several ongoing thermal energy storage projects along with upcoming ones.

Scope of the report

The thermal energy storage market report include:

Type
Molten Salt
Chilled Water
Heat
Ice
Others
Application
Power Generation
Heating & Cooling
Technology
Sensible Heat Storage
Latent Heat Storage
Thermochemical Heat Storage
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa

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Key Market Trends

Power Generator Sector to Dominate the Market

  • Excess generation available during low demand time can be used to charge a thermal energy storage system, in order to increase effective generation capacity during high-demand periods, which result in higher load factor for the plants, helping them too generate energy in a stable way.
  • Globally, energy storage technology aids the grid operators in managing variable energy generation from renewable, like solar and wind energy. Utilities use energy storage technologies in a range of applications, such as time-shifts and supply capacity, in order to meet the demand-supply gap efficiently, hence, driving the thermal energy storage market.
  • The world’s thermal energy storage deployment is dominated by molten salt storage in Concentrated Solar Power (CSP) plants, which is a cheapest way to store solar energy over long hours. Therefore, it is a stabilizing factor for energy-supply system, especially in sunbelt countries (Spain and Portugal) that highly depend on fossil fuel imports. CSP technology is a high-potential source for increasing the share of domestic energy supply.
  • Clean development mechanism (CDM) envisaged by the Kyoto Protocol, is also a significant push toward CSP technology, which is expected to increase the demand for thermal energy storage system during the forecast period.

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North America to Dominate the Market

  • North America is expected to dominate global thermal energy storage market, due to high energy storage capacity and increase in energy mix of thermal energy specifically in the United States.
  • The current energy storage technologies associated with the United State's grid are pumped-storage hydropower (PSH), thermal storage, batteries, compressed air energy storage (CAES), and flywheels. Thermal storage accounts for about 29% share in the United States energy storage capacity, with around 165 projects of capacity 669MW installed as of 2018.
  • The four large CSP thermal storage systems in the country make up over half of the grid-tied thermal storage capacity in the United States. These are all tied to concentrated solar power systems where the sun’s rays are reflected off mirrors and concentrated onto a receiver, thus heating it. The thermal storage is expected to play in terms of the ongoing ramping up of renewable electricity in the country.
  • The CSP in the United States is supported by the government’s supportive regulations and policies, like the Federal Investment Tax Credit, Energy Policy Act, in turn promulgating the thermal energy storage market.

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Competitive Landscape

The thermal energy storage market is moderately consolidated.Some of the key players are BrightSource Energy Inc., Abengoa SA, Baltimore Aircoil Company, Terrafore Technologies LLC, and SolarReserve LLC.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Molten Salt

      2. 5.1.2 Chilled Water

      3. 5.1.3 Heat

      4. 5.1.4 Ice

      5. 5.1.5 Others

    2. 5.2 Application

      1. 5.2.1 Power Generation

      2. 5.2.2 Heating & Cooling

    3. 5.3 Technology

      1. 5.3.1 Sensible Heat Storage

      2. 5.3.2 Latent Heat Storage

      3. 5.3.3 Thermochemical Heat Storage

    4. 5.4 Geography

      1. 5.4.1 North America

      2. 5.4.2 Europe

      3. 5.4.3 Asia-Pacific

      4. 5.4.4 South America

      5. 5.4.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 BrightSource Energy Inc.

      2. 6.3.2 Aalborg CSP A/S

      3. 6.3.3 Abengoa SA

      4. 6.3.4 Baltimore Aircoil Company

      5. 6.3.5 Burns & McDonnell

      6. 6.3.6 SaltX Technology Holding AB

      7. 6.3.7 SolarReserve LLC

      8. 6.3.8 Terrafore Technologies LLC

      9. 6.3.9 Trane Technologies plc

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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