Global Thermal Energy Storage Market Size To Worth USD 88.8 Billion By 2033 | CAGR OF 6.68%
Category: Energy & PowerGlobal Thermal Energy Storage Market Size To Worth USD 88.8 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Thermal Energy Storage Market Size is Expected to Grow from USD 46.5 Billion in 2023 to USD 88.8 Billion by 2033, at a CAGR of 6.68% during the forecast period 2023-2033.
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Browse key industry insights spread across 202 pages with 110 Market data tables and figures & charts from the report on the "Global Thermal Energy Storage Market Size, Share, and COVID-19 Impact Analysis, By Technology (Sensible Heat Storage, Latent Heat Storage, and Thermochemical Storage), By Storage Material (Water, Molten Salts, Phase Change Materials, and Others), By End User (Utilities, Commercial, and Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/thermal-energy-storage-market
Thermal energy storage (TES) is a technology that stores energy as heat or cold in a material, rather than as electricity, and uses it later when needed. This can help balance energy supply and demand, improve energy system efficiency, and integrate renewable energy sources. TES can also help buildings be more flexible, adaptable, and sustainable, and can reduce costs. The need for electricity, district heating and cooling, and intelligent infrastructure heating and cooling is on the rise. There is a growing demand for renewable energy sources, and thermal energy storage can serve as an alternative to fossil fuels. Governments, associations, and universities worldwide are actively investing in research and development to create innovative storage solutions with minimal or zero environmental impact is driving the thermal energy storage market. The installation of thermal energy storage devices involves a significant initial investment. Infrastructure and equipment like control systems, heat exchangers, insulation, and storage tanks are necessary for storing thermal energy, adding to the complexity. High upfront costs, especially in regions with limited access to financial incentives or government support, could deter potential investors and project developers from pursuing thermal energy storage projects this is the restraining factor that is affecting the market growth for the thermal energy storage market.
The sensible heat storage segment is predicted to hold the largest market share through the forecast period.
Based on the technology, the thermal energy storage market is classified into sensible heat storage, latent heat storage, and thermochemical storage. Among these, the sensible heat storage segment is predicted to hold the largest market share through the forecast period. This is because sensible heat storage is the simplest and most economical way of storing thermal energy, which stores the heat energy in its sensible heat capacity under the change in temperature. E.g., water can store heat energy either by raising its temperature or changing its phase, but it is known as sensible heat when it stores energy due to rising temperature.
The molten salts segment is anticipated to hold the highest market share during the projected timeframe.
Based on the storage material, the thermal energy storage market is divided into water, molten salts, phase change materials, and others. Among these, the molten salts segment is anticipated to hold the highest market share during the projected timeframe. A phase-changing substance that is commonly used for thermal energy storage is called molten salt. Molten salt thermal energy storage systems are ideal for these kinds of uses because thermal energy storage systems enable continuous power generation. Because thermal energy storage technology provides a clean and sustainable energy storage solution, there has been a larger adoption of this technology is driving the market.
The utilities segment dominates the market with the largest market share through the forecast period.
Based on the end user, the thermal energy storage market is divided into utilities, commercial, and industrial. Among these, the utilities segment dominates the market with the largest market share through the forecast period. This dominance is driven by several factors, including the increasing demand for efficient energy management solutions, the growing integration of renewable energy sources, and the need to balance supply and demand on the grid. Utilities leverage thermal energy storage systems to store excess energy during off-peak hours and release it during peak demand, enhancing grid stability and reducing energy costs.
Europe is estimated to hold the largest share of the thermal energy storage market over the forecast period.
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Europe is estimated to hold the largest share of the thermal energy storage market over the forecast period. The deployment of renewable energy technologies, such as concentrated solar power (CSP) plants, which frequently thermal energy storage systems, has received significant investment and policy support from the European Union due to its ambitious climate and renewable energy targets. One such target is to achieve net-zero emissions by 2050. Thermal energy storage is in high demand to facilitate the grid integration of solar electricity because countries like Germany, Spain, and Italy have been at the forefront of CSP development in Europe. The region's dominance in this sector has also been aided by Europe's well-established ecosystem for research and development, which includes a large number of technical institutes and pilot projects aimed at developing solutions for thermal energy storage.
Asia Pacific is expected to grow the fastest during the forecast period. Rapid industrialization and urbanization across countries like China, India, and Japan are driving energy demand, leading to increased investments in energy storage solutions to ensure grid stability and efficiency. Additionally, government initiatives promoting renewable energy integration, coupled with rising awareness about energy conservation, are propelling the adoption of thermal energy storage systems in the region. The growing emphasis on reducing carbon emissions and enhancing energy security further supports the market's robust growth prospects in Asia-Pacific.
Major key players in the thermal energy storage market include Abengoa S.A., Baltimore Aircoil Company, Burns & McDonnell, Caldwell Energy Company, CALMAC, Deepchill Solutions Inc., DN Tanks, Dunham-Bush Limited, EVAPCO, Inc., FAFCO, Inc., Goss Engineering, Inc., McDermott, New BrightSource, Ltd., Siemens Gamesa Renewable Energy, S.A., Steffes, LLC, and Others
Recent Developments
- In March 2024, NTPC has invited bids to set up a pilot project for 200 MWh of thermal energy storage system integrated with a thermal power plant to supply 15 MW of additional electrical power.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the thermal energy storage market based on the below-mentioned segments:
Global Thermal Energy Storage Market, By Technology
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
Global Thermal Energy Storage Market, By Storage Material
- Water
- Molten Salts
- Phase Change Materials
- Others
Global Thermal Energy Storage Market, By End User
- Utilities
- Commercial
- Industrial
Global Thermal Energy Storage Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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