Thermal Energy Storage Market Size to Reach USD 51.80 Bn by 2033
Dnyaneshwar Dhanawade
Senior Business Analyst- Automotive & Transportation, Energy and Power [Talks about]- automotiveindustry| | Autonomous | Electric & Hybrid Vehicles |technology| electricvehicles| Semiconductor and Electronic
According to the latest research by nova one advisor, the global thermal energy storage market size was exhibited at USD 21.68 billion in 2023 and is projected to hit around USD 51.80 billion by 2033, growing at a CAGR of 9.1% during the forecast period of 2024 to 2033.
Key Takeaways:
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Thermal Energy Storage Market: Industry Overview
The thermal energy storage market is segmented based on type, storage material, application, and end user. By type, the thermal energy storage market is bifurcated into sensible heat storage, latent heat storage and thermochemical storage. By storage material, the thermal energy storage market is classified into water, molten salt, phase change material (PCM) and others. The market for the application segment is further segmented into district heating and cooling, power generation, process heating and cooling. Based on the end user, the thermal energy storage market is segmented into utility and nonutility. The thermal energy storage market is segmented by region into Europe, Asia Pacific, North America, the Middle East & Africa, and South America.
The global thermal energy storage market is segregated into five major regions—North America, Europe, APAC, the MEA, and SAM. In 2022, Europe led the largest global thermal energy storage market share, followed by North America and APAC. The demand for thermal energy storage is increasing rapidly in Asia Pacific. Climate change concerns, targets of the Paris Agreement, and the inclination toward renewable energy for power generation are driving factors for the European thermal energy storage market. The use of thermal energy storage technologies as a cost-effective measure to manage energy imbalances in times of crisis or supply shortage is a major boost for the market. The US and Canada are major North American thermal energy storage technology users. The growing government policies and mandates favoring renewable energy resources, focusing on increasing the share of renewable sources in the overall power mix, and aiming to achieve the new zero carbon emission targets are major drivers for the North American thermal energy storage market. Sensible heat storage technology for heating and cooling buildings has positive outlooks in North America, followed by latent heat storage technology in the commercial sector. In Asia Pacific, China, Australia, and India are notable countries in thermal energy storage implementation. The growing number of solar, wind, and concentrated solar power projects in countries such as China, Australia, and India positively impact the thermal energy storage market. The growing investment in overall energy storage infrastructure for facilitating better energy utilization management, when required, is boosting the thermal energy storage market in Asia Pacific. Saudi Arabia, the UAE, and South Africa are major countries in the thermal energy storage market across the Middle East & Africa.
Growing Focus Concentrated Solar Plants to Fuel Thermal Energy Storage Market Growth During Forecast Period
Thermal energy storage (TES) is a kind of energy storage. Thermal energy storage means heating or cooling a medium to leverage the energy when required later. Thermal energy storage can strike balanced energy consumption between day and night. Various technologies, such as sensible heat storage, latent heat storage, and thermochemical storage, can be used for thermal energy storage. Sensible thermal energy storage is considered one of the feasible options to decrease energy consumption and lower CO2 emissions. They utilize water or rock for storing and distributing heat energy. Sensible thermal energy storage is most appropriate for residential buildings. Latent heat storage systems accumulate energy without the medium alterations in temperature but rather rely on the modifying state of a medium. The phase change materials can store heat in their mass as latent heat. These materials are used in building and solar applications, accumulating and storing excess building heat. Thermochemical heat storage systems are based on chemical reactions. Thermal energy storage technology, such as molten-salt storage, is widely used at concentrated solar plants.
Sodium chloride (NaCl), KCl, and MgCl 2 have potential applications in high-temperature thermal energy storage in CSP plants. Major countries such as the US, China, Germany, and South Africa focus on deploying CSPs and investing in advanced technologies to enhance the operational efficiency of the plants. CSP technologies leverage mirrors to reflect and concentrate daylight onto receivers that accumulate light energy and transform it into thermal energy or heat. This thermal energy can then be applied for industrial heat applications or to provide heat to a turbine or heat engine that can drive a generator and generate electricity. CSP deployment is increasing globally owing to the benefits of dispatchable thermal energy storage, including significant cost reductions achieved by the industry. In addition, peaking power plants or peaker plants supply electricity when the demand is elevated or act as a baseload source that can fulfill electricity demands as per the requirement because they are equipped with thermal energy storage. Thus, the rise in the development of the renewable energy sector and favorable government initiatives toward using a sustainable approach to reduce carbon emissions are fueling the investment in concentrated solar power plants (CSPs), which is driving the market growth.
Key Market Developments
Some of the prominent players in the thermal energy storage market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global thermal energy storage market.
By Technology
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By Storage Material
By Application
By End-User
By Region
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